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

Canadian Market Surges 2019-02-16 Video

by Greg Schnell

The Canadian market has been slowly underperforming the US markets over the last two weeks. Friday had a nice surge in Technology, Financials, Oils, and metal miners as the chart for the TSX 60 broke above the 200-day moving average. Notice the change in the purple area of the chart. You should always be cautious any time the $TSX starts to underperform.  Here is a long term view of the $TSX 60's underperformance. The vertical orange dotted lines reflect relative strength blue trend line breaks shown on the area chart. Technology continues Read More 

The Canadian Technician

Oil Takes A Turn Higher - Weekly Market Roundup 2019-02-16

by Greg Schnell

The markets have been working there way through indecision the last two weeks. Most of my indicators broke above the indecision levels this week including Bullish Percent Indexes, Percentage of Stocks above the 200 Day Moving Average, Net New Highs, Advance/Decline lines, and Summation indexes. That's a solid list pushing out of indecision. For Bullish Percent Indexes and 'percentage of stocks above the 200 day moving average', the two broad composites are in full rally mode. Bullish percentage indexes calculate how many stocks in a group are on a buy signal. The Read More 

The Canadian Technician

Give Your Charts A Shake? Weekend Market Roundup 2019-02-09

by Greg Schnell

To begin, let's start with sentiment. The bullish percent index for the $SPX is sitting at 61.8%, which is where it was during the rebound in 2008. The percentage of stocks above the 200-day moving average is 50%, which is also where it was on the 2008 rebound. What I'm trying to say is that bounces of this magnitude have happened before and rolled over. I'm not trying to be pessimistic, but this is where the going gets tough. Last week, I mentioned that this level would probably be a hurdle. The $SPX broke even this week as we closed right where we opened. More concerning is the Read More 

The Canadian Technician

Who's Going To Win? The Bulls And Bears Show Down Sunday

by Greg Schnell

This week, the markets unilaterally moved in one direction. Some of the underlying indicators are very supportive of additional rally strength to the upside; the $NYHL, for example surged to a level that is usually indicative of a bull market breakout. I am having a deja-vu moment as I write that sentence, though, because I remember saying the same thing in 2016. I think I promised myself that, when the next time came, I would just get on the bull train and avoid the news. Yet here I sit at a station, waiting for the next train respecting the 200-DMA friction above. Courage Read More 

The Canadian Technician

Is Marijuana About To ...?

by Greg Schnell

I recently wrote a paper for a presentation to my industry peers about watching the investing attitudes of people trying to make money in the recent marijuana move. While I don't think the paper got published, I learned a lot from writing it. Within just a week, the traders went from mild interest to a full-on 'just buy, don't think' attitude. The market then ran up 50%-1000% on individual stocks with few people having a sell strategy. Regardless of experience level, the people at the top seemed to expect that there would be an exit sign that would Read More 

The Canadian Technician

Gold - Really? Weekend Market Roundup 2019-01-26

by Greg Schnell

Gold Pops Oil gurgles Marijuana Miners move Lumber keeps building Indexes pause World markets outperform US markets On Friday, the Gold chart finally broke out of a five-week flag pattern. While gold was one of the best performers in the fourth quarter, it had paused while the equities rallied. Does Friday mark a meaningful trend change for Gold and a resumption of the bear for equities? Ignoring the broader equity markets for the next few charts, you can see in the lower zoom panel that the gold miners responded nicely to this week's gold move. Gold has been Read More 

The Canadian Technician

Weekend Market Roundup 2019-01-19 When Bulls Run Over Everything

by Greg Schnell

Bulls are in charge Breadth is excellent Looks like an initiation thrust Oil buy signal Asia buy signal FOMO - Fear of missing out is starting to kick in for institutional investors This has been a wonderful run for investors. Since the Santa Claus low, the market has gone up 13%! This bullish momentum is continuing and the fear of missing out is compelling investors to buy in. If you are an institutional investor waiting to put money to work above the 200-day moving average, you are already 6% behind the benchmark. Forcing these institutions into the market creates Read More 

The Canadian Technician

Canadian Market Review 2019-01-17

by Greg Schnell

The Canadian market has been soaring as of late; the upward move has been very broad, with all the sectors participating. Oil, Railways, Banks, Industrial Metals, Financials, Utilities, Pipelines - it's been a great move and it looks set to continue. Enbridge is breaking out to new 52-week highs this week, TransCanada is making a big move this week and Pembina Pipeline is surging with 18-month highs in relative strength compared to the $SPX. Pembina is shown below.  Canadian Crude continues to push higher. That definitely helps the industry with financial stress Read More 

The Canadian Technician

Asia Looks Bullish - Weekend Wrap 2019-01-12

by Greg Schnell

This week, all the indexes tested the horizontal support levels that broke down in December. The NASDAQ broke above the resistance line, while the $SPX and $RUT both remain under the level. The $SPX managed to rally through 2575, the level of the market before the Fed meeting; I find that encouraging. The market has started to put a bid under the bank stocks. That looks timely, with JPM reporting before the bell on Tuesday, and the bullish trend should accelerate on a positive report. The NASDAQ and the Russell are near the down-sloping trend line, but the $SPX Read More 

The Canadian Technician

Higher Highs And Higher Lows - Weekend Wrap - 2019-01-05

by Greg Schnell

The market bottom on December 24th looks is now support Friday, January 4th marked a follow-through day Bonds reached an inflection point  The 30-Year Treasury closed out the year inside the annual channel Oil bounced off 2016 and 2017 support levels First off, the gift of Christmas 2018 appears to be the market bottom. December 24th saw a down 1/2-day, with a ripping rally on December 26th.  I think it is important to note that all this came after the quarterly options expiration quadruple witching, shown with a blue line. The market top also occurred at a Read More 

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