Some folks like to use the 40 Week MA as the dividing line between bull and bear markets. Long term planners will look on monthly charts.
Today becomes meaningful. A Federal reserve push up has been pretty common recently at month ends. Mario Draghi spoke late in July. Ben Bernanke spoke today.
Well, today the $TSX is flirting with the 40 week line again. The 40 week is right at 12000, and the market will be trying to better that for the monthly close.
Can it finally push through with conviction?
That Head/Shoulders neckline at 11,000 to 11,200 needs watching. It is very loose (200 point range) where some are much more defined. That really has to be considered important support.
Good Trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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