The Canadian Technician

The Weekly Outlook

by Greg Schnell

After an exciting week where the market made new closing highs, Monday morning saw a push to new intraday all-time highs on the $COMPQ and the $SPX.  A few things about last week got my attention. Firstly, there was a rotation into some of the defensives. Even with the big tech earnings last week, Technology slipped a bit. Facebook and Disney are in Communication Services and that sector was hot. I think the broad strength in defensives is relatively new after a big selloff. While Communications and Healthcare were the top performers, let's take a look at what sectors Read More 

The Canadian Technician

Weekly Outlook - Financials Surge, Commodities Don't

by Greg Schnell

As we kick off the week, we must begin by noting that railroads are the hottest wheels around. They were rolling! CSX, CNI, UNP, NSC and KSU all hit new highs this month, while CP is just moments away. The fact that the industry group is just starting to surge above resistance suggests there are more gains coming into the space. So, with good things rolling in for the transports, it looks like the Industrials are also going onto higher highs. Financials broke a year-long downtrend this week, so it is an important time to check in on the industries. Read More 

The Canadian Technician

Banks And Brokers Weekly Roundup

by Greg Schnell

JPM kicked into high gear Friday with some great numbers. It continues to be the best chart in the US bank space. Goldman Sachs and Morgan Stanley also had nice moves. We'll see if they hold up as they release their earnings today. Morgan Stanley is the same way. However, Wells Fargo saw a lack of love. The important thing to watch this week is the follow-through. Can the KBE and KRE charts make higher highs and close the week at them? This will be a major inflection point on those charts should they break out here. Read More 

The Canadian Technician

Weekly Market Roundup: Big Changes in the Big Picture Charts

by Greg Schnell

This week, I had the pleasure of attending the annual CMT Association symposium in NYC, where I was reminded of how many superb people there are in the industry. With that all wrapped up, this article will be a combination of a meeting review and market analysis. This conference is one where everyone can talk about the crude oil chart without anyone needing to see one. They all know it; the shape, the peaks and valleys, the retracement levels, the main moving averages and the long-term perspective. The $USD, while hotly debated as regarding its future direction, is the same. As presenters Read More 

The Canadian Technician

Lower Lows, Lower Highs 2019-03-30 Weekend Market Review

by Greg Schnell

Most of the markets around the world were up marginally from the February close. Lots of the price bars were the equivalent of a candlestick doji, which is a topic you can learn more about in this Chartschool article. The short version is that dojis are defined as a balance between buyers and sellers. Worldwide, that seems to be the story at the end of the month. Here is the New York Composite ($NYA). The price action ended the month at almost the same point as where it started the month.  While it did make a higher high and a higher low, as seen on the Read More