The Canadian Energy ETF ( XEG.TO) made one month lows this week with oil just slightly off the highs.
Some of the big leaders have started to pull back as well. Seven Generations Energy (VII.TO) is a great example.
Some of Canada's other sectors are at critical junctures.
The Income Trusts and the REIT's are both checking resistance at the 200 DMA from the bottom side. Failure to get through is a big deal here. Here is the Income Trust Index ($RTCM). Notice the May 2015 test of the 200 DMA from the underside.
Here is the same picture in the REIT's.
The bottom line is the leadership is starting to wane in some of the Canadian sectors. There is some new leadership emerging.
There was a lot more on the webinar. You can access that webinar below.
The Canadian Technician LIVE! with Greg Schnell - 2017-01-10 17:00 from StockCharts.com on Vimeo.
I have two upcoming special event webinars in January. On top of the regular ones, I will be doing two more this month. One is with Tom Bowley on Saturday, January 14th at 11 AM ET. This will be exclusive to StockCharts subscribers. This webinar will be jam packed and probably hit the limit in terms of number of registrants of our GotoWebinar plan. I strongly encourage you to enroll early! Tom Bowley and Greg Schnell 2017 Market Look.
Secondly, I will be kicking off the Saturday morning presentations at Chart Summit 2017 on January 28th, 2017. This is a free two day webinar only event organized by my good friend JC Parets at AllStarCharts.com and the MTA (Market Technicians Association). Please use this registration link to register! Chart Summit 2017 This will be a massive -free- online charting event. The speaker list is truly exciting including Arthur Hill of StockCharts.com as well! 18 Speakers! Please use this registration link to register! Chart Summit 2017
Good trading,
Greg Schnell, CMT, MFTA.
