FDX FedEx Weekly Chart Downward-Sloping Channel Sideways Symmetrical Triangle Earnings Imminent

FDX earnings will hit within the hour, at 7:30 AM EST. A couple weeks ago, FDX shocked the markets by downgrading their forecasts. Shipping makes the world go round and if packages, parts, and paperwork are not moving, then the global economy is not moving. In a short time we find out if FDX announces results in line with the revised numbers, or, if the news is even worse than the warning a couple weeks ago.  FDX is such a major bellwether the results will immediately impact the futures markets and set the tone for trading today.  Futures are down now so the bulls need to hear good news. The bears want to hear bad news which will send futures much lower.

The 20 and 50-week MA cross can be used as a cyclical market call on the markets. Keystone posted the UPS chart a day ago so type 'UPS' into the search box above to bring that chart up for review. The UPS 20 and 50-week MA cross is tracked on the Cyclical Turn page.  FDX and UPS move together to no surprise, they have similar business models.  The most shocking think about the chart that jumps out at you is that FDX has never come up to threaten the highs after earlier this year. This is occurring as the broad indexes print multi-year highs.  The tail is wagging the dog.  The shipping needs to be strong to verify the markets not the other way around.

The sideways triangle is in play. Price jumped above over the last couple weeks, now sitting on the top rail waiting for the imminent decision that will either launch price towards the top of the yellow channel, or, send it tumbling down  back into the tip of the triangle, and collapse out the bottom side, heading downward to the bottom of the yellow channel. The FDX news is important. Hang on to your hat. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.

Note Added 9/18/12 at 7:31 AM:  EPS is 1.45 topping the bullish estimates (remember, they lowered the expectations a couple weeks ago so they walked over the lowered bar). FDX reduces forecasts further moving forward saying they will continue cutting costs and that the economic environment remains weak.  FDX is down over 3% pre-market. The knee-jerk reaction, despite the beat, is down which shoiuld help market bears today.