Will the Transports Test Major Support?
08/20/2010 11:14 am EST
The Dow Transports look ready for another lower weekly close as stocks are set to open lower early Friday. Another down week would be negative and suggests that the Transports may be ready to again test the key support in the 3750-3900 area. A decisive break below this level would have negative implications for the overall market. The weekly momentum is declining but is still above its WMA. Short term resistance now at 4350.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his