The Transportation Index (IYT) has stalled for the past week after rallying almost 70% from the March 2020 lows. The reason for the stall is purely technical. There was a major gap fill achieved at $195.75. The resistance level at the gap fill cannot be overstated. It has been enough resistance to stop the transportation index in their tracks (pun intended), even while the stock market grinds higher. Whether or not the transports will break higher will be known in the coming days, but for those of you that are technical investors and traders, always respect the stock chart gap fill.
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