The S&P/TSX Composite leapt 3.4 per cent during the trading week ending with Friday’s close and is now only 2.8 per cent lower for 2022.
The index’s Relative Strength Index (RSI) of 65 leaves it in the technical neutral range but far closer to the overbought sell signal of 70 than the oversold, technically attractive buy signal at 30.
There are three stocks trading below the 30 buy signal this week – Spin Master Corp., Algonquin Power & Utilities Corp. and ECN Capital Corp.
There are 24 index constituents at overbought levels above the RSI sell signal at 70. The five most overbought stocks are, in order, Finning International Inc., Martinrea International Inc., Altus Group Ltd., Osisko Gold Royalties and Chemtrade Logistics Income Fund.
There are three index members showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The stocks are Alimentation Couche-Tard Inc., Stella-Jones Inc. and Secure Energy Services.
There is one company, Algonquin Power & Utilities, making a new 52-week low.
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Scott Barlow