Here are some ntoes from the latest earnings report from Fedex $FDX:The logistics company lowered its full-year 2019 guidance for the second time to a range of $15.10 to $15.90, compared with the forecast $15.97.FedEx reported earnings per share and revenue below expectations for the third quarter.The company’s chief financial officer cited “weaker global trade growth trends” for the decline in revenue....Earnings per share: $3.03 vs. $3.11 expected , according to analysts surveyed by Refinitiv.Revenue: $17.01 billion vs. $17.67 billion expected, according to analysts surveyed by Refinitiv.From CNBC"Slowing international macroeconomic conditions and weaker global trade growth trends continue, as seen in the year-over-year decline in our FedEx Express international revenue," said Chief Financial Officer Alan Graf in the earnings report. (CNN Business)I have been bearish on Fedex (FDX), not because I don't like the company, but because I also am bearish on the global economy for the next couple of years. In fact, I was caught off guard by our recent run up in Q1 of 2019. Even during this recovery, I noted that the FDX price chart still had a bearish structure, especially after breaking below $173.70.Fedex (FDX) - A Break Below $173.70 Would Open Up $150 (2/25)FDX Daily Chart(click to enlarge)Bears in Charge:- Another sign that bears are still in charge is the fact that the daily RSI held under 60. - Now, price did break below $173.70 earlier in March, but we saw a rebound right after that. FDX was still in consolidation. - This rebound however failed to extend above the previous resistance area around $184.50-$185. - This failure and the current bearish reaction suggests bears are start to take control again. - I still have a bearish outlook on FDX towards $150, although I do see some short-term support around $164.FDX Weekly Chart(click to enlarge)