The $TSX has not made a new high for three weeks and it looks suspiciously like this week is creating an important support level that needs to hold.
Below is a one hour chart, which I don't look at often. The RSI is stuck below 60 and the Relative Strength chart shown in purple illustrates the $TSX continuing to underperform the $SPX. The price rolled down significantly and has failed to get any higher than 15645. Monday March 1 was a big rally day in the USA with the Dow up over 300 on a push to new highs. The Canadian market has rallied back up to test the March 1 high, but continually rolls over. So far, the highs of March 10th and Monday, March 13 have stalled at lower levels. This chart looks weak. I have drawn a horizontal support line around 15425. The more this level gets tested, the more likely it is to fail.
Continue reading "The $TSX Through Different Timelines - Sell Signal" »