Click to Enlarge
The Dow Transports have closed higher for the past five sessions and are convincingly above the January highs. This is positive for the overall market as the Transports have often been the leader since the March 2009 lows. Using the rally from the November lows to the January highs and projecting up from the February lows gives us a 100% Fibonacci projection target at 4450. This coincides with the upper trend line. The OBV has broken out, but is still slightly below the October highs.
