The S&P/TSX Composite jumped 2.2 per cent for the trading week ending with Friday’s close and now stands 6.4 per cent higher for 2023. The benchmark’s Relative Strength Index (RSI) of 60 puts it in the upper reaches of technically neutral territory, much closer to the overbought sell signal of 70 than the oversold, technically attractive RSI buy signal of 30.
There are two index constituents trading below the 30 buy signal this week – Aritzia Inc. (ATZ-T) and Telus Corp. (T-T).
There are 17 stocks trading above the sell signal this week. The five most overbought benchmark companies are, in order, Laurentian Bank of Canada (LB-T), Onex Corp. (ONEX-T), Boardwalk REIT (BEI-UN-T), CI Financial Corp. (CIX-T) and Dye & Durham Ltd. (DND-T)
There are 11 index stocks showing strong price momentum by making new 52-week highs and they are ranked by market capitalization in the table below. The largest companies making new highs are CGI Inc. (GIB-A-T), Canadian Tire Corp. (CTC-A-T), Stantec Inc. (STN-T), FirstService Corp. (FSV-T) and Canadian Apartment REIT (CAR-UN-T).
There are two S&P/TSX Composite companies hitting new 52-week lows – Telus Corp. (T-T) and Spartan Delta Corp. (SDE-T).
Scott Barlow