{"id":18964,"date":"2019-09-21T01:25:47","date_gmt":"2019-09-21T01:25:47","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=18964"},"modified":"2019-09-28T04:01:33","modified_gmt":"2019-09-28T04:01:33","slug":"the-canary-in-the-coal-mine","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/21\/the-canary-in-the-coal-mine\/","title":{"rendered":"The canary in the coal mine"},"content":{"rendered":"<p>Bellwether transport stock Fedex (FDX) is testing long-term support at 150. Peaks close to zero on the Trend Index warn of selling pressure. Breach of support would warn of a decline with a long-term target of 100.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-09-20-fdx.png?w=525&#038;ssl=1\" alt=\"Fedex\" \/><\/p>\n<p>Breach of LT support would also be a bearish sign for the US economy, warning that economic activity is weakening.<\/p>\n<p>The S&amp;P 500 is testing resistance at 3000. Expect stubborn resistance followed by a test of support at 2800. Breach of 2800 would flag a reversal with a target of 2400.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-09-20-spx.png?w=525&#038;ssl=1\" alt=\"S&amp;P 500\" \/><\/p>\n<p>Dow Jones &#8211; UBS Commodity Index rallied strongly with the Saudi oil price shock but finished the week with a strong <a href=\"https:\/\/www.incrediblecharts.com\/technical\/open-close_reversal.php\">bearish reversal signal<\/a>. Expect another test of support at 76. Breach would signal a (primary) decline. We maintain our bearish long-term outlook for commodities.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-09-20-dubs.png?w=525&#038;ssl=1\" alt=\"DJ-UBS Commodities Index\" \/><\/p>\n<p>We have reduced our equity exposure to 36% of (International Growth) portfolio value because of our bearish outlook on the global economy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bellwether transport stock Fedex (FDX) is testing long-term support at 150. Peaks close to zero on the Trend Index warn of selling pressure. Breach of support would warn of a decline with a long-term target of 100. Breach of LT support would also be a bearish sign for the US economy, warning that economic activity &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/21\/the-canary-in-the-coal-mine\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The canary in the coal mine&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43,3761,57,34],"tags":[4039,1362,3010],"class_list":["post-18964","post","type-post","status-publish","format-standard","hentry","category-commodities-gold-commodities","category-gdp-and-activity","category-stock-markets","category-us-canada-countries-regions","tag-dj-ubs-commodities-index","tag-fedex","tag-sp-500"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The canary in the coal mine - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The canary in the coal mine - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Bellwether transport stock Fedex (FDX) is testing long-term support at 150. Peaks close to zero on the Trend Index warn of selling pressure. Breach of support would warn of a decline with a long-term target of 100. Breach of LT support would also be a bearish sign for the US economy, warning that economic activity &hellip; Continue reading &quot;The canary in the coal mine&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/21\/the-canary-in-the-coal-mine\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-21T01:25:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-28T04:01:33+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2018\/2019-09-20-fdx.png\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/21\\\/the-canary-in-the-coal-mine\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/21\\\/the-canary-in-the-coal-mine\\\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"The canary in the coal mine\",\"datePublished\":\"2019-09-21T01:25:47+00:00\",\"dateModified\":\"2019-09-28T04:01:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/21\\\/the-canary-in-the-coal-mine\\\/\"},\"wordCount\":154,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/21\\\/the-canary-in-the-coal-mine\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2018\\\/2019-09-20-fdx.png\",\"keywords\":[\"DJ-UBS Commodities index\",\"Fedex\",\"S&amp;P 500\"],\"articleSection\":[\"Commodities\",\"GDP and Activity\",\"Stock Markets\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/21\\\/the-canary-in-the-coal-mine\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/21\\\/the-canary-in-the-coal-mine\\\/\",\"name\":\"The canary in the coal mine - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/21\\\/the-canary-in-the-coal-mine\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/21\\\/the-canary-in-the-coal-mine\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2018\\\/2019-09-20-fdx.png\",\"datePublished\":\"2019-09-21T01:25:47+00:00\",\"dateModified\":\"2019-09-28T04:01:33+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/21\\\/the-canary-in-the-coal-mine\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/21\\\/the-canary-in-the-coal-mine\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/21\\\/the-canary-in-the-coal-mine\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2018\\\/2019-09-20-fdx.png\",\"contentUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2018\\\/2019-09-20-fdx.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/21\\\/the-canary-in-the-coal-mine\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The canary in the coal mine\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He founded PVT Capital (AFSL number 546090), which provides income and growth strategies to wholesale clients. Colin also co-founded Incredible Charts and writes the popular Patient Investor newsletter. Using a top-down approach, Colin identifies macro trends in the global economy and then combines fundamental and technical analysis to evaluate opportunities in sectors that stand to benefit. 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","publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thepatientinvestor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/thepatientinvestor.com\/#organization","name":"The Patient Investor Pty Ltd","url":"https:\/\/thepatientinvestor.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"The Patient Investor Pty Ltd"},"image":{"@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=61572934660810","https:\/\/www.instagram.com\/colin_thepatientinvestor"]},{"@type":"Person","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454","name":"Colin Twiggs","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g","caption":"Colin Twiggs"},"description":"Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He founded PVT Capital (AFSL number 546090), which provides income and growth strategies to wholesale clients. Colin also co-founded Incredible Charts and writes the popular Patient Investor newsletter. Using a top-down approach, Colin identifies macro trends in the global economy and then combines fundamental and technical analysis to evaluate opportunities in sectors that stand to benefit. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-4VS","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":19004,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/28\/fedex-breaks-support\/","url_meta":{"origin":18964,"position":0},"title":"Fedex breaks support","author":"Colin Twiggs","date":"September 28, 2019","format":false,"excerpt":"Bellwether transport stock Fedex (FDX) broke long-term support at 150, warning of a decline with a long-term target of 100. A down-trend on Fedex has bearish implications for the broader economy, signaling that activity is declining. We have been here before: November 2007 - Fedex Warns of Worse to Come.\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4011,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/01\/bearish-divergence-for-us-indices\/","url_meta":{"origin":18964,"position":1},"title":"Bearish divergence for US indices","author":"Colin Twiggs","date":"April 1, 2012","format":false,"excerpt":"Bearish divergence on 21-day Twiggs Money Flow warns of medium-term selling pressure on the S&P 500 index. Expect a correction to test support at 1350\/1370 unless we see 21-day Twiggs Money Flow recovering above 30%. * Target calculation: 1300 + (1300 - 1150) = 1450 The Nasdaq 100 index encountered\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5334,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/27\/sp-500-and-nasdaq-bearish-divergence\/","url_meta":{"origin":18964,"position":2},"title":"S&#038;P 500 and Nasdaq bearish divergence","author":"Colin Twiggs","date":"August 27, 2012","format":false,"excerpt":"The S&P 500 Index continues to test resistance at 1420. Bearish divergence on 21-day Twiggs Money Flow warns of medium-term selling pressure. Expect a test of the lower trend channel; reversal below 1380 would indicate a correction. Breakout above 1420, however, would signal an advance to the 2007 high at\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17528,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/12\/01\/east-to-west\/","url_meta":{"origin":18964,"position":3},"title":"East to West","author":"Colin Twiggs","date":"December 1, 2018","format":false,"excerpt":"The S&P 500 put in a strong blue candle this week but one swallow doesn't make a summer. Follow-through above 2800 would signal a test of 2950. Small bullish divergence on Twiggs Money Flow looks promising but is secondary in nature and may not alter the larger trend. The Nasdaq\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5638,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/02\/us-fedex-warns-of-declining-activity-2\/","url_meta":{"origin":18964,"position":4},"title":"US: Buying pressure easing","author":"Colin Twiggs","date":"October 2, 2012","format":false,"excerpt":"The September Quarter has ended, bonuses have been determined, and buying pressure is now likely to ease. The S&P 500 is testing resistance after breaking support at 1450. Bearish divergence on 21-day Twiggs Money Flow indicates selling pressure. Respect of 1450 is likely and would indicate a test of 1400.\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5560,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/24\/us-fedex-warns-of-declining-activity\/","url_meta":{"origin":18964,"position":5},"title":"US: Fedex warns of declining activity","author":"Colin Twiggs","date":"September 24, 2012","format":false,"excerpt":"Bellwether transport stock Fedex fell hard in the last week, testing support at $84. Breakout would confirm the primary down-trend signaled by 63-day Twiggs Momentum below zero. A down-trend on Fedex would warn of slowing activity in the broader economy. A daily chart of the S&P 500 index shows narrow\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=18964"}],"version-history":[{"count":3,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18964\/revisions"}],"predecessor-version":[{"id":19003,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18964\/revisions\/19003"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=18964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=18964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=18964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}