04/26/2009 Canadian Market Report

I believe short-term the TSX will follow the US market to pullback.

7.4.2 iShares CDN S&P/TSX 60 Index Fund (XIU.TO 30 min), looks like a Bearish Rising Wedge to me, so expect a pullback soon.


3.4.2 United States Oil Fund, LP (USO 30 min), oil is way too overbought on the 30 min chart, this is not a good news for TSX which is heavily weighted with the energy related stocks.



For intermediate-term, I’m not sure because I’ve noticed a possible Ascending Triangle formed on the S&P energy sector, it’d be very good news if it could break above the triangle. But on the other hand, I see negative divergence on TOAD which definitely is not a good sign. Guess we’ll have to wait to see how the market unfolds itself. The key is the oil, if the oil is keep going up, then all the negative divergences will have to wait.

5.2.0 Energy Select Sector SPDR (XLE Daily), a possible Ascending Triangle is in the forming.


7.4.0 S&P/TSX Composite Index (Daily), pay attention to the negative divergence formed on the TOAD above.


7.4.4 TSE McClellan Oscillator, the same negative divergence can be seen on TSE McClellan Oscillator, also TSXA50R is way too high which in the past was likely a market top even in a bull market.


2 Comments on "04/26/2009 Canadian Market Report"
  1. Comment left on:
    April 26, 2009 at 11:26 pm
    Pebs says:
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    April 27, 2009 at 8:42 am
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