Tuesday, December 11, 2007

Two Charts of the TSX

We all know what happened today, so I won't go into the details. In this post I'll just show two charts that may give you a perspective not shown in other sites. Firstly, we have a daily a chart of the TSX:

You'll have to click on the chart to read the annotations. The main thing is that the TSX failed at the confluence of two sources of resistance, and that the candlestick put in today is bearish.

Now, let's have a look at an intra-day chart of what unfolded. In this chart, each candle represents 5 minutes of price action and it covers three days.

Also worth mentioning is that every sector was hit today, and gold stocks did not escape the carnage today. Gold stocks are at a very important juncture as suggested in the last post. A defensive viewpoint is definitely warranted at this time. Thanks for visiting.

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