Thursday, May 28, 2009

Dow Jones Transportation Average (May 28th)

Dow Jones transportation average clearly broke the uptrend channel. It's hanging just above the 50 EMA in the past 3 days. So far it hits the 50 EMA twice and every time bounce right back. If we brake bellow it there is good chance Dow Jones transportation could retest the March low.
There are 3 important events are happening in coming days that could shake the market. On Friday 8:30 AM we are going to get the GDP and next Monday ISM Mfg Index and GM bankruptcy.