TSX-V Makes a Lower Short-term Low

Before TSX-V (CDNX, JX) made a lower short-term low today NFTRH 617 noted (along with a chart)…

“Did TSX-V put in a little double top or is it just consolidating? If it’s a top, it appears to be a minor one, perhaps in preparation for a test of the up-turned SMA 50.”

For those of us holding positions in members of this index the question of where the pullback will end is worth considering. This chart shows the first support level at the SMA 50. But the power with which da V screamed higher created some lower supports that should not be ruled out. It’s still in a long-term downtrend, after all.