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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

...If the dots don't connect, gather more dots until they do...

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Paris

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IMPORTANT BLOG POST UPDATES...

Tuesday, December 16, 2014

Canada's TSX Index and Canadian Dollar Roller-Coaster Ride

I last wrote about Canada's TSX Index in my post of October 10th.

The 3-Year Daily chart below shows that, since then, price bounced shortly thereafter to re-test the bearish moving average Death-Cross formation, then plunged to re-test the October low around the 13,650 level. A break and hold below this level could send this index down to its next major support around 13,000, particularly if volumes continue to build, as they have, of late.

As of today (Tuesday), the TSX is bouncing on a diverging (positive) RSI signal, but a buy signal is not being confirmed, yet, by the MACD and Stochastics indicators. As well, until the RSI rises and holds above the 50.00 level, the buying may be short-lived.


The Weekly 'Hanging-Man' formation on the USD/CAD forex pair, to which I referred in the above-mentioned post, did not confirm. Instead, after whip-sawing for several weeks, price, eventually, continued to rise to a little above its next Fibonacci resistance level of 1.1665, as shown on the following Weekly chart. None of my indicators are suggesting a reversal of the uptrend yet; rather, a continuation is suggested.


We'll see whether these current levels represent any kind of major reversal point for both the TSX and USD/CAD, or whether more weakness lies ahead...until then, we may see some increased intraday volatile moves occur in a large trading range.