S&P/TSX 60 continue lower as expected to good support at 761/760 where low for the day was seen as predicted. We bottomed exactly here & bounced back to the 765 area. We must hold above here for a chance at recovery to resistance at 768. A high for the day is possible here but if we continue higher look for a selling opportunity at 772/773 with stops above 776.
Below 765 keeps the market under pressure for a retest of good support at 761/760. If however we continue lower look for a buying opportunity at 756 & an end to the correction.
Weekly outlook: Resistance at 780 held the topside as expected last week but a break higher can target 793-798. Failure to beat 780 puts the market under pressure & should target 768 then 760 & possibly as far as 756 for a buying opportunity.
Below 765 keeps the market under pressure for a retest of good support at 761/760. If however we continue lower look for a buying opportunity at 756 & an end to the correction.
Weekly outlook: Resistance at 780 held the topside as expected last week but a break higher can target 793-798. Failure to beat 780 puts the market under pressure & should target 768 then 760 & possibly as far as 756 for a buying opportunity.