September 06, 2024: Weekly Market update: Pullback continues

Last week's update showed that the August advance had stalled. That pause has now turned into a short-term pullback.
The TSX is heading for the 1st support level of 22,500. If the current movement continues and 22,500 is broken, 22,000 is the next lower line.
Now, 62% of the stocks within the TSX are advancing. A sharp decline from last week when over 75% were rising. The percentage is expected to continue dropping suggesting more weakness in the TSX.

The S&P 500 stalled at the 5665 level forming a 'Double Top'. Now expected to test the 5300 support level next week.

There is 68.5% of the holdings in the SPX still advancing. Unlikely to hold that high percentage next week. A decline to 60% is expected. This action will weaken the S&P 500 and bring it down to the 5300 level.

The S&P GSCI Commodity Index (GTX) is accelerating its downward trend. 3300 is the expect 1st support level. The drop in oil prices, WTI now nearing $68.50, is the main contributor to the decline.