The outlook for the TSX Composite Index for Friday was for the markets to try a bounce and then move lower and close negative on the day. At one point the TSX Composite Index was down to 13,323.57 before managing to rally back to close at 13,440.44 at the highs for the day on Friday.
TSX Composite Index Closed Down 53.92 Points
The morning opened with a plunge to of over 170 points taking the TSX Composite Index down to the low of the day. Momentum was strongly negative at the open on the back of the US Unemployment report. Oil dropped back erasing gains for 2016 but still closing around the $37 per barrel price. Gold meanwhile fell more than 1% on Friday as investors feared the unemployment report would push the Federal Reserve to raise interest rates “sooner” than expected. Gold though is still enjoying the biggest rally in 30 years, still ahead by 16 percent in 2016.
The drop brought in buyers who within minutes of the plunge were picking up shares sending the TSX back to 13400 and then after the lunch hour, to 13420. By the close the TSX Composite Index managed to reach 13440.84 and closed just slightly lower at 13,440.44.
TSX Composite Index Momentum
Momentum during the day was strongly negative at the open but quickly rallied and turned positive. By the afternoon momentum was almost neutral for the remainder of the day….the rest of the TSX Composite Index market outlook is for members.
TSX Composite Index Market Outlook for April 4 2016
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