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Is Wednesday's pullback the start of bigger fall?

Traders work on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
Traders work on the floor of the New York Stock Exchange.

In my April 15 column for CNBC pro, I said that favorable conditions existed, from a market breadth standpoint, for the economically sensitive Dow Transportation Index to begin a new near-term move higher.

The Transports rose immediately, as expected, by 248 points, or 2.8 percent, into the April 23 high before collapsing back Tuesday into the 200-day moving average, a widely watched major trend proxy currently situated at 8,710.

This retest of the 200-day represents a major decision point from which this key barometer must resume its major uptrend dating back to 2013 or the whole market is in trouble.