TSX Composite Index – Canadian Stock Market Outlook for June 15 2016

Jun 14, 2016 | TSX Composite Index - Canadian Stock Market Outlook

The Canadian Stock Market on Tuesday June 14 2016, moved lower for a fifth straight day placing the TSX Composite Index into a three week low. This also removes the TSX Composite Index from the bull market outlook. That though may be short-lived before the market returns to a move back up.

The worst hit sector on Tuesday was the financial’s as investors worry about everything from Canada’s housing market to indebted Canadian consumers, to the UK EU vote next week which is now biased toward leaving the EU. Whether that actually happens is tough to call as often voters change literally as they cast their vote. So whether the UK vote will actually say “no” to the EU is, I think, still questionable until the actual votes are counted.

Bank of Montreal Stock closed down 1.26%, Royal Bank of Canada fell 1.77%, TD Bank fell 1.24% while both Canadian Imperial Bank of Commerce Stock and Bank Of Nova Scotia Stock fell the least.

TSX Composite Index Down 109.65 Points

By the close of the day on Tuesday, the TSX Composite Index was down 0.78% to close at 13,884.23.

TSX Composite Index Chart – Intraday June 14 2016

The one minute TSX Composite Index chart for today shows the extent of the drop the market took. The morning saw the TSX try to push back to 14000. When that failed within the first half hour, the market dropped quickly until by 11:30 it was already nearing 13,850. You can see the number of attempts to push the market below 13850 during the day. The heaviest selling was between 2:30 to 3:00 in the afternoon when the market penetrated 13850 and appeared ready to drop lower.

Instead some buying took place as the US markets turned around and moved higher giving hope to Canadian investors that the Canadian Stock Market would hold. The close was not as dramatic as in the larger US markets however and the TSX still closed down 109.65 points…………..the rest of the Canadian Stock Market Outlook for Tomorrow is for members.

TSX Composite Index Chart for June 14 2016

TSX Composite Index – Canadian Stock Market Outlook for June 15 2016

FullyInformed Members can log in through this link to read the latest Canadian Stock Market Outlook for tomorrow for the TSX Composite Index or they can sign in to the full members site here. Non-members can join here or review the benefits of a membership.

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