The Dow Transportation Average had a bearish week, giving up all of its gains in today's selloff. There is a clear bearish divergence in both the RSI and MACD on the daily chart. On the weekly chart (see below), there is a gravestone doji, which is representative of an exhaustion rally. When the transports started their decline in the spring of 2002, they found support at the bottom of the 4th wave on the preceding rally. I will be looking for a similar reaction here in the vicinity of 2340 on the DJTA
"The point at which a competitor is pursuing the best possible strategy, given the strategies of the other participants" - John F. Nash
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