TSX Index closes below the 15,400 support level

The TSX Index is trading below the 20-day simple moving average and the 50-day simple moving average. On the plus side, it is still above the 200-day moving average. The major trend is up, the intermediate trend is up and the near-term trend is down. RSI is trading below 50 and MACD has crossed the center line. In summary, the near-term picture is negative and I will monitor the chart closely for any further breakdown. The oil sector is the major drag for the TSX Index but financials will incur selling pressure if the oil stocks continue to selloff.

Chart showing the break below the support level of 15,400 for the TSX Index.

TSX Index Daily Chart

Reference my last chart analysis for the TSX Index.

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