TSX Venture index (TSX-V): from bearish to bearisher as it eyes the lower gap
On November 29 we had an NFTRH+ update (now public) that showed the TSX-V (JX) cracking support on the weekly chart and filling the upper gap:
The weekly chart shows that the slip below long-term support (defined by the top of the 2020 crash pattern) did fill a gap, which is a good thing. Bad thing? There is another gap at 510.
Okay, all you speculative ‘resources’ aficionados, da ‘V’ is still on the 510 Express. Santa* did not come this year for speculative inflation traders and he’s really not even down the chimney for broad stocks either.
As noted in the Trade Log yesterday when I shorted something, I am loath to believe too much in market signals flashing during the end of year seasonal, but the charts are the charts for now. As a side note, that includes long-term Treasury yields, which are rising again and keeping the pressure on other markets. Interesting stuff, but during a slack holiday seasonal period.
* Assuming we’re labeling the classic ‘Santa Rally’ as the week between Christmas and New Years, when tax loss selling should be about wrapped up.
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