For FullyInformed Canada members here is the Market Direction Outlook for the Toronto Stock Exchange for Friday Oct 2 2015.
Toronto gave back some of the past two days of rallying but at 65.07 points it represented just half a percent loss but kept the index almost 250 points above the important 13,000 level.
TSX Intraday Chart
Intraday the TSX had quite the wild ride. The morning opened with a jump to 13,379 and then selling emerged. By noon the TSX had collapsed to 13,152. For whatever reason this seemed to bring in buyers and they spent most of the afternoon trading around the 13200 level, which was only about 50 points above the low. This kept a lot of analysts bearish and most felt that the TSX would fall back in the afternoon and break the noon low. Instead momentum showed that the morning had been overwhelming negative while the afternoon from noon on, was biased heavily positive.
With that kind of momentum the TSX finally broke above 13200 shortly before 3:00 PM and then pushed to close just below the 13250 support level.
All in all it wasn’t the worst day by any stretch for the TSX and in the afternoon the bank stocks took off and moved higher as a group……..the rest of this article is for FullyInformed Canada members.
TSX Market Direction Outlook for Oct 2 2015
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