TECHNICAL ANALYSIS: TSX Moves Lower; Higher Rates Generate Headwinds; Metals and Mining Drives Loses
Canadian stocks were lower in afternoon trading as a knee jerk reaction to the Fed's announcement on interest rates, pushed interest rate sensitive stocks lower. Support on the TSX is seen near the 20-day moving average at 14,257.
After notching up a 5-year high on Tuesday, the TSX edged lower as traders took profits after the US Federal Reserve Decision on interest rates. Momentum on the TSX as reflected by the MACD (moving average convergence divergence) index is still negative but the trajectory of the index is flattening which is a positive sign for the broader index.
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