For FullyInformed members here is the TSX Composite Index Outlook for the for Tuesday Mar 15 2016.

From the open, the TSX Composite Index was under pressure as oil prices fell following statements from Iran’s oil minister that the country would not agree to oil production caps until they reached 4 million barrel a day. This is bound to increase over supplies of oil and should pressure prices to move lower. WTI oil closed down $1.32 at $37.18 a barrel.

As well gold fell ahead of the Fed’s interest rate decision which comes on Wednesday at 2:00 PM. This took down gold stocks including Barrick Gold Corp which fell 30 cents to $18.15, down 1.63%.

TSX Composite Index Falls 44.46 Points

The TSX Composite Index opened higher and shot to an intraday high of 13530.33 which pushed the index into resistance. There is a wide band of resistance sitting at 13500 which is keeping the TSX Composite Index hemmed in.

The inability to push higher, mixed with the drop in oil and gold prices pushed the TSX lower until shortly at 10:00 AM the TSX reached the day’s low of 13,426.11. From there the TSX Composite Index pushed back and found itself stuck between 13480 and 13500 as resistance kept the TSX bottled up for the day. The final few minutes of the day saw the TSX Composite Index fall quickly until it closed down 44.46 points to 13,477.54 for a small loss on the day.

TSX Composite Index intraday Mar 14 2016

TSX Composite Index intraday Mar 14 2016

TSX Composite Index Momentum

Momentum right from the open failed to support the early morning rally above 13500. While the rally back from the 10:00 AM low had stronger momentum, it quickly declined and for the rest of the day momentum kept a slight bias to the negative which made it impossible for stocks to break through sellers sitting at 13500…….the rest of this article is for FullyInformed Members.

TSX Market Direction Outlook for Mar 15 2016

FullyInformed Members can login through this link to read the latest market direction outlook for the Toronto Stock Exchange 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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