“A notable breakout was recorded in the Canadian market on Thursday.  The S&P/TSX Capped Financial Services Index broke above the neckline of an apparent head-and-shoulders bottoming pattern, which suggests a move back toward resistance around 265, or just over 5% above Thursday’s close.  Technical indicators and the 50-day moving average are all pointing higher, suggesting improving intermediate-term momentum.  Seasonally, Canadian financial services stocks strengthen between January and the end of May, just prior to the reporting of earnings for the second quarter.”

To read the entire report on current market action and seasonal’s read Jon Vialoux’s entire report HERE