Some folks like to use the 40 Week MA as the dividing line between bull and bear markets. Long term planners will look on monthly charts.
Today becomes meaningful. A Federal reserve push up has been pretty common recently at month ends. Mario Draghi spoke late in July. Ben Bernanke spoke today.
Well, today the $TSX is flirting with the 40 week line again. The 40 week is right at 12000, and the market will be trying to better that for the monthly close.
Can it finally push through with conviction?
That Head/Shoulders neckline at 11,000 to 11,200 needs watching. It is very loose (200 point range) where some are much more defined. That really has to be considered important support.
Greg Schnell, CMT