TSX Composite Index – Canadian Stock Market Outlook for Apr 6 2016

Apr 5, 2016 | TSX Composite Index - Canadian Stock Market Outlook

Unfortunately I lost my power last night and was unable to post the Stock Market Outlook for Canadian stocks on the TSX Composite Index.

However in the Canadian stock market outlook for Monday it was mentioned that I expected stocks to stay weak for at least a couple of days.

Today we saw more weakness in the TSX Composite Index which considering that many analysts believe the latest run-up in commodity prices is over for now, is not surprising. Considering the drop in US stock markets, Toronto got off easy.

TSX Composite Index Closed Down 31.49 Points

The intraday chart below for the TSX Composite Index is set for 1 minute and gives a clear picture of the day’s action. The morning opened with a solid plunge on the back of oil’s decline to start off the day. The morning drop took the TSX Index to its lowest level of the day at 13262.

A rally back pushed through support and managed to recover all the opening losses as the TSX Composite Index moved above the 13300 light support level to reach 13326. For the rest of the morning, lunch hour and early afternoon the TSX Index drifted sideways, clinging to the important 13300 support level.

The late afternoon saw a rally attempt which again pushed the TSX Composite Index above the 13320 level. However when US stocks started to tank, investors started to sell stocks lower. Despite the selling, the TSX Index held the 13300 level and closed slightly above it at 13,304.66, down 31.49 points on the day for a very slight 0.24% loss.

TSX Composite Index Intraday Chart for April 5 2016

TSX Composite Index Momentum

Momentum during the day on Tuesday started off strongly negative. But as the day progressed momentum dried up and turned more sideways than positive or negative. However by the close of the day, momentum had primarily been bias negative throughout most of the day…..the rest of the TSX Composite Index market outlook is for members.

TSX Composite Index – Canadian Stock Market Outlook for April 6 2016

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