The outlook for the Toronto Stock Exchange for Tuesday was for stocks to trend sideways but keep the bias to the upside. I also commented that any selling in US Stocks would most likely pull down Canadian stocks due to the strong overbought environment, Toronto Stocks are trading in.
Instead the day started with an immediate drop that took the TSX down to the 15574 level a drop of about 53 points or 0.34%. From there the day was spent with the TSX moving sideways throughout the day. In the early afternoon the TSX had fallen back to the 15574 level but once the index failed to break lower, investors stepped in and bought stocks pushing them higher finally reaching the 15,627 level again. The close for the day was just off the high.
Most of the problem on Tuesday was the rise of the US dollar and the strong ISM readings in the USA that pressured the Canadian dollar and most commodities. This dragged the TSX lower, but considering the strength of the US dollar on Tuesday it was interesting to see the TSX push back and close right near the highs for the day and down just 6.65 points on the day.
The rest of this TSX market direction outlook article is for members.
TSX Market Direction Outlook for Sept 3 2014
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