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The Dow Transports ($TRAN) doesn’t get much attention, but I’d like to change that briefly. Take a look at the chart below, because it’s quite interesting.
What I see is as follows:
I think what’s next is a resumption of the weakness.
Tesla (TSLA) is having a great after-hours session. It is the top gainer after-hours, adding a double-digit percentage to its closing price and this is in the face of a “miss” on almost all metrics.
The increase in the VIX value took weeks, but in the past three trading sessiosn, most of that lift is alrady gone. The interesting thing about this from a chart perspective is that the price bars are behaving like a normal financial instrument, and “support” for the $VIX should be found right about where we are just above the green tint.
I would like to propose the counter-trend bounce is largely done. The Dow Industrials added 1,000 points from last week’s low, and the NASDAQ futures have been hammered out a series of violent “lower highs” for weeks now
I’m inclined to agree. I love paper. Paper newspapers. Paper books. Paper towels. You name it. Maybe it’s because my dad worked for a timber & paper company his entire life?
