Vialoux's Technical Talk: April 11, 2014

Interesting Charts

U.S. equity markets were under extreme technical pressure
yesterday. The S&P 500 Index broke below its 20 and 50
day moving averages as well as support at 1839.57.

The VIX spiked above its 20, 50 and 200 day moving averages.

Percent of S&P 500 stocks trading above their 50 day
moving average plunged to 50.00% from 70.20%.

The U.S. Dollar remained under intense technical pressure. A
potential head and shoulders pattern is evolving.

A weak U.S. Dollar prompted the CRB Index to break to a 20
month high.

Higher metal prices led strength in the CRB Index.

Platinum has started another momentum spurt within its period
of seasonal strength. It moved above its 20 day moving
average and once again is showing strength relative to the
S&P 500 Index.

Gold also shows an improving technical profile. Yesterday, it
moved above its 20 and 50 day moving average and began to
outperform the S&P 500 Index.

Star performers in international markets yesterday were the
Hang Seng Index and the Australia All Ordinaries Composite
Index thanks to a combination of a weak U.S. Dollar and a
stronger Chinese market. The Australia Index and its related
ETF broke to a six year high.

Disclaimer: Comments, charts and opinions
offered in this report by www.timingthemarket.ca
and www.equityclock.com
are for information only. They should not be
considered as advice to purchase or to sell mentioned
securities. Data offered in this report is believed to be
accurate, but is not guaranteed. Don and Jon Vialoux are
Research Analysts with Horizons ETFs Management (Canada)
Inc.  All of the views expressed herein are the personal
views of the authors and are not necessarily the views of
Horizons ETFs Investment Management (Canada) Inc., although
any of the recommendations found herein may be reflected in
positions or transactions in the various client portfolios
managed by Horizons ETFs Investment Management (Canada)
Inc.

Horizons Seasonal Rotation ETF HAC April
10^th 2014