Ottawa Investment Advisor John Bruce

Technical Report For August 24 to August 28 2009

September 3, 2009 · Print This Article

DJIA

  • Ended the week higher than the previous week and closed well above 7, 14 , 21 , and 50 day moving averages. Prices have been rising steadily and have gone back to October 2008 levels . Long-term trend is turning back up and starting to become more positive, however, the ( RSI) is moving up and out of Neutral territory and is starting to enter over bought territory (70+) which is used by bearish traders as a sell signal . Although the index made a new weekly high, it has done so within a tight trading range and could be stalling.

TSX

  • Prices regained lost territory from the previous week but was unable to go to new highs set on August 7 . Long term trend has gone from neutral to positive , short- term trend continuing higher. – Relative Strength Index (RSI) has started to rise from neutral territory but has started to enter over bought level (70+) which is used by bearish traders as a sell signal. Support is currently at 10480. Failure to close above this level could indicate a correction is coming.

John S. Bruce
Investment Advisor
Mackie Research Capital
Direct Line- 613-425-3732
Toll Free- 866-860-4190

The opinions, estimates and projections contained herein are those of the author as of the date hereof and are subject to change without notice and may not reflect those of Mackie Research Capital Corporation (“MRCC”). The information and opinions contained herein have been compiled and derived from sources believed to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness. Neither the author nor MRCC accepts liability whatsoever for any loss arising from any use of this report or its contents. Information may be available to MRCC which is not reflected herein. This report is not to be construed as an offer to sell or a solicitation for an offer to buy any securities. Member-Canadian Investor Protection Fund / member-fonds canadien de protection des épargnants.

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