Both the current account data and the manufacturing data for July were as expected for Canada. Therefore, this data is not likely to have much market impact. The banks continue to beat expectations with Bank of Nova Scotia (BNS.TO) also beating expectations.
The market bias indicators are neutral. The market condition scans continue to have a slightly positive bias, but energy is weak. Futures this morning are slightly positive but once again energy and volumes remain low, suggesting lack of follow through. We remain in a sideways market.
| Index | Change | %Change | Level | Phase |
| TSX | +21.79 | +0.20% | 10933.96 | Bullish |
| DJIA | +37.11 | +0.39% | 9580.63 | Bullish |
| Nasdaq | +3.30 | +0.16% | 2027.73 | Bullish |
| SP 500 | +2.68 | +0.28% | 1030.98 | Bullish |
| Russell 2000 | -0.25 | -0.04% | 583.77 | Bullish |
| NYSE | +34.37 | +0.51% | 6722.31 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive bias
Energy: weak
Primary Trend: sideways
| Sector | Phase |
| Consumer Staples | Bullish |
| Healthcare | Bullish |
| Technology | Bullish |
| Utilities | Bullish |
| Energy | Bullish |
| Financials | Bullish |
| Industrials | Bullish |
| Materials | Bullish |
| Consumer Discretionary | Bullish |
Source: Telechart
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