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Transports Going To Send First Bearish Message In 10-Years?

Courtesy of Chris Kimble

Transports have been flying high for nearly a decade. Is this trend about to end?

This chart looks at the Dow Jones Transportation Index over the past 14 years. Since the summer of 2009, they have been creating a series of higher highs along line (2).

Over the past year, they have created a series of lower highs, just below line (1). These two lines are forming a narrowing pennant pattern that has to end.

The weakness of late has Transports testing 10-year rising support at (3) this week.

Until broken, this is a strong support line for this key sector.

If the support line would break at (3), Transports would send a concerning message to the broad markets.

Keep a close eye on what this important sector does in the next few weeks,

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