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View from Toronto: Global Equities Start with a Bounce
07/11/2017 2:57 am EST
We anticipate the Bulls to hold the S&P 500 in its range of 2,440-2,415. TSX is more likely to bounce back towards its 200-Day Average (15,288) asserts Ziad Jasani, of the Independent Investor Institute, in his weekly Trader video.
Global equity markets started the week (July 10) as anticipated carrying forward a bounce.
The Commodity Complex (globally) has started to turn green as the USD holds support but unlikely to bounce until we hear from Janet Yellen on Wednesday (July 12).
Growth risks for the back half of 2017 haven't gone away but commodity traders are willing to play a bounce out.
Bonds are catching a bid after 2 weeks of pressure driven by Central Bankers trying to “take our ice-cream away.”
North American Equity Markets are buoyant with Technology, Materials, Energy and Health Care as the likely leads with support from Defensive Sectors, but drags from Financials.
We anticipate the Bulls to hold the S&P 500 up in its consolidation range of 2,440-2,415 this week with direction tilted to the top of that range. Then Toronto Stock Exchange (TSX) is more likely to bounce back towards its 200-Day Average (15,288) and remain well above support of 15,025-14,950.
For space by space, sector by sector market calls for the short-term and longer-term, review our Market Strategy Update (recorded July 10) below.
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