With today's push upwards on the Toronto Stock Exchange index (TSX), along with commodities, energy, and financials, I'll be watching the following charts tomorrow...
The TSX Daily has almost reached a near-term resistance level of 12750...will see whether the above sectors continue their push up and how the TSX performs relative to them, or whether they stall or reverse at or near this level.
The Daily charts below of the YM, ES and TF show that prices advanced to a level above the -1 deviation level of their downtrending regression channels, while the NQ has almost reached the +1 deviation level. Furthermore, the YM and ES ended just above the 38.2% Fib retracement level, while the NQ ended on its 50% retracement level, and the TF ended just below its 38.2% retracement level. I'll see whether the NQ continues its climb through its immediate confluence of resistance, or whether it stalls or reverses at or near this level.
Finally, I'll continue to watch the action on the following Daily charts of Gold, the US$, EUR/USD, Oil, TNX, TYX, XLF, GS, CRX, VIX, RVX and VXN...to see whether the 3 VIXs, Gold and the US$ push upwards with EUR/USD, TNX, TYX, XLF, GS and CRX pushing downwards if the TSX and the NQ (and the YM, ES and TF) pull back. It may take several attempts before we see any meaningful reversal at the current levels, and it may be that prices attempt one final push up before falling back and continuing their decline that started in July.
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* Trade Wars have escalated and now include diplomatic wars PLUS President Trump is cannibalizing prior U.S. market gains with his tariff tantrums against its world trading partners, while destabilizing a delicate world market balance