Canada keeps inching higher but the progress has been slower lately. In 4 weeks, the $TSX was up 6 whole points from the last look at this chart on August 9th. The Bullish Percent Index is still in very solid breadth territory with 80% of the stocks on a buy signal. On the $TSX chart, you can see that this level has been important in the past as a support resistance level in 2014-2015 around the topping in oil and the Canadian rail stocks. The current $TSX price is also the level at the oil price peak in 2008.
During the webinar, I demonstrated some of the major sectors in the market. I have inserted a copy of the webinar here if you didn't get time to catch it live.
The Canadian Technician LIVE! with Greg Schnell - 2016-09-06 17:00 from StockCharts.com on Vimeo.
Webinar // Breadth 0:00 // Oil 4:00 // Currencies 5:00 // Indexes 7:00 // Sectors 13:00 // Bullish Percent Indexes 28:00 // Enbridge & Pipeline Companies Review 34:00 // Gold 53:00 //
We spent some time going through the Enbridge / Spectra transaction today. Enbridge (ENB.TO) jumped to new 52 Week highs today. In terms of the enhancement of Enbridge's network, the investors liked it as both the companies involved jumped higher on the news.
There is a lot of detail on the webinar so if interested I would encourage you to watch the recording. The Canadian Technician Webinar 2016-09-06.
This month, Chartcon 2016 is coming to you via live stream broadcast! Rather than have customers spend all the money to travel to the event, we have arranged for all the technicians to gather in one location and broadcast from there, saving you thousands of dollars. It should be a fantastic couple of days with a tight synopsis of the markets from an award winning Technical Analyst crew. You can register for this event for under $200 and have access to the recordings. Chartcon 2016.
Next, I will be presenting in person at Golden Gate University in September if you are in the area.
September 20th, 2016 @ 4 PM
Golden Gate University. Rm 3214
536 Mission Street
San Francisco, 94104
Cost: Registration is $10 for MTA members and $20 for non-members
You can register through the TSAA-SF website. Click here.
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Good trading,
Greg Schnell, CMT, MFTA
