Canadian banks have been some of the best-performing banks in North America. While that isn't a stellar statement of strength, they are doing a good job of outperforming their beaten down peers. As the market participants wrestle with the Fed Yin-Yang every day, there is a quiet strength starting to show up across the large cap banks in North America. Let's zoom in on the Canadians as they reported some earnings this week.
Bank Of Montreal (BMO.TO) had a great week. The chart is breaking to new highs, moving above a consolidation range. The volume accelerated on the breakout which is nice to see. We want to see the SCTR start to push above 75.
Here is TD Bank (TD.TO). It also made new all-time highs this week and looks set to break to higher ground. The SCTR has been a little weak, so that is concerning. However, with a broad thrust from the North American banks, this will probably start to move up. There was a lot of volume on the week and the MACD trend looks to be breaking higher.
RBC (RY.TO) looks strong here. Another bank breaking to new all-time highs. The big, above-average volume every day this week is a powerful move.
Scotiabank (BNS.TO) continues to rock! The SCTR above 75, the RS breaking to new highs, the price is breaking to new highs with good volume and the MACD trend line break all look bullish.
CIBC (CM.TO) had a nice day yesterday to complete the 5 bank breakout to new highs.
Keep your eye on the US Bankers as well. They are all starting to perform well with their SCTR's rising above 75. In general, the financials looks good as we head towards the 4th quarter.
The webinar I did with Martin Pring on Tuesday had the highest registration ever for a live StockCharts event. The multiple presenter format is a huge success. Next month, Chartcon 2016 is coming to you via live stream broadcast. Rather than have customers spend all the money to travel to the event, we have arranged for all the technicians to gather in one location and broadcast from there, saving you thousands of dollars. It should be a crazy couple of days with a tight synopsis of the markets from an award winning Technical Analyst crew. You can register for this event for under $200 and have access to the recordings. Chartcon 2016.
Lastly, I will be presenting in person at Golden Gate University in September if you are in the area.
September 20th, 2016 @ 4 PM
Golden Gate University. Rm 3214
536 Mission Street
San Francisco, 94104
Cost: Registration is $10 for MTA members and $20 for non-members
You can register through the TSAA-SF website. Click here.
Good trading,
Greg Schnell, CMT, MFTA
