The S&P/TSX Composite Index climbed 0.8 per cent for the trading week ending with Friday’s close and stands 3.3 per cent higher for 2024. The benchmark’s Relative Strength Index (RSI) of 64 leaves it in technically neutral territory although far closer to the overbought sell signal of 70 than the technically attractive, oversold RSI buy signal at 30.
There are 25 technically vulnerable index constituents with RSIs above the sell signal. The five most overbought companies are, in order, Athabasca Oil Corp., CCL Industries Inc., Bausch Health Companies Inc., MEG Energy Corp. and SNC-Lavalin Group Inc.
There is only one stock, SSRM Mining Inc., trading with an RSI below the buy signal.
There are 21 S&P/TSX Composite members showing strong price momentum by hitting new 52-week highs. The biggest companies making new highs are Canadian Pacific Kansas City, Canadian Natural Resources, Brookfield Corp., Constellation Software Inc. and Canadian Imperial Bank of Canada.
There is only one stock, SSR Mining Inc., hitting a new 52-week low.
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Scott Barlow