Elliott Wave Analysis of Dow Jones Trucking Index (DJUSTK)
Stock-Markets / Stock Markets 2018 Sep 14, 2018 - 07:03 AM GMT
This index has been strong recently and is one of the components of the Dow Transportation Average (DJT). I am closely watching the Dow Jones Trucking Index (DJUSTK) for clues to when the DJT will end its advance from the 2016 lows and reverse lower, as it seems that the recent fuel that is driving the Dow Transportation Average (DJT) higher is coming from the rail road and trucking stocks.
Looking at DJUSTK I can make a solid case that it’s close to ending an impulse wave from the 2016 lows and current advance is in a 5th wave, although it may still push a little higher as some of the major stocks in the DJUSTK would look better if new highs were seen, stocks just as SAIA & XOP etc. Once we see new highs or some evidence of a reversal I am expecting the DJT to reverse lower.
One the easiest way to trade a decline on the Transport stocks it to look for ways to sell the ETF IYT that is essentially the equivalent of the DJT.
So if you have access to any of the stock listed, they could be good candidates for a reversal soon and aggressive traders could also think about finding ways to take advantage of a decline on IYT.
DJUSTK
SAIA
XPO
IYT vs DJUSTK
Until next time,
Have a profitable week ahead.
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