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Globe editors have posted this research report with permission of Phases & Cycles Inc. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

Toronto benefited from New York's recent strength. We said in our last Market Comment that the S&P/TSX Composite Index was showing signs of weakening after its big autumn advance. Price action since early November was sideways and indicators of internal strength were under pressure. But the S&P/TSX Composite Index has succeeded in staying above its 50-day moving average. Any decisive move above last week's new all-time high at 16,188 will open a path to our next upside target at 17,000. But any sustained move below the 50-day moving average and nearby support in the 15,800 to 15,850 area will indicate that a correction is underway. Toronto's challenge remains the same – can it protect the bulk of the substantial gains made in September and October?

New York is fast approaching a crossroads. It can continue to ride the bullish sleigh, extend the advance that began in August and reach new all-time highs. The bears have gone into hibernation for the past few months, however they could make a mid-winter appearance sometime in January to disrupt the bull's party.

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