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SP TSX60 Index (XIU ETF): At a Crossroads ?
January 11 ( From Stockcharts )
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The SP TSX60 Composite Index ( XIU ETF ) reached last week a Major
Support Trendline that started back since May 7 2015 and stand at
18.28 for January 11. ( See 1rst Chart Below - Top Panel - Grey Trendline )
We observed also that the Price Volume Trend the SP TSX60 Composite
Index ( XIU ETF ) is near testing the Support Trendline of a Daily Channel.
( See 1rst Chart Below - Bottom Panel - Channel - Ellipse )
But one interesting technical factor is that my TSX Trendicator is in
Divergence since December 14 2015; Higher Highs on the Trendicator as the SP TSX60 is making new Lows.
But the most interesting technical factor is that we tested last week for the SP TSX60 Composite Index the Monthly Major Support Trendline that started back on October 2011 and also the .382 Fibinacci retracement at the 18.35 zone. This is the last monthly defensive line for Bulls; if broken the next big level is at 15.61 ( low of the October 3 2011 week). XIU ETF is definitively at a crossroads.
( See Second Chart Below - Grey Trendline - Ellipse ). .
SP TSX60 Index (XIU ETF): At a Crossroads ? $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 - XIU ETF