Sunday, December 14, 2008

TSX-TC Update for 12.14.2008


Monthly chart shows support to be right at the .786 fib retracement level, which also happens to be a key LIS (old resistance becomes new support). Despite the short term support in place, the bulls are having a difficult time getting any traction to the upside. No buy signal/pattern evident on this timeframe.

Weekly chart shows index remains below all key moving averages as well as the down trendline in place. Last week's trading session resulted in a spinning top candle pattern, indicating indecision between the bulls and the bears. No buy signal/pattern evident on this timeframe.

Daily chart shows the bulls were prepared to step back into the market during Friday's trading session, as they closed the day near the high. Need to see follow through next week in order to clear the current resistance level at the key LIS (old support becomes new resistance) at the 8,537 area.

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