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

Are These Commodities Ready To Surge 2018-11-17 CC

by Greg Schnell

In what could be described as a calming week for commodities, oil finally stopped falling. Gold and Copper bounced a little, and some of the industrial metals are holding up. Lithium and the rare earth metals are trying to rally. After a $20 move down in oil, crude finally stopped at the most logical place for support. The real question over the next few weeks is can crude oil continue to find support here? I don't have an answer for the question. In 2014, when crude oil plummeted, the $USD soared. The $USD has been rising begrudgingly, so it is not the same set up. I will say in Read More 

The Canadian Technician

Gold Finally Had A Day In The Sun $GDX $GLD

by Greg Schnell

Gold finally had a day in the sun. It feels almost remarkable. Much like when rainy days envelope a city for weeks, and then, the first day of sunshine feels so much better.  I love to trade around gold on the long side, which has been infrequent lately! But the charts say to wake up and smell the golden coffee, as it could be time to wake up in your portfolio. Yeah, really, I know, that does sound unbelievable. Come for a chart tour and see if you agree. First of all, let's build a road map. When do you want to own gold stocks? Clearly, not all the time! Let's look at some Read More 

The Canadian Technician

Crude Oil Falls Into The $50's 2018-11-09

by Greg Schnell

In a positive week for the markets, the unease has not lifted in my mind. First of all, a little perspective on what was leading. On Friday, the sector performance was skewed to safety. The defensive sectors align on the right hand side of this performance chart. Over the past week, the defensives were up the most, and the growth charts were not up as much. While almost every sector had a positive week, the defensives still led. If I backed out Friday, it was more even but the defensive areas of the market had a stronger week. The chart below shows all of last week.  Read More 

The Canadian Technician

The $TSX Bounces Nicely, Now What? 2018-11-06 CT

by Greg Schnell

The $TSX has bounced six hundred points off of the lows. This week marks an important place on the charts. While we don't know the future, lots of previous examples suggest these current levels are zones of interest. First of all, the big downslide started as the US Dollar pushed up. Notice in late September the US Dollar popped up above this 100 period moving average. The $TSX started dropping almost in sync. Tonight's close shows the UUP sitting right on the 100 period MA and the $TSX has turned back above.  If we put fibonacci lines on the $TSX Read More 

The Canadian Technician

Don't Miss This Trade Setup! 2018-11-03 CC

by Greg Schnell

In what was a recovery week for the stock market, there were a few interesting moves in the sectors that suggest one of the trades in Commodities that we have been waiting for might be setting up. There are a lot of momentum trend lines on the PPO indicator on various charts setting up simultaneously.  The first one is $COPPER. Lithium has the same look. This is an ETF of Lithium producers. Notice the PPO. Looking at the steel ETF, SLX, it shows the same momentum trend line on the PPO. The Full Stochastic has some positive divergence and the price closed Read More 

The Canadian Technician

Stocks Are Trying To Rally - Apple Earnings

by Greg Schnell

A significant bounce off the lows already has the indexes trying to repair some of the October damage. With a big up day on the NASDAQ, stocks are trying to rally. The $COMPQ was up 1.75% and the $RUT was up 2.2%! Apple gave us a great report after the close. Somehow the sellers always seem to sell it off. As one TV personality said, Warren Buffet and Tim Cook will buy the shares they're selling. Apple sold almost 46 million phones in the quarter which amounts to more than 500,000 a day. They missed estimates by 600,000 which amounts to 1 day of sales. The average selling price was Read More 

The Canadian Technician

Some US Retail Stocks Look Ready

by Greg Schnell

Well, if you listen to the analysts, the retail world should be gangbusters this year. Best year in 10 years they say. So how do the charts look? Well, Amazon is off 25% from its high!! I featured it on Friday's Don't Ignore This Chart article suggesting to add it to a watch list. Well, it's still on a watch list but that is a baby-out-with-the-bath-water bar today. It was down 10% intraday today! Yikes! So let's look through the strong ones in case you don't like buying falling knives. Lots of great retail stocks are off like AMZN, but there are some that have stronger chart Read More 

The Canadian Technician

Are Bond Prices Ready To Go Higher? 2018-10-27 CC

by Greg Schnell

Bond prices look like they are are ready to go higher, not lower.  Commodities continue to struggle It's a global meltdown Currencies are hard to figure out right here This is the 30-year bond price. After a move outside the wedge that looked like an exhaustion move, The PPO suggests a big turn to the upside. A break of this four year down trend line on the PPO near zero is a very bullish set up.  Watch for any acceleration on the price here. This is a major turning point if it pans out like the setup suggests.  If it does bounce from here Read More 

The Canadian Technician

Gold Stocks Are Not Supporting Gold

by Greg Schnell

I have been a big believer in Gold stocks. Over the last couple of months, all of my best performers have been in the space. Yesterday I was getting concerned but today I was watching stock after stock take me out. Perhaps it is easiest to spot on the Gold bear chart HGD.TO. The DUST ETF is the same. With a nice setup on Gold, this was looking good. The breakout on this inverse ETF here is concerning. The $CRB chart is very fragile. Seeing the momentum make a lower high and roll over at zero is very concerning. This fits with oil's weakness as well. We have Read More 

The Canadian Technician

$TSX Down 8 % On The Year 2018-10-24 CT

by Greg Schnell

Another wild ride for the markets! The $TSX closed down 8% on the year which is hardly bullish. This is also occurring while the Bank of Canada just raised interest rates to 1 3/4% today. While the falling stock market was not directly attributable to the Bank of Canada, it sure seemed at odds with the price action.  It is very clear that the market is losing a lot of technical support. Currently the $TSX is at new closing lows going back 2 years. We are just a few weeks away from the 2-year anniversary of the US Presidential election where the USA started a big rally from. For Read More 

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