Don't Ignore This Chart!

$TSX Struggles With Nirvana


The Toronto Stock Exchange was open Friday while the US markets celebrated Independence Day. So it was a potential candidate for the Don't Ignore This Chart blog anyway. However, after using Martin Pring's Nirvana settings, it really is an important time to look at the  $TSX. The price is currently just below the 65 week MA. The three indicators below are still on sell signals. This really needs to turn up right away to hold this long term trend line.

We can see the KST for the Relative Strength line is almost above the signal line. If the $TSX could start outperforming the $SPX that would really help shift to investor focus to the Canadian market. We are hanging right at the 65 Week MA and a bounce here could be very bullish. Its an important time for the Canadian market to hold up. We'll see what happens over the next few months. 

To all of the American friends around the world, enjoy the long weekend!

Good trading,
Greg Schnell, CMT

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at 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). Learn More
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