Always consider hidden risks
SP TSX60 Index (XIU ETF): Still into a Falling Wedge ?
February 2 ( From Stockcharts )
If you would like to receive our free daily markets updates, please Sign-Up
The SP TSX60 Composite Index ( XIU ETF ) is still trading within a
Falling Wedge Pattern that started back since October 16 2014.
We did have a false break down in Mid-January and a strong dead cat
bounce followed... ( See 1rst Chart Below - Red Trendline - Ellipse ) But one interesting technical factor is that the SP TSX60 Composite Index tested last month the Monthly Major Support Trendline that started back since October 2011 and also the .382 Fibinacci retracement at the 18.35 zone and closed higher. (See Second Chart Below - Grey Trendline - Ellipse ). But the most interesting technical factor is that on a Relative Basis ( XIU ETF over SPY ETF ), we are testing the resistance trendline from a Major Falling Wedge that started since May 2009. Breaking that resistance will bring a strong outperformance of the Canadian Stock Market over the Americain one...
( See Third Chart Below - Red Trendlines - Ellipse ). .
SP TSX60 Index (XIU ETF): Still into a Falling 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 - XIU ETF
SP TSX 60 Index - XIU ETF
SP500 Index - SPY ETF
( Daily Candles )