This recording has some bright spots showing up in Commodity related countries with the Brazil market breaking out to 6-year highs. That is very bullish for commodities. The real problem is that a lot of the Canadian sector charts are at pivotal levels. If they can hold and break higher, that will be bullish. For some reason, a lot of the defensive sectors are also setting up topping patterns. This is puzzling. If they are breaking down, are we about to see broad rotation into the primary Canadian sectors? Or is everything lining up to sell off? In a recording with a lot of potential setups, it shows why now is the time to watch this market closely.
Greg Schnell, CMT, MFTA