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 TECHNICALS
SP TSX60 Index: Toppish ?
 October 26 ​( From Stockcharts  )
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The Situation

Interesting to follow the indicator of the SP TSX60 Composite Percent
​of Stocks ​above the 50 DMA ( Day Moving Average ) as it may gives us
​someclues about some market tops and bottoms.​


​​​This Indicator reached only 9.7% on August 25 2015, the lowest spot
​​level since August 8 2011 and far away from the last record level on
​February 18 2015 at 78.0% ​when the ​TSX60 Composite Index was
then ​at 886.47.


​​The main technical indicators like the moving average (7DMA) of the
SP TSX60 Composite Percent of Stocks ​above the 50 DMA are showing some sign of bullishness since 
​October 2 2015...​

​​This indicator turned on a bullish trend and now stand ​at 72.87% ​​(67.09%  for the 7 DMA - Day Moving Average)
as you can observe on the first chart below.

But getting over the 70 treshold on that Indicator ( now at 72.87 - ​Thick horizontal line - chart below ) have been in the past a first warning sign ​of overbought conditions building up.

​​Also observe the divergence pattern between the SP TSX60 Composite Percent of Stocks ​above the 50 DMA and the TSX Composite Index ; Almost reached the highest ever on the Indicator and the TSX60 did not even break the Major Resistance Trendline that started back in April 2015. ​( See 3rd Chart - Thin Black Line - Ellipse​​ ).

But the most interesting technical factor is that​​ my TSX Trendicator  is in Divergence since October 14;
Lower Highs as the TSX60 is testing the October 8 zone resistance.​





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SP TSX60 Index: Toppish ?  $TSX  #Trading #Canada  #investing  #tsx60
 SP TSX60 Composite % ​of Stocks ​above the 50 DMA ( Top Panel - Dots )
7 DMA ( Blue Line )
TSX Index ( Bottom Panel )​​
​50 DMA ( Blue Line )
200 DMA ( Red Line )
Financialiceberg.com
Financialiceberg.com
TSX Index
​50 DMA ( Blue Line )
200 DMA ( Red Line )
Financialiceberg.Com