$TSX-TC Update for 10.26.2008

S&P/TSX-$TSX-TC

Monthly chart shows the index is trading well below its 8ema. The selloff has managed to hit my first downside target at the .618 fib level. No buy signal/pattern evident on this timeframe.

Weekly chart shows the index to be trading well below its 8ema. Looks like a consolidation/trading range pattern being made. No buy signal/pattern evident on this timeframe.

Daily chart shows that while the bears managed to make a lower low, there were aggressive bulls stepping back into the market, who managed to close the trading session, just slightly off its high, creating a hammer candle pattern. Current resistance is at 10,702.30. IF we get follow through with bulls stepping back into the market, THEN they have to clear the current resistance level before market can go much higher.