The market continues to churn higher, continuously pushing away from breakout levels above September 2015 around 14000. The $TSX opened to new 2016 highs this morning even as oil has pulled back over the last two months.
On the webinar, I walked through all of the Canadian sectors. They are all up through the month of July off the June 24th lows. Because the trend was up on the entire cross-section of the market, most of the webinar was focused on looking at SCTR's differently.
The Canadian Technician LIVE! with Greg Schnell - 2016-07-26 17:00 from StockCharts.com on Vimeo.
Webinar // Sentiment Analysis 0:00 // Canadian Sector Analysis 13:00 // Gold Miners 26:00 // SCTR New Scan Ideas 29:00 // US New Scan Ideas 45:00 // SCTR Top 25% 48:00 //
Both the railways have broken out. Canadian National Railway (CNR.TO) to new 52 week highs.
Canadian Pacific moves a train of empty cars back to Teck Resources mine to pick up Met Coal.
Canadian Pacific stock is on the move to 8-month highs. (CP.TO).
The gold mining stocks pulled back for a couple of weeks. They are rallying today on the back of the Fed announcement to remain on hold.
The oil stocks continue to pull back on average with the price of oil. Some of the stocks resisting the pullback are stocks like Seven Generations Energy (VII.TO). The MACD is showing a little negative divergence.
Probably the most important concept of the SCTR is to understand the what the different levels mean. I focused on how to use the SCTR when it is below 25% on the webinar. While I don't usually spend a lot of time on stocks within the 0-25 level, I think there can be some important information watching what is changing in this range.
One example is Blackberry (BB.TO). In this example, the SCTR reading sat below 25% for 3 months. We can see the trend change in the SCTR and this can help to alert bottom-fishing investors to a change in trend on a stock. There is a lot more information on this bottom-fishing exercise on the webinar. The Canadian Technician Webinar 20160727. Click on the link to access the recording.
There are some new names breaking out. As an example, Rogers (RCI/B.TO) is breaking out on the back of the Blue Jays doing so well.
I'll be doing the Commodities Countdown Webinar 2016-07-28 with a focus on Energy and Gold, so I hope you can join me. Click on the link to register. If not, you can check the webinar archives on the weekend found here. StockCharts Webinar archives. You can also follow me on twitter @Schnellinvestor and LinkedIn. If you would like to receive the rest of this series in your email, please click on the subscribe button below.
Good trading,
Greg Schnell, CMT, MFTA
