Chart of the Day - Thursday, June 10th, 2021

Today’s Chart of the Day was shared by Tom White (@TomWhite_TDAN). It's a daily candlestick chart of the Dow Jones Transportation Index over the past year, along with the S&P 500 in purple. The S&P 500 closed at a record high for the first time in over a month today. However, bulls may want to hold off on the champagne celebration until the Transports can get their act together. The Transportation index has fallen six of the past seven days and is now below its 50-day moving average.  As we know, the Transportation index is an important bellwether that often leads the broader market higher or lower. We love seeing the S&P 500 hit fresh highs, but it doesn't exactly exude confidence seeing the Transportation index deteriorate like this.