S&P/TSX Canadian Consumer Staples Index Analysis for 01.20.2008

S&P/TSX CANADIAN CONSUMER STAPLES INDEX - $SPCS-TC

Monthly chart shows a double top and a break of the up trendline in place. Index is well below all its key moving averages as well as the key LIS and resistance of 176.67. No buy signal/pattern on this timeframe yet.

Weekly chart shows index below all its key moving averages, and is currently below prior support and key LIS of 176.92. There is regular divergence noted on the CCI momentum indicator.

Daily chart shows Thursday's and Friday's price action resulted in 2 dojis/spinning tops, indicating indecision between the bulls and the bears. This is possible consolidation before the next leg down.