The outlook for the Toronto Stock Exchange for Wednesday was for some morning selling but a higher close on the day. The morning saw a gap up on the news of a possible ceasefire in the war in Ukraine. This quickly took the TSX to another new all-time high of 15,685.13. From there though sellers took charge and pushed the TSX back to 15,619.08. The selling though was not strong and the TSX by noon had reached the day’s low and buyers steps back in.
Almost all sectors rose in the TSX including another 0.40 percent gain in the financials. The financials had turned slightly weak after the earnings announcements of last week but that weakness was indeed a buying opportunity as the bank stocks are back rising again.
The one minute chart below shows that the TSX followed the larger US markets in the morning but in the afternoon, the TSX managed to push higher and unlike the US markets, the TSX closed at another new all-time high at $15,657.63 a gain of 38.55 or a quarter of a percent for the day.
TSX intraday for Sept 3 2014
The rest of this TSX market direction outlook article is for members.
TSX Market Direction Outlook for Sept 4 2014
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