The TSX Composite Index on Wednesday continued the decline from Tuesday, which was anticipated following the technical indicators outlook from Tuesday.
Energy prices fell 4% today closing the price of oil at $$39.79 (WTI) which took the energy sector lower. As well the Canadian dollar fell a full cent today. Analysts are calling the recent run-up in the Canadian dollar “over” and predict it will head to around 70 cents. The rise in the US dollar is pressuring commodity prices again with gold down 2 percent marking a four week low. Barrick gold fell back 7.2% to close at $17.54.
Canadian Banks however remained fairly resilient with slight gains or slight losses.
TSX Composite Index Finished Down 114.01 Points
The TSX Composite Index chart below set for one minute intervals shows today’s action. The TSX Composite Index has had a lot of trouble breaking through 13500 and today it pulled back in dramatic fashion right from the start.
The index hit a morning low shortly after 11:00 AM but without an afternoon rally, the index faded in the last hour and a half of trading. By the close the index had reached almost 13,365 but managed to close at 13,379.48.
Momentum at the open was strongly negative but then faded as the day dragged on. Looking at the chart of the TSX Composite Index you can see that momentum stayed primarily negative for most of the day. The close saw a brief spike in momentum as the day’s trading ended.
TSX Composite Index for Mar 23 2016
TSX Composite Index Market Outlook for Mar 24 2016
The rest of the TSX Composite Index looks in-depth at the technical indicators, the advance decline numbers and the outlook for tomorrow. Thereis also the market direction portfolio update and a look at the medium term trend.
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