By Jeff Pierce

There is a major negative divergence between the percentage of stocks above their 200 moving average and what the Nasdaq is actually doing.

nasdaq

 

Looks to be forming the right shoulder and this pattern remains intact.

fxe

 

Has recently be rejected at resistance but will likely challenge it again.

usd

 

Has a very bearish pattern forming. The rally in Canadian stocks appears unsustainable.

tsx

 

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