I am doubling my CIBC (CM.TO) short on test of \$72.50 resistance about half an hour before the close. \$72.50 is the 50% retracement level on that big dive in beginning of May. See Figure 1. Moreover, \$72.50 is the bottom of a congestion zone in middle of May.
[caption id="" align="aligncenter" width="570" caption="CIBC (CM.TO)"][/caption]
The trading volumes in CM.TO and the TSX index are weak. So I am betting that the market won't follow through with this upward move. Mental stop is \$73.00 and \$74.00 as hard stop.