Always consider hidden risks
SP TSX60 Index (XIU ETF): Back at Resistance Zone?
 August 08 2016 ​( From Stockcharts  )
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The Situation

​The SP TSX60 Composite Index (XIU ETF) failed to break on June 8 2016
the daily resistance trendline that started back since August 27 2015.
(See First Chart Below - Top Panel - Blue Trendline - Elipse)
​Very weak trading volume environment when we tested that daily level.
(See First Chart Below - Top Panel - ​Blue Area)

Same technical pattern since July 21 2016 as we keep trying to break
​that resistance trendline with a weakening trading Volume.
​​We are into a narrow parallel channel on the XIU ETF since July 22 2016
(See First Chart Below - Channel) and a tiny triple top at 21.44 reached on July 22, July 27 and August 5 2016.
So ​already a Daily close above 21.44 will be a great achievement for Bulls as first tentative Breakout.

​​Interesting to note that the XIU ETF is at +7.5% 
above the 200 DMA (Day Moving Average) (See First Chart Below - Green Line) and not in a Breakout mode yet as the SPY ETF (SP500 Index) is only +6.6% above its 200 DMA and in a Breakout phase.

​​But the most interesting technical factor is that we are testing for a third time the Weekly Fibonacci Retracement Resistance Zone of .764 (from a peak price of 22.78 reached in April 2015 and a bottom price of 17.70 reached on January 2016) which is 21.43 for the XIU ETF. Not surprising that tiny triple top at 21.44...
​It could become a significant change for the Canadian Stock Market indeed if broken and could finally do some catch up compare to the Mighty SPY ETF. 

(See Second Chart Below - Thin Blue Line- Ellipse)​.



SP TSX60 Index (XIU ETF): Back at Resistance Zone? $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 TSX60 Composite Index - XIU ETF
Weekly Candles​