Tranny in worse shape

Unlike the Russell 2000 and other markets, the Transports are below the moving averages and in a bearish looking pattern.  MACD stinks too.  Let's see how today's 'oil relief' headlines influence the TRAN.  If it does not get back above those MA's, Tranny is very likely going to the first Fib retrace.  There are other retrace levels lower, including the 62% right at what would be critical support around 4500 at the top of the bottoming pattern from last summer that set the upside target.

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