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

Has A Big Bear Market Rally Just Finished ? 2019-03-23 Weekly Market Roundup

by Greg Schnell

World Charts Look Risky Outside Bars Suggest Reversal Commodities Under Fire Timing on the Copper and Steel charts is Unnerving Energy-related ETFs and Stocks have Huge Caution Signs Watching to see if Gold is the Next Bullish Move (expecting a huge move) Continuing with my theme of trouble out there, banks, industrials, brokers and energy all had another tough week. The video this week shows 50 or 60 charts corroborating an all-asset testing of risk right here. Bond prices soared, yields plummeted. While the world clings to hope that the recession is still a year away Read More 

The Canadian Technician

Canadian Market Review 2019-03-15

by Greg Schnell

The $TSX continues to inch higher week after week, suggesting that my caution in February was unwarranted. However, this week marks options expiration, as I mentioned early in the month. While the US market seems to find these dates important, the Canadian market finds them definitely important. June 2017 - Market consolidates sideways after a gentle drift lower September 2017 - Market closes same as June OE level, starts breakout December 2017 - Market breaks out above consolidation March 2018 - Final high before Read More 

The Canadian Technician

Weekly Market Review 2019-03-16 Industrials Under Fire

by Greg Schnell

This week, the US Dollar lost 1.5 cents after making a new high last week. This resulted in most commodities turning up on the week. For sector movers, Technology stocks continue to be bought, while Utilities and other defensives performed well this week. That is a marked change from the performance off of the December lows. The chart below is for one week and is the absolute performance of each sector for the week.  The chart below is the performance since the December 24th low on a relative basis compared to the $SPX. Typically, the sectors on the left are Read More 

The Canadian Technician

Weekly Market Review 2019-03-08 Dollar Breaks Out!

by Greg Schnell

What an important week for technicians. I have some great friends that are also great technicians, and many of them are extremely bullish, what with all the breadth indicators having such a big initial market thrust. However, I personally am a lot more concerned after doing my intermarket review for the week. The moves in the bond market over this past week were really concerning to me. Chart after chart had meaningful moves towards safety, despite the fact that the market pullback was only a few percent. The currency markets experienced a significant breakout and Read More 

The Canadian Technician

The Canadian Market Report 2019-03-05

by Greg Schnell

We are getting to a pause in the market. Even as the $TSX digests its gains, we should observe that it is at an important level of risk should the market prove to be a bear. This week's video talks about that in detail. The Canadian Dollar failed to break out; I would expect lower levels to come. More importantly, changes in the Dollar direction at this trend line have caused reversals in the $TSX.  The Canadian market can also be a clue, as it usually is weaker than the US market. One of the strong parts of the chart is the momentum, which is very high on Read More 

The Canadian Technician

Weekly Market Roundup 2019-03-01

by Greg Schnell

This week, the $SPX closed above 2800 for the first time since October.The Nasdaq is currently sitting a fraction under 7600, while the Russell is a fraction under 1600. While the dotted green line on each panel represented support that may have turned into resistance, we are now looking at the previous resistance levels to see if we can power through. The $RUT chart has a few important wiggles on it this week. I like to be aware of when the Russell 2000 starts to underperform; though it doesn't always lead to breakdowns, big breakdowns usually start with Russell Read More 

The Canadian Technician

Industrial Metals & The Weekly Market Roundup 2019-02-23

by Greg Schnell

This week saw some big surges in Copper, Steel, Rare Earth Metals and Lithium stocks. Although Copper had been unable to make new three-month highs for almost a year, the copper chart surged up to a new seven-month high this week, as seen below. Above the copper panel is the US Dollar, which is generally a pretty good mirror image of the copper price. If copper is rising, then perhaps the US dollar is about to break down? Does this mean the commodities are finally going to run and copper-related stocks can have their day in the sun? The Copper chart is flashing some Read More 

The Canadian Technician

Canadian Market Surges 2019-02-16 Video

by Greg Schnell

The Canadian market has been slowly underperforming the US markets over the last two weeks. Friday had a nice surge in Technology, Financials, Oils, and metal miners as the chart for the TSX 60 broke above the 200-day moving average. Notice the change in the purple area of the chart. You should always be cautious any time the $TSX starts to underperform.  Here is a long term view of the $TSX 60's underperformance. The vertical orange dotted lines reflect relative strength blue trend line breaks shown on the area chart. Technology continues Read More 

The Canadian Technician

Oil Takes A Turn Higher - Weekly Market Roundup 2019-02-16

by Greg Schnell

The markets have been working there way through indecision the last two weeks. Most of my indicators broke above the indecision levels this week including Bullish Percent Indexes, Percentage of Stocks above the 200 Day Moving Average, Net New Highs, Advance/Decline lines, and Summation indexes. That's a solid list pushing out of indecision. For Bullish Percent Indexes and 'percentage of stocks above the 200 day moving average', the two broad composites are in full rally mode. Bullish percentage indexes calculate how many stocks in a group are on a buy signal. The Read More 

The Canadian Technician

Give Your Charts A Shake? Weekend Market Roundup 2019-02-09

by Greg Schnell

To begin, let's start with sentiment. The bullish percent index for the $SPX is sitting at 61.8%, which is where it was during the rebound in 2008. The percentage of stocks above the 200-day moving average is 50%, which is also where it was on the 2008 rebound. What I'm trying to say is that bounces of this magnitude have happened before and rolled over. I'm not trying to be pessimistic, but this is where the going gets tough. Last week, I mentioned that this level would probably be a hurdle. The $SPX broke even this week as we closed right where we opened. More concerning is the Read More 

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