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The transport sector is sending out mixed signals this week. While the (IYT) (Dow Jones Transportation Index ETF) is showing signs of a bottom, the JETS index continues to weaken under heavy overhead pressure. This pressure may continue in the near term as United Continental Airlines (UAL) faces tremendous near-tear uncertainty due to Hurricane Harvey. UAL is a major weighting in the JETS index.

The JETS index began a steep downtrend four weeks ago after a high-volume sell off pushed it below the June lows. JETS continued to take out layers of support, including its upward-sloping 200-day moving average, as June came to a close. The steady decline has extended into this month as the index entered fresh 2017 low territory last week. This down leg is beginning to lose momentum as oversold levels are reached, but further weakness would not be a surprise.

In the near term, patient investors will likely see lower entry levels in stocks like UAL, (DAL) , (AAL) and (LUV) , the four largest holdings in the JETS index. A dip down below $27.00 area in the JETS index will test the upper band of a major support zone. The index's 2017 March low is in this area. If JETS can stabilize here, a very low-risk entry opportunity will develop in the airline sector. Until then, this group of major airline carriers may continue to disappoint.

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, which Cramer manages as a charitable trust, is long LUV.