Tariff Traction... Psych
Deadline Extension Till August
Good afternoon!
This past week, the theme was New ATH? And guess what? We did just that.
As I thought we were entering the week of the Canadian Tariff deadline, Trump surprised everyone with a pause for the July 9th deadline, extending it until August. Trump's global tariff pause is supposed to expire Wednesday. What's at stake for Canada?
So, what does this mean heading into this week? Especially considering the ramp we had this past week and the late sell on Friday, pinning just beneath the zone at 6383.50. We’ve had so much range and drastic changes in such a short duration of time that it can be a bit tough to keep up. But what’s important here is understanding that we broke above annual range, over 1380 points, off April 7th/8th lows, and now are in a period of potential expansions. This may seem odd considering what’s happening in terms of global events, but this is the exact ‘aggressive bull scenario’ we discussed back in mid May and late June occurring. The market doesn’t wait for anyone and we just have to eliminate our bias. So, now that we’ve taken out ATH and broke the zone from bottom to top (6288-6332), hitting 6333 highs, what’s next?