xjo weekend zoomba lounge, page-102

There is a bit of noise atm about the Tranny and that is the leader by Dow Theory and that it is rolling over this and that blah blah blah...

I'm going through each of the 20 components to see what the problem is and here is the problem (so far, I'm only up to "F"). FedEx weekly below with a note a few simple notes on the chart. This level is going to take some getting through. The latest weekly bar is an outside down which suggests further weakness in this stock. The next few weeks might come up to make an unsuccessful test of the high to the latest bar but the probability is that this stock will see lower prices before higher prices.

The other major for this index is Union Pacific so if that shows anything worth posting I will when I get to it a bit later. So far though, the other stocks don't look too bad. Certainly doesn't seem like the index is about to fall in a heap, no not at all. Cool heads will win the day.