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Index Update: The S&P/TSX Composite Index fell around 0.2% to close at 26,376 on Monday, giving back ground after last week’s record highs as investors await US–China trade talks in London.
Macro Update: The U.S.-China discussions will aim to resolve some major trade disputes between the two major economies. Treasury Secretary Scott Bessent leads the U.S. delegation in the high-level trade talks.
Top Movers: Bombardier Inc., Denison Mines, Novagold, Aya Gold & Silver, Energy Fuels, NuVista Energy, NexGen Energy, G. Mining Ventures, Saputo and Capstone Mining are gaining 2.5 to 6%.
Our Stance: Despite the pullback, the index remains above its 21-period Simple Moving Average (SMA), indicating that the short-term uptrend remains intact. However, the Relative Strength Index (RSI) has climbed to 68.04, approaching overbought territory. This suggests that upward momentum may be losing steam, potentially prompting more cautious trading in the near term. Key technical levels are now in focus. Immediate support lies at 26,100—holding above this level could set the stage for a rebound.
Commodity Update: The U.S. dollar held steady in narrow trading on Tuesday as investors stayed cautious amid ongoing U.S.-China trade talks ahead of key U.S. inflation data. Gold slipped 0.78% to $3,328.80, silver eased 0.42% to $36.64, and copper edged down 0.19% to $9,763.65. Brent crude rose 0.50% to $67.40, supported by geopolitical tensions and limited progress in U.S.-Iran nuclear discussions.
Technical Update: On Monday, the S&P/TSX Composite Index closed at 26,375.80, marking a slight decline of 0.20%. The technology sector led the losses with a drop of 1.28%, exerting downward pressure on the broader market. Despite the pullback, the index remains above its 21-period Simple Moving Average (SMA), indicating that the short-term uptrend remains intact. However, the Relative Strength Index (RSI) has climbed to 68.04, approaching overbought territory. This suggests that upward momentum may be losing steam, potentially prompting more cautious trading in the near term. Key technical levels are now in focus. Immediate support lies at 26,100—holding above this level could set the stage for a rebound. Conversely, a break below it may lead to a deeper correction, with further support levels seen at 25,800 and 25,600.
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