The Canadian Stock Market Outlook for Monday was for stocks to try to advance. Unfortunately a rise in the US dollar pressured commodity prices particularly gold which resulted in the metals and mining sector pulling back. The rise of the US dollar also pressured oil prices. As well the shifting of winds in the Fort McMurray area of northern Alberta raised hopes the wildfires would turn away from the oil-sands which would allow for a resumption of oil production. That combined with an oil inventory report from the US that showed oil inventories were at their highest levels since 1929, also worked toward pushing oil prices lower.
TSX Composite Index Falls 137.63 Points
By the end of the day the TSX Composite Index had fallen 137.63 points to close down 1 full percent at 13,563.84. This leaves the index within 64 points of reaching 13500, which is a major support level for the Canadian Stock Market.
TSX Composite Index Chart – 1 Minute Intraday May 9 2016
The TSX Composite Index Chart below set for one minute shows the action on Monday. The Index slipped below 13600 early in the day and despite a number of attempts to break back above it, 13600 held up any advance, all day. The late morning saw the market break below the 13550 level and reach to 13535.54 before buyers moved back into stocks. The push higher after the lunch hour tried again to retake 13600 but failed. This resulted in lackluster trading for the remainder of the day and the index closed down a full percent to 13,563.84.
The close was off the lows for the day but still within easy reach of 13500. A break of 13500 would be poor for the TSX Composite Index advance and may result in the Index breaking down and moving to 13250 later this week………..the rest of the Canadian Stock Market Outlook for Tomorrow is for members.
TSX Composite Index – Canadian Stock Market Outlook for May 10 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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