The S&P/TSX Composite took a bit of a beating during the trading week ending with Friday’s close, finishing lower by 2.0 per cent. The benchmark is now 24.1 per cent higher year to date.
Relative Strength Index (RSI) puts the index at the lower end of the technically neutral range with a 43 reading that is closer to the oversold RSI buy signal of 30 than the overbought sell signal at 70.
There are 13 benchmark stocks trading with attractive RSIs below the buy signal. The five most oversold stocks in the index are Winpak Ltd., CAE Inc., Laurentian Bank of Canada, MAG Silver Corp. and Aecon Group Ltd.
There are 12 S&P/TSX Composite constituents showing weak price momentum by establishing new 52-week lows, and they are ranked by market capitalization below. The largest companies making new lows are Saputo Inc., Quebecor Inc., Parkland Corp., Winpak Ltd. and Cronos Group Inc.
For the first time in a long, long time, there are no overbought stocks trading above the RSI sell signal or index companies making new 52-week highs.
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Scott Barlow