You have heard the saying “where the Transports go”,, “so goes the DOW.”
The Transports Index has a small inverse head and shoulder pattern at the support level of 8600.
This support level has been in place for 6 months and looks to be strong as evidenced by the long shadows
in DEC-14 , JAN-15 and FEB-15.
So the picture is very clear, a breakdown below this level would set up a new Bear market.
This Inverse head and shoulder pattern is setting up a retest of the Resistance at 9220 points.