Transports Reaching Support

10/27/2009 9:46 am EST

Focus:

Thomas Aspray

, Professional Trader & Analyst

chart
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The Dow Transports have gotten the press attention recently as they are down over 7% from the recent highs. The daily chart shows that there is converging support in the 3700-3750 area, which includes the daily uptrend from the March lows. The major 38% support is at 3340 with the 200-day MA at 3258.