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research report

Globe editors have posted this research report with permission of Phases & Cycles. This should not be construed as an endorsement of the report’s recommendations. For more on The Globe’s disclaimers please read here. The following is excerpted from the report:

The correction in the S&P 500 that started on January 4th, 2022 culminated on March 14th, but the rally that started on that day was not yet the start of a new up-leg – the market may retest SPX 4400 first.

Toronto did not mirror New York’s negative move. It had a smaller decline due mainly to the strength of its Energy stocks and had already reached a new all-time high in early-March. At the same time, the 9.5% advance since March 14th probably exhausted the SPX and it will need a rest before it could mimic the TSX’s new all-time high, possibly by revisiting the 4400 area between now and mid-April.

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