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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.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* 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...

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...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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Monday, January 05, 2015

Canada's TSX Index On Its Way To 13,650 Again?

As I write this post around 10:45 am ET on Monday, January 5th, Canada's TSX Index has plunged by 310 pts., as shown on the following 3-year Daily chart.

A hold below the 50 MA (a bearish Death Cross formed awhile ago and was retested twice) could see price drop to retest the double bottom around 13,650, or lower. Watch for a bearish crossover to form on the MACD and for a drop and hold below the zero level to confirm such a scenario.

Also, as I mentioned in my post of January 2nd, a drop and hold below $50.00 on WTIC Oil could very create such a down-draft in the TSX Index...and, possibly, all other World markets.


END-OF-DAY UPDATE: Here's a 1-year Daily chart of the TSX Index as it closed today. Note the bearish RSI crossover below the 50 level, along with a bearish crossover of Stochastics...hinting of further weakness to come.


The following 3-year Daily ratio chart of the SPX vs the TSX shows the under performance of the SPX from its peak on December 10th. Price is now sitting on a confluence of major support provided by an uptrend (which began on September 16th) and rising 50 MA. All three indicators (RSI, MACD and Stochastics) are suggesting a further weakening of the SPX...one to watch, along with the TSX and Oil, as a break below this major support level could prompt a major sell-off in U.S. equities.