Friday, August 28th. - Stock Trends, Charts, and Commentary (***If you see last week's Wednesday Update: Click Here)
For the Dow Theory enthusiast, below is a daily Transport chart as of yesterday's close. Note that it closed higher yesterday and it was above its 7700 resistance level. That was a positive.
The negatives are that it was still in a technical down trend, and it is now exposed to the possibility of making a "head & shoulders" pattern. If such a pattern plays out, the Transports would move higher, not make a new high, and then fail to the downside.
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