- The Transports made a recovery high with the S&P but during the recent decline the Transports have been somewhat weaker than the S&P 500
- The S&P formed a swing low at the Feb 24th low @ 1294.26
- The Transports formed a swing low at 4988.67 on January 28th but briefly traded below that level on Feb 23rd at 4917.70 but rallied to close the day at 4986.21
- The 4986 level becomes an important pivot to monitor for the Dow Transports.
- A break of the recent swing low of 1294.26 on the S&P would suggest a further decline.
The present period Feb 28 -- March 4th represents a relatively powerful energy window.