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SPTSX60 Index: Still into a Downtrend Channel ?
November 25 ( From TradingView, Stockcharts )
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The SP TSX60 Composite Index ( XIU ETF ) is within a Daily Downtrend
Channel that started back on October 23 2015 with 19.02 support and
20.00 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 on November 20 2015, 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 technical sign...
But the most interesting technical factor is that on the Relative Sentiment of the Canadian and US stock markets (Ratio of the Bullish Percentage Index (Sentiment Indicator) on the SPTSX Composite Index compare to the Bullish Percentage Index of the Mighty SP500 Index), we are at the weakest level since the beginning
of 2015. ( See Second Chart Below - Ellipses).
SPTSX60 Index: Still into a Downtrend Channel ? $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 )
SPTSX Composite Index Bullish % Index ( - Dots - )
SP 500 Index Bullish % Index ( - Dots - )
7 DMA ( Blue Line )