The technical outlook for Wednesday for the Toronto Stock Exchange was for stocks to remain weak and even possibly retest the 200 day moving avrage but in the end to close further above the 200 day moving average. Needless to say, this did not happen. The Federal Reserve minutes pressured the TSX as the US dollar commenced a rally sending rsource stocks lower. Let’s take a look at the intraday action first.
TSX Intraday One Minute Chart
The TSX opened the day already under pressure but managed to hold for about half an hour. Stocks then fell to 14520 within an houor. Late morning rally attempts failed and the TSX continued to drift sideways into the Federal Reserve minutes which were released at 2:00 PM. That immediately pressured stocks and the TSX fell to 14500 and then with the hour below it. A late rally pushed the TSX back up above 14500 to close at 14527 but the index was down 96.68 points for the day.
TSX Intraday Chart for Oct 29 2014
Here is the market direction for the TSX for October 29 2014 along with trade ideas and updates. The rest of this TSX market direction outlook article is for Canada Members.
TSX Market Direction Outlook for Oct 30 2014
FullyInformed Canada Members can login directly through this link to read the market direction outlook for the Toronto Stock Exchange for Oct 30 2014 or members can sign in to the full Canada members site here. Investors can join FullyInformed’s Canada section or read about the benefits of being a member through this link.
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