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The Toronto Composite Index has been whacked with the double whammy of a general market drop and a commodity pull-back (oil and gold). The result has taken the index down from almost 12,500, in mid-April, to around 11,800.
Previously, I wrote about my unique take on % of stocks above their moving averages, and below you can see it applied to the TSX index:
As you can see, the ratio is fast approaching levels which have marked significant market bottoms. I don’t think we’re necessarily there yet, but the situation does deserve to be closely watched.
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