The outlook for the Toronto Stock Exchange for Tuesday Aug 26 was for stocks to continue to move higher in part due to more bank earnings. In the end, Toronto set another new all-time high and closed up 20.47 points but was higher during the morning. I had thought the financials might boost Toronto stocks further on Tuesday. Both Bank Of Nova Scotia Stock and Bank of Montreal stock reported decent earnings but not as strong as Royal Bank Of Canada Stock had earlier. Most financial stocks moved lower during the day which I had not anticipated happening. Instead the TIM Horton – Burger King possible merger continued to keep the rally going and with both the gold sector and energy sector higher, they helped keep the Toronto Stock Exchange positive.
Toronto Stock Exchange Intraday One Minute Chart for Aug 26 2014
The intraday one minute chart shows the opening jump to start the day off and then a brand new high by 10:00 AM. From there that marked the high for the day. Stocks immediately experienced profit-taking and by 1:00 PM they were sitting back at 15608. A rally in the afternoon was slight but enough to close the TSX up another 20.47 points. Overall Toronto followed much of the action in the SPX through the day. The overbought condition continues to pressure stocks and with profit taking underway stocks were unable to hold the morning new high.
TSX Market Direction Intraday for Aug 26 2014
The rest of this technical analysis of the Toronto Stock Exchange is for Members.
TSX Market Direction Outlook for August 27 2014
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