Tall dark candlestick is not a good omen for the TSX Index
The TSX Index is in an intermediate downtrend. There is a support level of 13,000 on the weekly chart but there is a high probability this level will not hold. The next level to monitor is the reaction low of 12,800. Again, there is a high probability this level will not hold: trading online is all about probabilities. Cash is the the safest asset class at this stage in the market until we get a better picture of the earnings and the reaction of the the market.
Reference the previous analysis using the weekly chart.
Reference an earlier post highlighting the downside risk for the TSX Index.
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