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

Weekly Outlook - Financials Surge, Commodities Don't

by Greg Schnell

As we kick off the week, we must begin by noting that railroads are the hottest wheels around. They were rolling! CSX, CNI, UNP, NSC and KSU all hit new highs this month, while CP is just moments away. The fact that the industry group is just starting to surge above resistance suggests there are more gains coming into the space. So, with good things rolling in for the transports, it looks like the Industrials are also going onto higher highs. Financials broke a year-long downtrend this week, so it is an important time to check in on the industries. Read More 

The Canadian Technician

Banks And Brokers Weekly Roundup

by Greg Schnell

JPM kicked into high gear Friday with some great numbers. It continues to be the best chart in the US bank space. Goldman Sachs and Morgan Stanley also had nice moves. We'll see if they hold up as they release their earnings today. Morgan Stanley is the same way. However, Wells Fargo saw a lack of love. The important thing to watch this week is the follow-through. Can the KBE and KRE charts make higher highs and close the week at them? This will be a major inflection point on those charts should they break out here. Read More 

The Canadian Technician

Weekly Market Roundup: Big Changes in the Big Picture Charts

by Greg Schnell

This week, I had the pleasure of attending the annual CMT Association symposium in NYC, where I was reminded of how many superb people there are in the industry. With that all wrapped up, this article will be a combination of a meeting review and market analysis. This conference is one where everyone can talk about the crude oil chart without anyone needing to see one. They all know it; the shape, the peaks and valleys, the retracement levels, the main moving averages and the long-term perspective. The $USD, while hotly debated as regarding its future direction, is the same. As presenters Read More 

The Canadian Technician

Lower Lows, Lower Highs 2019-03-30 Weekend Market Review

by Greg Schnell

Most of the markets around the world were up marginally from the February close. Lots of the price bars were the equivalent of a candlestick doji, which is a topic you can learn more about in this Chartschool article. The short version is that dojis are defined as a balance between buyers and sellers. Worldwide, that seems to be the story at the end of the month. Here is the New York Composite ($NYA). The price action ended the month at almost the same point as where it started the month.  While it did make a higher high and a higher low, as seen on the Read More 

The Canadian Technician

Canadian Market Review 2019-03-29

by Greg Schnell

This week marked the sixth consecutive one in which the Canadian market traded sideways. Personally, I find it hard to get excited about a market going sideways. More concerning is the fact that the main areas of the Canadian market are not showing improvement. On the chart below, you can see that the $TSX has traded between 16000 and 16200 for six weeks. Only two days closed above 16000; both dropped back into the channel by the next day. At the top of the chart is a relative strength chart, wherein we can compare the $TSX trading relative to the USA Read More 

The Canadian Technician

Has A Big Bear Market Rally Just Finished ? 2019-03-23 Weekly Market Roundup

by Greg Schnell

World Charts Look Risky Outside Bars Suggest Reversal Commodities Under Fire Timing on the Copper and Steel charts is Unnerving Energy-related ETFs and Stocks have Huge Caution Signs Watching to see if Gold is the Next Bullish Move (expecting a huge move) Continuing with my theme of trouble out there, banks, industrials, brokers and energy all had another tough week. The video this week shows 50 or 60 charts corroborating an all-asset testing of risk right here. Bond prices soared, yields plummeted. While the world clings to hope that the recession is still a year away Read More 

The Canadian Technician

Canadian Market Review 2019-03-15

by Greg Schnell

The $TSX continues to inch higher week after week, suggesting that my caution in February was unwarranted. However, this week marks options expiration, as I mentioned early in the month. While the US market seems to find these dates important, the Canadian market finds them definitely important. June 2017 - Market consolidates sideways after a gentle drift lower September 2017 - Market closes same as June OE level, starts breakout December 2017 - Market breaks out above consolidation March 2018 - Final high before Read More 

The Canadian Technician

Weekly Market Review 2019-03-16 Industrials Under Fire

by Greg Schnell

This week, the US Dollar lost 1.5 cents after making a new high last week. This resulted in most commodities turning up on the week. For sector movers, Technology stocks continue to be bought, while Utilities and other defensives performed well this week. That is a marked change from the performance off of the December lows. The chart below is for one week and is the absolute performance of each sector for the week.  The chart below is the performance since the December 24th low on a relative basis compared to the $SPX. Typically, the sectors on the left are Read More 

The Canadian Technician

Weekly Market Review 2019-03-08 Dollar Breaks Out!

by Greg Schnell

What an important week for technicians. I have some great friends that are also great technicians, and many of them are extremely bullish, what with all the breadth indicators having such a big initial market thrust. However, I personally am a lot more concerned after doing my intermarket review for the week. The moves in the bond market over this past week were really concerning to me. Chart after chart had meaningful moves towards safety, despite the fact that the market pullback was only a few percent. The currency markets experienced a significant breakout and Read More 

The Canadian Technician

The Canadian Market Report 2019-03-05

by Greg Schnell

We are getting to a pause in the market. Even as the $TSX digests its gains, we should observe that it is at an important level of risk should the market prove to be a bear. This week's video talks about that in detail. The Canadian Dollar failed to break out; I would expect lower levels to come. More importantly, changes in the Dollar direction at this trend line have caused reversals in the $TSX.  The Canadian market can also be a clue, as it usually is weaker than the US market. One of the strong parts of the chart is the momentum, which is very high on Read More 

The Canadian Technician

Weekly Market Roundup 2019-03-01

by Greg Schnell

This week, the $SPX closed above 2800 for the first time since October.The Nasdaq is currently sitting a fraction under 7600, while the Russell is a fraction under 1600. While the dotted green line on each panel represented support that may have turned into resistance, we are now looking at the previous resistance levels to see if we can power through. The $RUT chart has a few important wiggles on it this week. I like to be aware of when the Russell 2000 starts to underperform; though it doesn't always lead to breakdowns, big breakdowns usually start with Russell Read More 

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