S&P/TSX Canadian Consumer Discretionary Index for 01.20.2008

S&P/TSX CANADIAN CONSUMER DISCRETIONARY INDEX - $SPCD-TC

Monthly chart shows the index found resistance right at the 1.786 fib level, where a series of dojis and a bearish engulfing candle reversal pattern showed upside resistance. Index is currently below the 8ema and the 34ema. Look for initial test of the key LIS and prior resistance level of 100.30 before a break of this level as the index heads lower.

Weekly chart shows down trendline in place and index to be well below all key moving averages. No buy signal/pattern evident on this timeframe at this time.

Daily chart shows relentless selloff in consumer discretionary stocks the last 2 weeks. Index is well below its daily 8ema and 34ema. Look for consolidation before next leg down.