DJCFD (DJ Transportation Average index).Macro Bullish

Hi,

Some say that the DJCFD is a good indicator for the general stock market, eg SP500.
If DJCFD does well, the others will do well.
This past week, as per the weekly chart, we can see a solid bullish candle close above a main resistance.
Before its retests this resistance level, I am leaning towards it reaching to the upper part of this regression channel first.

OBSERVATIONS\THOUGHTS:
====================================================
> MACD shows convergence on the daily and the weekly chart.
> Using both the channel and the fib tool, the next target level has confluence with both of these elements.
> Chart below shows top resistance trend line with confluence to this target area.
> Hopefully this also gives the SP500 and BTC the spring it needs for the bull trend to continue, once again.

NOTE: DXY finished bearish last week, which gives extra weight to this thesis.


Please give me a like or tick for this post.

Regards,
S.SAri

NOTE the top resistance trend line has confluence on my target as well

Kommentera:

DXY chart, short term

Kommentera:

12 HRLY chart with a bearish div. however the MACD just crossed over. Still some upward pressure