Toronto's TSX Index closed last Thursday just above major support, as shown on the Daily chart below. At the moment, it is hovering just above this 12000 level during Monday's trading session. Whether or not the recent bullish Golden Cross will be sufficient incentive for the bulls to re-enter this market remains to be seen. A bounce in commodities (gold and oil stocks) could reverse this recent pullback...so far today, they have been unable to hold at their highs of the day and are dropping as I'm writing this. A break and hold below 12000 on the TSX would be very bearish.
I'm also keeping an eye on the YM, ES, NQ & TF...each candle on these four charts below represents three days...the current candle closed on Friday. It's important that the 2011 high hold as support on the ES, otherwise we may see a waterfall drop occur on these four e-mini futures indices.
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