Chris Kimble, of Kimble Charting Solutions, takes a technical look at the chart for the Dow Transports and points out the key level of dual support to watch. What the Transports do at this level might say a lot about where the broad markets head from here.
Did the Fed make a mistake by raising rates Wednesday? I will leave that answer to people that are much smarter than me.
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From a power of the pattern perspective, what the Transports do at dual support above could say a ton about where the broad markets head from here.
Humbly, this does not look like your typical test of support. I say this because, if support gives way, 20-year channel support is a long way below current levels.
Did Janet make a mistake? Time will tell and what happens with the Transports index here, might give you a clue to the answer.
By Chris Kimble, Founder, Kimble Charting Solutions
