Monitor the resistance level of 12,500 and support of 12,200
The TSX Index still has an intermediate uptrend with a near-term downtrend. Monitor the resistance level of 12,500 and the support level of 12,200. A breakout above 12,500 will give the index a shot at resistance of 12,800. A break below support of 12,200 will indicate the end of this intermediate uptrend.
What is the major trend for the TSX? The answer is sideways. The index has a dismal performance profile over the past three years. Compare the TSX Index to the three year performance for the S&P500.
Reference the last chart analysis of the TSX Index published on September 24, 2012.
Relevant articles picked from the Web:
- David Rosenberg shares his 4 favourite investments right now — FP — October1, 2012
- CANADA STOCKS-TSX buoyed by upbeat U.S. manufacturing data — Reuters — October 1, 2012
Note: The above chart analysis is valid as of the publication date. To review current charts click on Home or perform a search. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.
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