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SP TSX60 Index (XIU ETF): Back at the Support Zone?
August 22 2016 ( From Stockcharts )
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The SP TSX60 Composite Index (XIU ETF) finally broke on August 8 2016the Major Resistance Trendline that started back since October 9 2015.(See First Chart Below - Blue Trendline - Elipse)It was finally time as the SP500 Index (SPY ETF) breakout was one monthearlier on July 8 2016.
We are into a narrow daily uptrend channel on the XIU ETF since July 22 2016. (See First Chart Below - Uptrend Channel)
Very weak trading volume environment since the breakout level. (See First Chart Below - Bottom - Blue Area)Interesting to note that the XIU ETF is at +7.7% above the 200 DMA (Day Moving Average) (See First Chart Below - Green Line) and is finally in a Breakout mode a month after the SPY ETF (SP500 Index) is only +6.5% above its 200 DMA and in a Breakout phase.
But the most interesting technical factor is that we are testing back that previous breakout trendline (now becomes support), the Volatility of the SP TSX60 Index (VIXC) is rising faster than the SP500 Index (VIX).
(See Second Chart Below - Thin Blue Line- Ellipse). That rising relative volatility is showing some nervousness for the Canadian Market... It becomes crucial that Bulls protect that Support Trendline, unless a false breakout it will become for the XIU ETF....
SP TSX60 Index (XIU ETF): Back at the Support 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 )
SP TSX60 Composite Index Volatility (VIXC)
SP500 Index Volatility (VIX)