For FullyInformed Canada members here is the Market Direction Outlook for the Toronto Stock Exchange for Friday July 24 2015.
The outlook for the TSX on Thursday was for the index to try to bounce and close positive. The outlook was that even if stocks were negative it should not be as bad as prior recent drops as the TSX is nearing stronger support at the 14250 level.
TSX 14250 Level Broken Again
There was no real rally today. The TSX plunged through the 14250 level and reached a low of 14,168.90 before buyers finally stepped in around 1:30. By the close of the day they had managed to push the TSX back to 14,265.37 but the big push above the important 14250 level took place in the last couple of minutes so obviously a buying program kicked in. In general the day was not as bad as prior drops with the TSX down 41.75 points but the move to break 14250 was easier than I would have expected. This could point to a break to the 14250 level.
Obviously staying short the XIU and continuing to hold the HXD shares is worthwhile. The rest of this article is for FullyInformed Canada members.
TSX Market Direction Outlook for July 24 2015
FullyInformed Canada Members can login through this link to read the latest market direction outlook for the Toronto Stock Exchange 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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