Major support is now 13,500 for the TSX composite index.
From the July 5, 2010 low of 11,065; the index gained 29.5% to the March 7, 2011 high of 14,329. This has been a significant move over this eight month period. I usually look for reversal patterns to develop when the market has an intermediate move of 20%. The TSX is at an advanced stage in this intermediate swing and any technical evidence indicating a reversal must be taken seriously. In other words, the odds of a correction are much greater than the odds of an upward move.
Reference the two-year weekly annotated chart for the S&P/TSX composite index to get an overall perspective for the market.