The S&P/TSX Composite dropped 1.6 per cent for the trading week ending with Thursday’s close thanks to a market thrashing on the final day.
The benchmark’s current Relative Strength Index (RSI) of 49 leaves it almost exactly halfway between the technically attractive oversold buy signal of 30 and the overbought RSI sell signal of 70.
There are three oversold index constituents according to RSI this week, trading below 30. Knight Therapeutics Inc. is the most oversold company in the index, followed by Northview Apartment REIT and Vermilion Energy Inc.
There are seven overbought, technically vulnerable index stocks this week. National Bank of Canada is the most extended stock with MTY Food Group close behind. Canadian Imperial Bank of Commerce, Canadian Western Bank and Ivanhoe Mines Ltd. are also overbought.
There are no benchmark members making new 52-week highs, the first time that’s happened in a long while. There is one stock showing weak price momentum by hitting new 52-week lows and that’s Pason Systems Inc.
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Scott Barlow