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April 18, 2006
Transports Suffer Setback
Despite rising oil prices, the Dow Transports has been one of the best performers in 2006 with a 15% move from the January low to the April high. The Average was dealt a big setback over the last seven days and is challenging support from the October trendline. So far this pullback is considered a correction within a bigger uptrend. I am marking support at 4500 and a move below this level would suggest that a bigger trend change is in the works.
Posted by Arthur B. Hill at April 18, 2006 10:25 AM