After forming a lower high last week, the Dow Transports declined to triangle support with a sharp move lower the last three days. As of 3PM ET on Tuesday, the Average was down over 8% from last week's high. A triangle break would be bearish and call for a retracement of the March-May advance.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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