You Like That FedEx Rising Wedge

Despite an exuberant bounce last week, the transports as a whole remain under pressure. 

Recall that the Dow Jones Transportation Average topped out one full year ago nearly to the day, after Thanksgiving 2014, and has not looked back since. 

Instead of discernible bottoming formations, the likes of UNP continue to remain persistently weak. Airlines, in many cases, have actually been incredibly resilient, but now even AAL UAL look vulnerable. 

However, the fate of the sector may very well rest in the hands of the air couriers: FDX UPS. Indeed, it seems appropriate on Cyber Monday to focus on those stocks. 

FedEx, in particular, is sporting a textbook daily chart rising wedge pattern (light blue lines, below), and is weak today as it threatens a breakdown. 

So while the Washington Redskins may be rallying off their own NFL low from earlier in the season at FedEx field, where they play, FDX itself may be coming back down to follow the IYT lower in the coming weeks. 

I expect a move under $160 now to intensify the selling, while a rally back over $166 should help the bull case for improved action in the transports. 

I will cover the market at-large for Members in my usual Midday Video now.