Update on Canadian Banks for 02.21.2009

All canadian banks remain technically weak and bearish with no signs whatsoever of a bottom at this time.

ROYAL BANK OF CANADA - RY-TC

Monthly chart shows new low made this month. Stock price remains well below all key moving averages on this timeframe. No buy signal/pattern evident on this timeframe.

Weekly chart shows continued downside weakness with no buy signal/pattern evident on this timeframe.

Daily chart shows new low made with Friday's trading session. Despite the lower low made, there were signs of aggressive buyers stepping back into the stock, but they were unable to hold onto most of their gains.

TORONTO DOMINION BANK OF CANADA - TD-TC

Monthly chart shows continued weakness with no buy signal/pattern evident on this timeframe.

Weekly chart remains extremely weak with no buy signal/pattern evident on this timeframe.

Daily chart shows that sellers gapped down Friday's trading session open in their haste to exit their positions. No buy signal/pattern evident on this timeframe.

BANK OF NOVA SCOTIA - BNS-TC

Monthly chart remains very weak with no buy signal/pattern evident on this timeframe.

Weekly chart remains weak with no buy signal/pattern on this timeframe.

Daily chart remains extremely weak with the price well below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.

CANADIAN IMPERIAL BANK OF COMMERCE - CM-TC

Monthly chart remains weak with index well below all key moving averages and the down trendline in place.

Weekly chart remains bearish with no buy signal/pattern evident on this timeframe.

Daily chart shows increasing downside momentum. Look for continuation lower. Downside targets are $35 to $30 area.

BANK OF MONTREAL - BMO-TC

Monthly chart remains bearish with no buy signal/pattern evident on this timeframe.

Weekly chart remains very weak with no buy signal/pattern evident on this timeframe.

Daily chart shows increasing downside momentum. No buy signal/pattern evident on this timeframe.

Update on Canadian Banks

All five major Canadian banks continue to show extreme weakness with no bottom in sight.

ROYAL BANK OF CANADA - RY-TC

Monthly chart remains bearish with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

CANADIAN IMPERIAL BANK OF COMMERCE (CIBC) - CM-TC

Monthly chart remains weak with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

TORONTO DOMINION BANK OF CANADA - TD-TC

Monthly chart shows continued weakness with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

BANK OF MONTREAL - BMO-TC

Monthly chart continues to show weakness with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

BANK OF NOVA SCOTIA - BNS-TC

Monthly chart continues to show weakness with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

Canadian Banks - Update for 11.22.2008

BANK OF NOVA SCOTIA - BNS

Weekly chart continues to show weakness, with the stock price well below all key moving averages. No buy signal/pattern evident on this timeframe.

BANK OF MONTREAL - BMO

Weekly chart continues to show weakness, with the stock price well below all key moving averages. No buy signal/pattern evident on this timeframe.

TORONTO DOMINION BANK - TD

Weekly chart continues to show weakness with stock price well below all key moving averages. No buy signal/pattern evident on this timeframe.

CANADIAN IMPERIAL BANK OF COMMERCE - CIBC

Weekly chart continues to show weakness, with no buy signal/pattern evident on this timeframe.

ROYAL BANK OF CANADA - RY

Weekly chart continues to show weakness with no buy signal/pattern evident on this timeframe.

Canadian Banks - Update for 11.16.2008

BANK OF NOVA SCOTIA - BNS

Monthly chart continues to show weakness, with price well below its key moving averages. No buy signal/pattern evident on this timeframe. Look for lower still.

TORONTO DOMINION BANK OF CANADA - TD

Monthly chart continues to show weakness with price well below all key moving averages on this timeframe. No buy signal/pattern evident on this timeframe. Look for lower still.

BANK OF MONTREAL - BMO

Monthly chart continues to show weakness with price below all key moving averages. No buy signal/pattern evident on this timeframe. Look for lower still.

ROYAL BANK OF CANADA - RY

Monthly chart continues to show weakness and price remains below all key moving averages. No buy signal/pattern evident on this timeframe. Look for lower still.

CIBC (Canadian Imperial Bank of Commerce) - CM

Monthly chart continues to show weakness, with price well below all key moving averages on this timeframe. No buy signal/pattern evident on this timeframe. Look for lower to come.