New Weekly Low
The weekly chart of Paccar Inc. shows a new weekly low off an up-thrust condition.
In addition, as can be seen from the lower blue support line, we also have a repeating pattern, link here (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Test, Complete?
The last update on Delta, link here, said there’s a possibility for an upside test.
Looks like it’s here.
Today, price action net upward progress, appears to have slowed (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Watch the Transports
It’s a no-brainer we’re seeing or about to see, massive corporate layoffs, link here.
If it’s as bad as reported or worse, the economic hit can’t be denied or somehow spun as ‘the best economy, ever’.
Back in the day, when the markets made some kind of sense, old-timers would tell us to ‘watch the transports’.
It’s the index which typically signals the first sign of economic trouble (not advice, not a recommendation).
SAIA, reported earnings two days ago, link here.
The market reaction was a powerful thrust lower, a slight recovery (test) yesterday, then continuation to the downside, today.
SAIA, Inc. SAIA, Daily
The trading response was to go short on the tenth, increase the position by 50%, yesterday during the test, then stand back and let the market decide (not advice, not a recommendation).
Rydex Bull/Bear
Recall, the work has already been done from a strategic standpoint, probability favors the downside, link here (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Almost There …
The last update on CRWD, is linked here.
Today’s action continued the upside test, but the momentum has slowed (not advice, not a recommendation).
The next earnings release is scheduled for early March, link here.
While (nearly) all eyes are focused on the A.I., and precious metals blow-out, elsewhere in the market, sectors appear to be stagnant or breaking lower.
One area is transportation and rail freight.
We’ll analyze that soon.
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The Danger Point®, trade mark: No. 6,505,279
The Danger Point® 