Dow Jones Transports Chart - Steady As She Goes Captain

The Leader of the market or the (DOW JONES TRANSPORTS) chart is showing that since March of this year 2013 it has been in a larger upwards channel. Interestingly enough we have been bouncing off that line over the last few days however we did not breach that line, and that is telling us that the market still has some sort of strength even though there has been rumors of the fed talking about culling of the quantitative easing and liquidity pumping up of the markets.

It is obvious to me that there are head winds for the markets over the next few weeks, but that does not mean a thing as technically we have not breached the risisng support line, so until that happens there is no need to panic.

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Bulls 2 Day March! - Ole

TGIF (Thank God It's Friday), Well it has been a long week, the jobs report came out today a little bit on the weak side, but again as sentiment keeps saying that really has not affected the S&P to the downside. We had a Very typical small range that normally occurs after a big up day. Even though it was a smaller range day today it seems that the bulls still have control of this market for now.

What we do want to note is that the market right now is up against its 1440 highs a level we saw back in MAY 2008, and that is a very important level there. Again, we must be cautious, but sentiment trader is warning there is a bit of a small melt up type situation that seems to be playing out.

The market still remains strong and within the upwards channel we have noted several days ago.

There is not much economic news coming in the next few sessions, however there is the FOMC next week, that alot of traders will be watching.

Happy Trading :-)

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