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SP TSX60 Index: My Rising Wedge ?
November 2 ( From Stockcharts )
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The SP TSX60 Composite Index ( XIU ETF ) is within a Daily Rising
Wedge that started back on August24 2015 with 19.74 support and
20.78 as resistance. ( See 1rst Chart Below - Top Panel - Blue Trendlines )
We observed that the Price Volume Trend the SP TSX60 Composite Index
( XIU ETF ) failed to make new highs when we tested the Resistance
Trendline of the Daily Rising Wedge, a weak technical sign indeed...
( See 1rst Chart Below - Bottom Panel - Blue Trendline )
But one interesting technical factor is that my TSX Trendicator was in
Divergence since October 14 2015;Lower Highs on the Trendicator as the SP TSX60 was testing that Resistance Zone from that Rising Wedge, another weak techincal sign...
But the most interesting technical factor is that we have been testing over the past two months for the
SP TSX60 Composite Index the Monthly Major Trendline that started back on March 2009 and failed to close above. ( See Second Chart Below - Amber Trendline ).
SP TSX60 Index: My Rising Wedge ? $TSX #Trading #Canada #investing #tsx60
SP TSX 60 Index - XIU ETF ( Daily Candles - Top Panel )
20 DMA ( Yellow Line )
50 DMA ( Blue Line )
200 DMA ( Red Line )
SP TSX 60 Index - XIU ETF PVT ( Bottom Panel )
SP TSX60 Composite Index