he outlook for the Toronto Stock Exchange for Wednesday was for stocks to pullback slightly which is what we saw. MACD and momentum were fairly negative on Tuesday which had pointed to the market direction up being weak and probably negative but again, just slightly.
Toronto Stock Exchange Intraday Market Direction Chart
If you look at the one minute chart from today you can see the immediate bounce in the first minute which took the TSX to 15,309.87 and then steep drop down to 15242.00 within 30 minutes. What Toronto needs is products like the SPY ETF for trading purposes. The XIU is difficult and almost impossible for this type of trade.
After the first half hour investors bought back in and pushed the TSX up to above 15280 and the rest of the day saw a string of lower highs which ended with flat trading into the close at 15262.73. The lows for the afternoon were very steady so there was not much concern that the Toronto Stock Exchange would move lower in the afternoon.
TSX Intraday one minute chart for Aug 13 2014
The rest of this article is for FullyInformed Canada members.
TSX Market Direction Outlook for August 14 2014
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