One sector that moved to new 52 week highs in price and relative strength was the REITs this week. I covered those off in this week's Canadian Technician Webinar.
"The Canadian Technician LIVE!" with Greg Schnell - 2016-05-17 17:00 from StockCharts.com on Vimeo.
Webinar // Breadth // Crude Oil 7:00 // Currencies 14:00 // $TSX 17:00 // $TSX Relative Strength - Important 21:00 // Canadian Sectors 30:00 // Wrap Up 50:00 //
With the Fed minutes changing the market's tune on Wednesday, the breakout in REITs looks in question. As I am posting those webinar highlights today, this REIT ETF looks like a failing breakout. A nice breakout to 52-week highs, followed by three retracement days wiping out the majority of the breakout. It will be important to watch how it handles the blue support line.
Here is the Income Trust ETF. It has been progressing nicely. However, this resistance level looks meaningful.
The US Dollar has also been pushing up. There is a three piece article on the currencies this week in The Canadian Technician Blog.
Currencies Are Trying To Tell Us Something: Part 1 $USD
Currencies Are Trying To Tell Us Something: Part 2 Euro and Yen
Currencies Are Trying To Tell Us Something: Part 3 Aussie, Pound, and Loonie
One of the important charts from that series of articles was the breakdown in the Euro. If this failed breakout continues that will put a lot of downside pressure on Gold.
I think the webinar has some unique perspectives to monitor this week.
You can also follow me on Twitter @Schnellinvestor. If you would like these blog articles to appear in your inbox once or twice a week, click the Yes button below. For Commodity centric investors the moves have been dramatic. You can follow those moves on the Commodities Countdown Blog. Click Yes at the bottom of the Commodities Countdown articles to subscribe to that as well. Here is the Latest Commodities Countdown article on Gold and the Miners. The Gold Miners Ratio Breaks - GDX.
Good trading,
Greg Schnell, CMT, MFTA.
