Transports Are Sending Mixed Signals
Yesterday, the Dow Jones Transportation Index ETF (NYSE:IYT) closed sharply higher making a new five month high. The IYT has rallied higher by $23.00 since the ETF traded as low as $70.81 a share on October 4, 2011. Short term traders can watch the IYT to have intra-day support around the $93.75 and $93.00 levels.
This morning, FedEx Corp (NYSE:FDX) is trading lower by $1.22 to $91.82 a share. This leading transportation stock is finally pulling back a little from an overbought condition on the daily chart. FDX stock will have intra-day support around the $91.75, and $91.00 levels.