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The TSX looks set for a pullback

This weekly technical analysis of the S&P/TSX Composite was designed to point out oversold trading and investing opportunities where beaten down domestic equities were poised to bounce. This week there aren’t any.

On the contrary, there are indications that the Canadian equity market looks ready to roll over, at least temporarily. Using the Relative Strength Index, there are only two oversold, technically attractive stocks in the benchmark – Yamana Gold Inc. and Dominion Diamond Corp. – compared with 35 companies trading above levels where a short term decline is probable.