Transports, along with other pockets of the market such as small caps, are an important indicator (at least traditionally) for the overall market. Unlike the S&P 500 (and especially the Nasdaq), the Transports Index remains about 20% away from its respective high. Roughly 1/3 of this index is made of only 3 companies: NSC, UNP & FDX.
Below is a weekly chart (2-yr) of the Transports Index. 8800 & 9850 are important trendlines.
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