Transports weakening further and likely to test 3250-3430 area

The transports index is relatively weaker as it's already below the swing low comparable in time to the S&P 500 index's key 1050 support. In fact, the transports are challenging their early October lows with bearish-looking indicators. You can tell from the charts below that there's price and volume support, and prior broken Fibonacci on the monthly chart, around 3430. Add in the 200-day moving average plus even more volume support as shown by the volume-by-price bars, and the support zone looks like the range from 3250 to 3430. Its P&F chart at bottom shows that it hasn't yet triggered a breakdown from support. But it won't take much more price weakness to make that happen - so keep an eye on for whether it breaks under its early October low.