FINANCIAL ICEBERG
Always consider hidden risks
 TECHNICALS
SP TSX60 Index (XIU ETF): Back at the Support Zone?
 September 12 2016 ​( From Stockcharts  )
If you would like to receive our free daily markets updates, please Sign-Up



The Situation

​The SP TSX60 Composite Index (XIU ETF) finally broke on August 8 2016
the Major Resistance Trendline that started back since October 9 2015
but failed to stay above very long​. 
(See First Chart Below - Blue Trendline - Ellipse)

​​We are into a Descending Broadening Wedge on the XIU ETF since
​August 17 2016 ​(See First Chart Below - Yellow Trendlines) ​​and testing a Major
Support Trendline that started on January 20 2016. ​


Interesting to note ​​
​​​a strong trading volume environment since the
​creationof the Descending Broadening Wedge
(See First Chart Below - Bottom - ​Blue Area - Ellipse)

Interesting to note that the XIU ETF is at +5.7% 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)  a now testing the Resistance from a Falling Wedge (See Second Chart Below - Blue Trendline). ​Breaking that resistance will bring a strong outperformance of the Canadian Stock Market over the Americain one...
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)​.

The Canadian Stock Market is at Crossroads: At the Support Trendline Price Wise and at the Resistance on a Relative Basis with the SPY ETF... Those Technical Levels becomes crucial for Bulls... 

​​

.




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 )
Financialiceberg.com
Financialiceberg.com
RATIO
TSX60 Index (XIU ETF)
over
SP500 Index (SPY ETF​​​)
Daily Candles​
Financialiceberg.com