Elliott Fishman, director of U.S. and international equity trading at Scotia Wealth

Focus: Technical analysis

MARKET OUTLOOK

TSX:

• Looking quite toppy in the mid-16,000s but looks to have dropped into a 1,000 point range of 15,600 (100 week moving average) to 16,500, the previous high.

Dow Jones Industrial Average:

• Toppy as well, currently testing its 50 week moving average (25,025) support.
• Next support level to the downside is 24,000.
• It’s a long drop to the long-term support level of 21,000.
• The index appears to be creating a top just below 27,000.

TOP PICKS

DOLLARAMA (DOL.TO)

A previous choice of mine a few months back and it’s just starting to reward investor’s now. Still plenty of upside from here with the 50 week moving average at 42, that’s the first stop. It’s finally testing its long term resistance level of 37 and it must get through that.

PFIZER (PFE.N)

Pfizer is having a nice consolidation going on around its 50 week moving average of 40.66. Next stop to the upside will be 45.

UNITEDHEALTH (UNH.N)

A rare breakdown below its 50 week moving average of 255.35, and now and even rarer test of the 100 week moving average of 229.75..UNH has held its 100 week moving average for more than 8 years now.

PAST PICKS: Jan. 28, 2019

EMERSON ELECTRIC (EMR.N)

• Then: $62.41
• Now: $67.44
• Return: 8%
• Total return: 9%

ACTIVISION BLIZZARD (ATVI.O)

• Then: $46.74
• Now: $42.92
• Return: -8%
• Total return: -8%

SUNCOR ENERGY (SU.TO)

• Then: $42.20
• Now: $44.21
• Return: 5%
• Total return: 6%

Total return average: 2%

WEBSITE: scotiawealthmanagement.com