The lingering dominant divergence for this market appears to be the transportation sector as a whole. As you can see on the zoomed out daily chart of the Dow Jones Transportation Average below, the year 2012 has been characterized, thus far, by a slowly narrowing range. After this recent bout of weakness it appears that the lower support trendline is in sight.

Overall, this pattern is not inherently bearish, though it would behoove bulls to make another higher low and flex their muscles to finally break us higher sooner than later.

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