The Canadian Stock Market outlook for Tuesday, the first day back from the long Victoria Day weekend was for a choppy day that would end with a slight negative finish as I expected investors would be unlikely to take on too many new positions ahead of Canadian Bank earnings which start on Wednesday before the markets open.
Instead, south of the border the big US markets rose in a dramatic rally and that assisted Canadian stocks in closing higher on the day.
TSX Composite Index Rises 33.27 Points
The TSX Composite Index Chart below is intraday for May 24 2016. You can see the spike higher in the morning which broke through resistance at 14000. The TSX Composite Index stayed above 14000 for most of the morning but you can see in the accompanying momentum chart that sellers began to take control by 11:00 AM once the TSX appears unlikely to push higher. Sellers then depressed the index which by mid-afternoon had fallen to the lowest levels of the day, back to 13920. This drop wiped out all the gains from earlier in the day and set the TSX Composite Index flat for the day.
The close saw a small rally to move the index higher to 13952.85 for a gain of 33.27 pints or a quarter of a percent increase.
TSX Composite Index Chart for May 24 2016
TSX Composite Index Momentum
Momentum for the day was mixed but by the close the bias remained slightly positive heading into Wednesday……………the rest of the Canadian Stock Market Outlook for Tomorrow is for members.
TSX Composite Index – Canadian Stock Market Outlook for May 25 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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