After a morning dip on profit-taking and because of still-higher oil prices ahead of the API report, the iShares DJ Transportation Index ETF (IYT) pivoted to the upside. It thrust above its nearest-term resistance line at 82.40, which triggers higher projections in my work to 83.80-84.20 next, on the way to a retest of much more important resistance at 86.40/50.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.