Transports behaving well with the slump in oil prices. With stochastics overbought it will be important for the next downleg to make a new higher low:
Same goes for the S&P; the mini-pennant for the past 3-days is likely to breakdown given overbought stochastics and the presence of its 50-day MA overhead.
There is more to like here about the markets and I suspect the real value buyers will take advantage of the next downleg, thereby helping in creating the higher low.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website