Another illuminating chart from my partner Cory Venable here offers a look at where cyclical support may lie for the Canadian stock market (TSX) in coming months. The support band (in pink) manufactured by successive QE programs rolled out by central banks in 2010, 2011 and 2012, may prove an optical illusion as higher rates and Quantitative Tightening (QT) are now in effect. The 8500-9500 (green band) may be a more realistic downside test as this cycle mean-reverts.
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Cory’s Chart Corner
Many will focus the blame of market drawdowns on the tariffs and ignore the fact the SP500 (only a few weeks ago) was trading at 4 std devs above its historical mean…valuation also matters.
The Kobeissi Letter @KobeissiLetterBREAKING: The European Union is preparing further counter measures against newly announced US tariffs of 20%, per CNBC.
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