Transport Volume Favors Upside

07/15/2009 10:16 am EST


Thomas Aspray

, Professional Trader & Analyst

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The Dow Transports have edged higher over the past five days, but the OBV has already broken out to the upside. The rally has been stalled below the 38.2% retracement resistance at 3460, with the 50% level at 3830. Key support residing just below 3000 has held on several tests. The OBV is well above its rising WMA.

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