The Canadian Technician

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018).

Latest Posts

The Canadian Technician

Weekend Market Roundup 2019-01-19 When Bulls Run Over Everything

by Greg Schnell

Bulls are in charge Breadth is excellent Looks like an initiation thrust Oil buy signal Asia buy signal FOMO - Fear of missing out is starting to kick in for institutional investors This has been a wonderful run for investors. Since the Santa Claus low, the market has gone up 13%! This bullish momentum is continuing and the fear of missing out is compelling investors to buy in. If you are an institutional investor waiting to put money to work above the 200-day moving average, you are already 6% behind the benchmark. Forcing these institutions into the market creates Read More 

The Canadian Technician

Canadian Market Review 2019-01-17

by Greg Schnell

The Canadian market has been soaring as of late; the upward move has been very broad, with all the sectors participating. Oil, Railways, Banks, Industrial Metals, Financials, Utilities, Pipelines - it's been a great move and it looks set to continue. Enbridge is breaking out to new 52-week highs this week, TransCanada is making a big move this week and Pembina Pipeline is surging with 18-month highs in relative strength compared to the $SPX. Pembina is shown below.  Canadian Crude continues to push higher. That definitely helps the industry with financial stress Read More 

The Canadian Technician

Asia Looks Bullish - Weekend Wrap 2019-01-12

by Greg Schnell

This week, all the indexes tested the horizontal support levels that broke down in December. The NASDAQ broke above the resistance line, while the $SPX and $RUT both remain under the level. The $SPX managed to rally through 2575, the level of the market before the Fed meeting; I find that encouraging. The market has started to put a bid under the bank stocks. That looks timely, with JPM reporting before the bell on Tuesday, and the bullish trend should accelerate on a positive report. The NASDAQ and the Russell are near the down-sloping trend line, but the $SPX Read More 

The Canadian Technician

Higher Highs And Higher Lows - Weekend Wrap - 2019-01-05

by Greg Schnell

The market bottom on December 24th looks is now support Friday, January 4th marked a follow-through day Bonds reached an inflection point  The 30-Year Treasury closed out the year inside the annual channel Oil bounced off 2016 and 2017 support levels First off, the gift of Christmas 2018 appears to be the market bottom. December 24th saw a down 1/2-day, with a ripping rally on December 26th.  I think it is important to note that all this came after the quarterly options expiration quadruple witching, shown with a blue line. The market top also occurred at a Read More 

The Canadian Technician

The Selling Stops - Weekend Wrap - 2018-12-29

by Greg Schnell

The selling finally stopped on the indexes. After the quadruple witching of last Friday, traders had to endure one more day of selling on Monday, December 24th. After that, though, the market recoiled and gained back a few days of losses. We still have not retraced the fed meeting drop yet, however. From a breadth standpoint, the Nasdaq High-Low data has bounced up from a record low, using a moving average to take out single day swings. The accumulated weakness shown in the top panel was severe. Even these extreme lows did not mark the final lows for the overall Read More 

The Canadian Technician

A Ravaged Market - Weekend Wrap - 2018-12-22

by Greg Schnell

There were few places to hide in this week's tsunami of lower prices. Commodities had a lot of ominous moves, Copper broke down and Oil suffered a massive 11% down week. Rare earth metals, such as Lithium, Steel and Aluminum, all moved lower. Individual sectors plummeted, with Utilities down the least. While it might out-perform in a downtrend, your account is still lighter in the end. There's been a lot of discussion about the Dow Jones Industrial Average breaking down this week to confirm the breakdown in the Transports, but it seems a little late for Read More 

The Canadian Technician

When Angst Reigns 2018-12-19

by Greg Schnell

In this article, I'll be covering some of the sentiment charts for the broad market. The Equity Put Call ratio ($CPCE) is experiencing in the top 40 spikes of the past 15 years. Take notice of the groupings - the majority are bunched around major market lows. While this doesn't look very severe, remember that quadruple witching happens tomorrow. This is an options-related event that happens every three months; typically, those dates are some of the highest-volume days of the year. Thus, extreme volume this week, with a lot of protective put buying, suggests we are near Read More 

The Canadian Technician

Commodities Struggle Again 2018-12-15

by Greg Schnell

With the markets plunging hard to close out the week, it was interesting to see some of the banks trade slightly better than the overall index drop on the day. The Fed meeting Wednesday and the quadruple witching day for options on Friday are some catalysts for a change in trend. Here is the sector performance for the week. Looking through the list, the semiconductors finished up on the week even after a tough Friday. The Communications sector is also a little bullish so that helps. The oil exploration industry was crushed as a part of the energy sector! Having Read More 

The Canadian Technician

Gold Follows Through On The Breakout 2018-12-08 CC

by Greg Schnell

In what was a rough period for equities in general, Gold managed to have a great week, following through on its breakout. Oil continued to hold in the 50s, while the $USD made a second lower high on the daily line chart. The story in bonds continues with the 1-5 year yields inverting. The 10-year has moved dramatically  lower. With the China-America tariff discussions raging, the equities had some wild swings, finally stalling above the 200-day moving average again. Breaking into the equities charts, the 40-week moving average was last week's close. This week, the Read More 

The Canadian Technician

Canada Tries To Rally - Bi-Weekly Market Review 2018-12-04

by Greg Schnell

With the volatility surging, the indexes have really been flopping around. The $TSX continues to struggle. The outside bar forming after Thursdays wild ride is not bullish. The intraday action was better on Thursday, but we will need these levels to hold. The 10-minute chart (a shorter time frame than I usually look at) shows the price moving from the top of the range to the bottom this week. Currently, it is trying to rally out of the hole.  With the wide swinging market, portfolios are being swayed up and Read More 

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