Sunday, January 20, 2008

$TSX Analysis for 01.20.2008


Monthly chart shows regular divergence on the CCI momentum indicator. So far, the first two weeks of January has been met with increasing selling pressure, taking the index down to break the up trendline in place.

Weekly chart shows the increased selling pressure experienced the past week. Sellers sold off hard, taking the index down to close well below the 8ema and 34ema. Look for early buyers to test the waters at the key LIS and prior s/r at the 12,500 area.

Daily chart shows index to be well below all its key moving averages. No buy signal/pattern evident as of yet. Since the index is close to the 12,500 key LIS, look for possible consolidation off this area, before the next leg down.

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