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Since the January 2021 lows the transport sector(IYT) has been moving steadily higher.  This powerful bull channel carried the index 33% higher by early May.  Since the May 10th peak the transports have been consolidating in a narrow range while maintaining the bull channel.  Last week the lower band of the channel began to give way, today the IYT is trading below the May lows as it heads for its first close below the 50D moving average since early February.  Warning sign?  

A 1/3 retrace of the February-May bull channel would drop the IYT back down to $256-$257 area(April lows).  

Top 5 IYT(iShares Transportation Average):  KSU, NSC, FDX, UPS,, LSTR