FINANCIAL ICEBERG
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 TECHNICALS
SP TSX60 Index (XIU ETF): At the Resistance Zone?
 October 25 2016 ​( From Stockcharts  )
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Financial assets like the SP TSX60 Composite Index (XIU ETF) had a very
​good ​​performance indeed ​since bottoming out strongly post Brexit fears;
​XIU ETF up +9.8% and only +7.7% for SPY ETF
​ since then.

​​We are into a Daily Rising Wedge Technical Pattern on the XIU ETF since
​June 27 2016 ​(See First Chart Below - Blue Trendlines) ​​and now testing a Major
Resistance Trendline from that Wedge that started on October 9 2015. ​


Interesting to note ​​
​​​a weak trading volume environment since getting near
​the ​Resistance of that Wedge
(See First Chart Below - Bottom - ​Blue Area)

Interesting to note that the XIU ETF is at +7.9% above the 200 DMA (Day Moving Average) (See First Chart Below - Green Line) and the SPY ETF (SP500 Index) is only +3.7% above its 200 DMA.

​​But the most interesting technical factor is that on a Relative Basis ​(XIU ETF over SPY ETF), we already broke the resistance trendline from a Major Falling Wedge that started since May 2009 (See Second Chart Below -Red Trendline)  and now above the Resistance from a Falling Wedge. (See Second Chart Below - Blue Trendline)
Also, we have been above the 200 DMA (Day Moving ​Average) on a relative basis since June 17 2016 as very few of us noticed .
​(See Second Chart Below - Green line -Ellipse)​.

Financials and the Energy sector are 60.3% of the XIU ETF (no typo).

​​The Canadian Stock Market is at Crossroads:  At the Resistance Trendline Price Wise and at the mercy of the Financial and Energy Sectors...


​​

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SP TSX60 Index (XIU ETF): At the Resistance Zone? $TSX  #Trading #Canada  #investing  #tsx60 #stocks#stocks
 SP TSX 60 Index - XIU ETF ( Daily Candles - Top Panel )​​
​​20 DMA ( Yellow Line )
​​50 DMA ( Blue Line )
200 DMA ( Red Line )
Financialiceberg.com
Financialiceberg.com
RATIO
TSX60 Index (XIU ETF)
over
SP500 Index (SPY ETF​​​)
Daily Candles​
Financialiceberg.com