Wednesday, February 18, 2009

Dow Transports gone....

A second look at the charts hasn't improved the prognosis. The Dow broke open/close support from November (but hasn't violated lows - yet)


However, the Dow Transports cratered and it looks certain the Dow will do likewise. The break occurred on a third distribution day since the last accumulation day.


Summation Indices turn down from overbought conditions - this could fall a long way; NYSE below


Ugly day - Ugly outlook.

Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website
 
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