The Canadian Technician

December 2016

The Canadian Technician

$TSX Struggles At Old Highs

by Greg Schnell

The $TSX is back in the zone of previous highs and is trying to push through. As I have said before, the $TSX has struggled with these levels for 10 years, so getting through won't be easy. The RSI indicator shows that this has run a long way from 30 to 70, and now is making a slightly lower high, while price is considerably higher than the mid-summer high. It doesn't make it a sell, but it suggests we should be aware of the potential for the market to turn as it hosts lower momentum on this run than the August highs. The PPO in the bottom panel is trending up but Read More 

The Canadian Technician

Saputo Starts To Solidify (SAP.TO)

by Greg Schnell

There has been some rotation into more defensive stocks this week, so I thought I would highlight Saputo this week. The chart looks set to deliver more solid gains. Saputo has a big uptrend going, but recently pulled back for about 6 weeks. When investors jumped into Financials in November, they were selling Saputo by looking at the chart. Friday price action is interesting. It gapped open, shot up, then traded near the lows to close out the week. All of the other indicators are giving positive signals. The MACD is turning up, the SCTR is pushing back above 75, the volume doubled Read More 

The Canadian Technician

Canadian Stocks Wiggle Uncomfortably - Webinar Skim 2016-12-13

by Greg Schnell

Well, another year of Fed meetings and another December 0.25% rate increase with predictions for a more aggressive pace next year. So in a day where we got what we expected why did the market wobble this time? At the last Fed meeting (October), we got what we expected and it marked the November low in the markets and the US Dollar. Zooming in on the $TSX and the Canadian Dollar, both got rocked today. Adding on the downward pressure, the price of oil (USO) looks like a failed breakout and now it has broken the uptrend. A double negative? Lastly, Gold (GLD) starting drilling Read More 

The Canadian Technician

Is There A Turn Coming In These Markets?

by Greg Schnell

The market has been on a tremendous run. In Canada, the Energy sector has picked up the leadership and surged again today. The RSI suggests we are getting close to an extreme. This can still run for many months, but you need to look for selling opportunities to lock in profits and rotate into something else that might have some big upside. After a steely run getting everyone long in the market, its always prudent to see if any rotation is occuring.  Notice the 2-day performance of the Canadian sectors. The defensive sectors on the right are starting Read More