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Canadian financials are overbought ahead of earnings

The S&P/TSX Composite index spent a week treading water and the benchmark, while still technically extended, is no longer above the overbought target according to our preferred measure, Relative Strength Index (RSI). Other than that, it was a week when the rich got richer and the poor poorer – overbought stocks remained strong and, aside from Corus Entertainment, oversold stocks showed few signs of life.