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The S&P/TSX Composite Index doffed 135.61 points or 0.83% to close at 16,295.66 on Wednesday, ending its three-day long winning streak. Industrials and Information technology stocks were the biggest losers.
Five-day Price Chart (as on September 16th, 2020). Source: EODHD/Others (Thomson Reuters)
The daily price chart index traded below its short-term support levels of five-day, 10-day, 20-day, 30-day and 50-day Simple Moving Averages (SMAs). But it traded above the long-term crucial support levels of 200-day SMA. The Moving Average Convergence Divergence (MACD) took a downward turn, hovering below its nine-day SMA signal line. The difference between 12-day and 26-day Exponential Moving Averages (EMAs) was negative. The leading momentum indicator, 14-day Relative Strength Index (RSI), hovered in a neutral zone and tilted towards the oversold zone.
The US Federal Reserve Wednesday kept the benchmark policy rates stable at 0.25% and indicated that the interest rates will remain near zero levels till 2023. The policy makers upgraded the US economy outlook, projecting that economic will plunge by 3.7 per cent by 2020-end, an improvement from June estimates of 6.5 per cent drop. The unemployment rate will fall to 7.6 per cent by 2020-end, added the Fed.
On Wall Street: Stocks on the Wall Street slipped despite the Fed’s optimistic announcements and promises of low interest for an extended period. Global benchmark equity index S&P 500 traded 15.71 points or 0.46% lower at 3,385.5 while technology heavy Nasdaq Composite Index lost ~140 points or 1.25% to close at 11,050.47. However, the Dow Jones Industrials added 36.78 points or 0.13%, closing at 28,032.38.
TSX Cues
Top Performers: Nickel Creek Platinum Corp (up 28%), Almaden Minerals Ltd. (up 17.09%), and Titan Mining Corporation (up 16.67%).
Top Laggards: Just Energy Group Inc. (down 97.26%_), Echelon Financial Holdings Inc. (down 81.43%), and GVIC Communications Corp. (down 60.87%)
Volume Leaders: Baytex Energy Corp., Bombardier Inc. Class B, and SSR Mining Inc.
Commodity Cues*
Crude Oil WTI Futures rose 4.91% to US$ 40.16/bbl and Brent oil gained 4.17% to US$ 42.22/bbl.
Gold futures bagged 0.22% to US$ 1,970.50/oz.
Dollar index up 0.16% to 93.23 and USD/CAD traded 0.04% lower at 1.3176.
*Details as on 16 September 2020 (after markets close)
