With a 3000 point surge the last few months, the S&P TSX Composite ($TSE) broke through resistance and CCI moved above +100. Both events are bullish, but the index looks vulnerable to a pullback. First, CCI moved back below +100. Second, the index is up 3000 points without a correction. Look for broken resistance around 9200-9500 to turn into support.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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