Dow Jones Transports - Dow Jones Transports steaming ahead

The market at the moment is steamrolling ahead. Amazingly we are only now just a 2 or 3 points away from our 1500 target! WOW! You have to love charts, and also technical analysis, I do not claim to be a guru or a psychic, but I do know how to read charts properly and forget the news. That is how we are so accurate with our calls.

Right now the tick data is yet again at oversold levels, and we shall see a rally in globex or open hours I think.

tick data

Dow Jones Transports chart. 

Take a look at the Dow Jones Transports chart and have a look at the very nice upwards channel we are in. This is proof that the bulls are still alive and well. As we have been saying for months, we are still in buy the dip mentality, which has not only been correct, but a smart thing to do since the start of 2013.

Looking at the Dow Jones Transports chart we seem to think higher prices are coming.

dow jones transports chart

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The bullish flag worked

It seems we were SPOT ON with our previous post today. Patience paid off.

The market had thrown a bullish flag pattern, which is obviously bullish, and the S&P finally did break out of this flag and took off to the upside.

You have to take your hat off to technical analysis and this was almost text book. 3-4 day bullish flags work the best with the indicies, and we would not be surprised to see the market go a higher obviously.

The tick reading below is at +175 and still has some room on the upside too.

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