The Canadian Technician

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018).

Latest Posts

The Canadian Technician

Zooming Out - Is A Major Market Top In?

by Greg Schnell

One of the things I have focused on when examining the US market as well as other markets around the world is the tops that have been created in the last 20 years.  There are multiple ways to look at tops. Rear view mirrors are great, but more importantly, can you mark significant tops on a timely basis? When do you actually get a sell signal? What types of indicators help us see tops? Is it showboating to call a top? What evidence? If the economics are so bullish, can we still top? The economists create a different vision of the world than Read More 

The Canadian Technician

Some Commodities Drift Higher 2018-10-13 CC Video

by Greg Schnell

Well, a bruising week in equities bruised commodity related stocks but the commodities themselves held up fairly well. ETF's which hold stocks like SLX, KOL, NLR, URA, XLE, XOP, FCG all pulled back.  Precious Metals did better. Gold actually broke through a small 2 month resistance line to close higher on the week. GDX closed up near the highs of the week.  Let's start with some positives. $GOLD looks a little better. GDX tested lower on Friday before closing up near Thursday's high. Notice on both the $GOLD and GDX that the PPO moved above zero. This suggests some improving Read More 

The Canadian Technician

Gold Starts To Run 2018-10-11 CT Video

by Greg Schnell

The Canadian market has been hit hard. The $TSX is currently 200 points away from the highs of 2008. Thats hard to have 10 years with little progress.  The weekly PPO went negative this week which is another reason to be less optimistic for a fall rally. On a weekly chart, the trend is the big thing to be aware of. A down candle at the end of a bad week makes the chart look bad. In this case, it is the location of all the indicators as the chart is breaking down that reinforces the negative sentiment. Most significant breaks of the 40 Week MA change computer trading models from Read More 

The Canadian Technician

Oil Tests The High 2018-10-06 CC Video

by Greg Schnell

Commodities Countdown Oil is extended Gold Miners hold up on a bad Gold day Junk Bonds - clues? Breadth - dismal Indexes need to bounce now To arrive home from a vacation in Bali to an early snowfall in Calgary is quite a shock. Similarly, the market has had some real big changes. Oil is pushing above the prior highs but momentum is extended. Gold down $17 on Monday and the gold miners trade up. Natural Gas continues to extend after the breakout in September in a rare burst. Junk bonds unload which is a big deal. Breadth goes to very weak levels.  Read More 

The Canadian Technician

Technicians Day October 13, 2018

by Greg Schnell

This appears to be a pivotal time for the markets. I am hosting an online and in person conference in Calgary on Saturday October 13th. Could it be a better time to hear some live speakers discuss the current setup?  I have five very exciting technicians joining me on Saturday October 13th from 8 AM MT to 5 PM Mountain time.  If you would like to hear some more thoughts around the current market setup and more discussion, please follow this link. It is a very affordable day and StockCharts members will be authorized to get the best discount. The Past President of the CMT Read More 

The Canadian Technician

Canada Tries To Rally 2018-09-23 Video

by Greg Schnell

This week the Canadian market tried to rally. This rally just got us back ot unchangedd for the year as you can see on the chart. The volume was the highest we have seen in a year due to the Quadruple witching for options. The rally in 2017 started with the big move on a quadruple witching day in September. Lets watch to see if the market can respond again.  The banks also had a nice rally. There is a wide dispersion between the big banks. Energy stocks and material stocks need to turn up but some of the areas are starting to Read More 

The Canadian Technician

Canada's $TSX Sits On The Edge

by Greg Schnell

The $TSX is negative for the year. The monthly chart of the $TSX made a lower high and a lower low in August. 1/3 of the way through September, we have lower highs and lower lows than August. A series of lower highs and lower lows is the definition of a downtrend. This can be seen in the zoom panel. We have been flirting with this long uptrend line shown in blue. This month it looks like we are breaking below the line again. The line shows the Canadian stock market unable to accelerate above the line like it used to do.  In the zoom box, the PPO looks to be giving a sell Read More 

The Canadian Technician

Marijuana Names Soar 2018-08-27 Video

by Greg Schnell

Marijuana names absolutely soared the last two weeks as Canadian legalization approaches. With the rumour of partnership deals in beverages and snacks, the euphoria couldn't be much higher. That might be the problem.  Who doesn't own the stocks that wanted to? The ETF is up 50% in 2 weeks! Individual stocks are approaching 50% to 140% gains in the same period. Here is the Medical Marijuana related ETF. With the volume doubling between Thursday and Friday and now Friday to Monday, this looks pretty significant. The volume today was 5 times average volume!  Read More 

The Canadian Technician

Canadian Markets Follow Through On Weak Breadth Conditions

by Greg Schnell

 Don't forget Chartcon 2018. You can still get access to watch all the recordings of the presenters and the question period. I would suggest taking the time to watch the ChartCon 2018 presentations. The diversity of ideas filled the spectrum of investing styles. The Canadian market has been making lower highs for 5 weeks. Breadth has been decelerating as discussed in the July 31 Canadian Technician video. Here is the link to the 2018-07-31 recording of The Canadian Technician Video. Read More 

The Canadian Technician

Canada's Breadth Starts To Slip 2018-07-31 Video

by Greg Schnell

Canada continues to move higher on lower breadth. This is the Bullish Percent Index in the top panel. The chart shows the percentage of stocks that are on a buy signal. Notice the drop each time the market rallies. Each time we move below the moving average the market retracts.  The number of stocks making new 52 week highs is currently less than the number of stocks making new 52 week lows. At the recent high, we had fewer stocks making new highs compared to January highs. The chart below is the same as the chart above, but you can see how a Read More 

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