Transports Drop Sharply
06/23/2009 10:41 am EST
The Dow transports lost 4.7% Monday, about twice the decline of the industrials. The daily chart shows transports are not far above the stronger daily chart support in the 2900-3000 area. If this level is broken, the next support is at 2750. The rally stalled at the 200-day MA and the 38% resistance level.