There is a major pivot and double top on the transportation ETF (IYT) at $209.00. The pop-in FedEx (FDX) is pushing it up nicely. FedEx reported solid earnings and is popping over 6% on the day.
The key here is an overbought scenario with major technical indicators signaling a pullback off the $209.00 level. The expected drop has a target of $180.00 on the IYT.
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