$TSX Analysis for 08.19.2007

Monthly chart shows a doji into the high July 2007. August opened with movement down. Currently price on a monthly basis is below the 8ema.

The weekly chart shows current support at the last prior high. Old resistance becomes current support. This support also happens to be the 89sma.

The daily chart shows Thursday's price action showed early buying off the prior resistance level. On Friday, the U.S. FED cut the discount rate by .50% prior to the open of the trading day. The market opened with buying, but towards the end of the day, it was met with some selling into the close. Price is currently below all key moving averages, including the 200sma. The DTL (downtrendline) remains intact. If buyers come back into the marketplace next week, initial resistance will be at the prior key low and LIS.