A concise overview of the day's financial market activity, highlighting key stock movements, trends, and major events. Stay updated on market performance and critical shifts that impact your investments.
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index closed with a gain of 249.55 points or 1.02% at 24,637.45, just a few points off the day's high. Macro Update: The Fed's monetary policy announcement is likely to be in the spotlight on Thursday, overshadowing reports on weekly jobless claims and third quarter labor productivity and costs. Top Movers: The Information Technology Capped Index climbed 3.01%. Bitfarms (BITF.TO) ended with a hefty gain of 17.8%. Celestica Inc (CLS.TO) rallied nearly 8%, while Quarterhill (QTRH.TO), Computer Modelling (CMG.TO), Converge Technology (CTS.TO) and Descartes Systems Group (DSG.TO) climbed 5.3 to 7%. Our Stance: The Relative Strength Index (RSI) sits at 61.82, indicating that while the market is in healthy territory, it is not yet overbought. This suggests room for further upside before reaching overbought conditions. The index is currently testing an important support level at approximately 23,800. Holding above this level is critical for sustaining the upward momentum. A drop below this level could prompt a pullback, with key support zones between 23,400 and 23,000. Commodity Update: The dollar remained near a four-month high on Thursday as markets reacted to Donald Trump's victory in the 2024 U.S. presidential
Image Souce: Krish Capital Pty Ltd Index Update: The Canadian market closed higher on Tuesday, riding on strong gains in utilities, consumer staples and healthcare sectors. The benchmark S&P/TSX Composite Index closed up 131.84 points or 0.54% at 24,387.90, near the day's high of 24,393.82. Macro Update: On the economic front, the S&P Global Canada Composite PMI rose to 50.7 in October 2024 from 47.0 in September, indicating a return to marginal growth in the private sector after four months of contraction. The S&P Global Canada Services PMI rose to 50.4 in October 2024, up from 46.4 in September, signaling a marginal expansion in the services sector for the first time in five months. Top Movers: Capital Power Corporation (CPX.TO) climbed 5.3%. Sprott Inc (SII.TO), Celestica Inc (CLS.TO), Teck Resources (TECK.B.TO), goeasy (GSY.TO) and Sun Life Financial (SLF.TO) gained 3.2 to 4.4%. Our Stance: The index's technical outlook remains favorable, with the S&P/TSX staying well above its 50-period Simple Moving Average (SMA), a bullish signal that reinforces the prevailing upward trend. The current Relative Strength Index (RSI), reading of 54.39 supports this, suggesting that the market has not yet entered overbought territory and still has potential for further gains, as
Index Update: The benchmark S&P/TSX Composite Index ended at 24,256.06, up less than a point from the previous close. The index, which climbed to 24,353.36 early morning, dropped to a low of 24,162.22 at noon. Macro Update: The Fed is widely expected to lower interest rates by another 25 basis points, but traders will be looking to the accompanying statement for clues about the likelihood of future rate cuts. Top Movers: Nutrien (NTR.TO), TerraVest Industries (TVK.TO), Brookfield Renewable Partners (BEP.UN.TO), Brookfield Renewable Corporation (BEPC.TO), Tecsys Inc (TCS.TO), Precision Drilling Corporation (PD.TO), Cogeco Inc (CGO.TO), Celestica Inc (CLS.TO) and Brookfield Asset Management (BAM.TO) gained 2.5 to 4.6%. Our Stance: The current reading still supports the idea that the market has room for further upside, assuming buying momentum continues. The index is currently testing a crucial support level around 23,850. This is a key threshold for maintaining the current bullish trend. A drop below this level could signal a pullback, with the next lines of defense at 23,400 and 23,000. Commodity Update: The U.S. dollar started Tuesday on the back foot as traders adjusted positions ahead of the U.S. presidential election, following polls that weakened bets on a Republican win by Donald
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index climbed to 24,365.11 by late morning, but pared a substantial portion of its gains as the day progressed and eventually closed up 98.29 points or 0.41% at 24,255.16. The index recorded a weekly loss of 0.85%. Macro Update: A report from S&P Global said that its Canada Manufacturing PMI rose to 51.1 in October from 50.4 in the previous month, marking the second consecutive expansion in the nation's factory activity after 17 consecutive monthly contractions. Top Movers: Fairfax Financial Holdings (FFH.TO) jumped more than 9%, Kinaxis Inc (KXS.TO) gained about 7.4% and Dayforce (DAY.TO) gained 7.3%. Docebo Inc (DCBO.TO) and Magna International (MG.TO) both ended higher by about 6.5%. Our Stance: Currently, the index is testing a crucial support level around 23,450. Maintaining this support is vital for sustaining upward momentum; a fall below could trigger a pullback, with key support levels identified between 23,000 and 22,560. For continued growth, it is essential for the index to remain above these levels. Commodity Update: The dollar weakened in Asia on Monday as investors prepared for potential shifts in the global economy with the upcoming U.S. elections and anticipated
Image Souce: Krish Capital Pty Ltd Index Update: The benchmark S&P/TSX Composite Index ended down 350.92 points or 1.43% at 24,156.87. The index tumbled to a low of 24,098.49, a three-week low, in the session. Macro Update: Canada's GDP likely grew by 0.3% in September, data from Statistics Canada showed. Economic growth in August, however, was stagnant, consistent with preliminary estimates and market expectations. Wages in Canada increased 4.6% in August 2024 over the same month in the previous year, a separate data from Statistics Canada said. Top Movers: Morguard Corporation (MRC.TO) ended down 4.4%. West Fraser Timber (WFG.TO) lost 3.7%, while Constellation Software (CSU.TO), Canadian Tire Corporation (CTC.A.TO), Franco-Nevada Corporation (FNV.TO) and Descartes Systems Group (DSG.TO) lost 2.2 to 3.1%. Our Stance: Looking ahead, the key level to watch is the immediate support at 23,880, where the index has a rising trendline. If the index can hold above this level, it could set the stage for a potential rebound. On the other hand, if the index breaks below this support, it may face stronger tests at lower support zones between 23,400 and 23,000. Such a move could signal deeper corrections and a shift in market sentiment. Investors should remain
Image Souce: Krish Capital Pty Ltd Index Update: The Canadian market ended weak on Wednesday, weighed down by losses in materials and technology sectors. The benchmark S&P/TSX Composite Index ended down 54.76 points or 0.22% at 24,507.79 after scaling a low of 24,428.10 and a high of 24,571.26 intraday. Macro Update: On the U.S. economic front, payroll processor ADP released a report showing private sector employment in the U.S. shot up by much more than anticipated in the month of October. The U.S Commerce Department said gross domestic product shot up by 2.8 percent in the third quarter after surging by 3.0 percent in the second quarter. Economists had expected another 3.0 percent jump. Top Movers: Fortuna Silver Mines (FVI.TO), Seabridge Gold (SEA.TO), First Majestic Silver Corp (AG.TO), Pan American Silver Corp (PAAS.TO) and Hudbay Minerals (HBM.TO) closed down 2.5 to 4%. Our Stance: Traders should monitor this closely for any shifts. Key technical levels to watch include immediate support at 23,920; maintaining above this level could lead to a rebound, while a break below may trigger a deeper correction, with additional support at 23,400 and 23,000. Commodity Update: On Thursday, the yen faced pressure as the Bank of Japan
Image Souce: Krish Capital Pty Ltd Index Update: the Canadian market retreated Tuesday morning and spent the rest of the day's session in negative territory as investors digested quarterly earnings updates from Canadian and U.S. companies and awaited some crucial economic data for directional cues. The benchmark S&P/TSX Composite Index ended down 3.11 points or 0.01% at 24,562.55. The index touched a low of 24,461.86 and a high of 24,591.36 intraday. Macro Update: On the economic front, data from Statistics Canada showed wholesale sales in Canada rose by 0.9% month-over-month in September, following a 0.6% decline in August, according to preliminary estimates. Top Movers: GFL Environmental (GFL.TO) gained about 3.2%. Agnico Eagle Mines (AEM.TO), Wheaton Precious Metals (WPM.TO), Waste Connections (WCN.TO), Descartes Systems Group (DSG.TO) and Onex Corporation (ONEX.TO) climbed 1.6 to 2.7%. Our Stance: Traders should monitor the immediate support level at 23,920 closely. Sustaining this level could signal a potential rebound and re-establish bullish momentum. However, a fall below this threshold may suggest the risk of a deeper correction, with additional support zones identified at 23,400 and 23,000. In light of these mixed signals, market participants are likely to adopt a cautious stance, weighing the optimism of potential
Image Souce: Krish Capital Pty Ltd Index Update: After five successive days of losses, the Canadian market closed on a firm note on Monday. The benchmark S&P/TSX Composite Index ended up by 101.99 points or 0.42% at 24,565.66. The index touched a low of 24,406.42 and a high of 24,598.96. Macro Update: The U.S monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve's preferred inflation readings are likely to be in the spotlight. Reports on third quarter U.S GDP, consumer confidence, pending home sales and manufacturing sector activity may also attract some attention. Another data from Statistics Canada said the new house price index in Canada remained unchanged at 0% in September. On a yearly basis, the index increased to 0.2% in September from 0% in August. Top Movers: Bitfarms (BITF.TO) soared 12.8%, topping the list of gainers in the Information Technology Capped Index. Sylogist (SYZ.TO) gained nearly 6% and Sangoma Technologies (STC.TO) ended with a gain of 3%. Open Text Corp (OTEX.TO), Descartes Systems Group (DSG.TO), Celestica Inc (CLS.TO) and Shopify Inc (SHOP.TO) gained 1 to 1.5%. Our Stance: The index is currently testing a critical support level of around
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