Technical action by S&P & TSX was substantially bearish

Posted by Don Vialoux - Timing the Market

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Technical Analysis and comment by the highly respected Don Vialoux of Timing the Market HERE for more information.

Technical Action Yesterday

Technical action by S&P 500 stocks was substantially bearish. No S&P 500 stocks broke resistance and another 52 stocks broke support. The list of stocks was too long to include in this report. The Up/Down ratio fell from 0.66 to 9156/283=) 0.55.

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Technical action by TSX Composite stocks also was bearish. No TSX Composite stocks broke resistance and four stocks broke support (Manitoba Telecom, Sherritt, Taseko Mines and Sino-Forest). The Up/Down ratio slipped from 0.92 to (85/95=) 0.89.

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The Dow Jones Industrial Average has support at 9,757.55. A break below support completes a bearish head and shoulders pattern.

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The Dow Jones Transportation Average has support at 3,983.18.

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Interesting Charts
Two more S&P sectors broke key support levels:

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Wheat and corn prices rose sharply yesterday following a crop report. The grain ETN (JJG) recorded a significant gain. The Ag sector is on the radar screen for a possible seasonal trade later this month if improving grain prices are sustained.

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Read the Stock Market Outlook for July 1st from Equity Clock HERE.  Equity Clock’s mission is to identify periods of reoccurring strength among individual equities in the market using methodologies presented by some of the top analysts in the industry, including that of Don Vialoux, author of TimingTheMarkets.com.