Sunday, May 17, 2009

$TSX-TC Update for 05.17.2009


Monthly chart shows the market found resistance above at the .382 fib area, where bulls took profits this month.

Weekly chart better shows the current resistance levels encountered by the bulls. The bears managed to take back most of the gains made by the bulls the week before.

Daily chart shows the bears managed to take the index back below both the 8ema and the 200sma on this timeframe. Look for continued weakness and a retracement of the entire move up off the March 2009 low.

No comments: