RY 163.82 -0.2739% SHOP 116.91 -18.9139% TD 83.13 -3.1345% ENB 64.13 -0.8197% BN 73.06 -6.1649% TRI 249.26 -0.8552% CNQ 42.675 -5.2929% CP 100.79 -2.9372% CNR 140.45 -2.1459% BMO 136.74 -2.1608% BNS 68.2 0.1468% CSU 4587.0698 -3.2264% CM 84.1 1.4108% MFC 43.98 -5.1133% ATD 73.43 0.6442% NGT 68.53 -1.8335% TRP 69.25 -0.9582% SU 52.52 -6.3481% WCN 281.58 0.0107% L 211.6 3.4415%
Index Update: The benchmark S&P/TSX Composite Index, which climbed more than 100 points to 25,693.68 at the start but dropped to 25,578.72 soon thereafter, ended the day's session at 25,635.73 with a gain of 45.40 points or 0.18%.
Macro Update: The U.S The Labor Department said job openings climbed to 7.744 million in October from a downwardly revised 7.372 million in September.
Top Movers: Celestica (CLS.TO), Alamos Gold (AGI.TO), Propel Holdings (PRL.TO), Agnico Eagle Mines (AEM.TO), MDA Space (MDA.TO), Bombardier Inc (BBD.B.TO), Premium Brands Holdings (PBH.TO), Jamieson Wellness (JWEL.TO) and North West Company (NWC.TO) closed higher by 3 to 5.4%.
Our Stance: Traders closely monitor key technical levels, particularly the immediate support at 24,900. If the index manages to stay above this level, it could pave the way for a potential rebound. However, a break below 24,900 may trigger a deeper correction, with further support zones at 25,000 and 24,600.
Commodity Update: The U.S. dollar rebounded from a three-week low against the yen on Wednesday, maintaining strength against other major currencies as traders weighed the possibility of a Federal Reserve interest rate cut this month. Market participants are awaiting Friday's payroll data for more clarity on the rates outlook, with a private payroll report due later today offering a preview. In commodities, gold increased 0.05% to $2,669.60, silver rose 0.08% to $31.57, and copper dipped 0.32% to $9,090.50. Brent crude slipped 0.03% to $73.60 per barrel after a sharp rise earlier, with oil sentiment cautious ahead of the OPEC+ meeting, and Israel's warning to attack Lebanon if its ceasefire with Hezbollah collapses adding pressure.
Technical Update: On Tuesday, the S&P/TSX Composite Index closed at 25,635.73, marking a 0.18% gain. The index remains comfortably above its 21-period Simple Moving Average (SMA), which indicates that the short-term uptrend is still intact. However, with the Relative Strength Index (RSI) at 74.75, the market is approaching overbought territory, suggesting that bullish momentum may weaken soon. Traders closely monitor key technical levels, particularly the immediate support at 24,900. If the index manages to stay above this level, it could pave the way for a potential rebound. However, a break below 24,900 may trigger a deeper correction, with further support zones at 25,000 and 24,600. Given these mixed signals—strong short-term momentum but elevated RSI levels—market participants are likely to adopt a cautious stance, balancing optimism with the possibility of a market pullback. The coming sessions will be crucial in determining whether the uptrend can be sustained.
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