XIU has formed a head & shoulders pattern over the month of October. Today it broke below the neckline, signalling bearish price action. It is also trading below its 50, 100, and 200 emas on the 1h chart and the MACD is below the signal line. Next test of support is the high volume node centered around 24.4 (-0.81% downside).
Longer term into the end of next year the TSX is attractive for bulls. Currently the index may be as much as 6% over the average analyst year end target. Were the analysts too conservative in their 2016 year end forecast? With the fall historically being bearish for markets and oil, a significant pullback ahead seems reasonable. S&P/TSX Composite...