The S&P/TSX Composite took a bit of a beating for the shortened trading week ending with Thursday’s close, falling 1.7 per cent. The benchmark stands 14.1 per cent higher for 2019.
The index’s Relative Strength Index (RSI) is 39, leaving it in the neutral range between the oversold sell signal of 30 and the overbought RSI sell signal of 70.
There are 36 benchmark members trading at technically attractive levels below the RSI buy signal this week. Topping the list are Canfor Corp., Magna International Inc., Peyto Exploration and Development Corp., Hudbay Minerals Inc., Norbord Inc. and SNC Lavalin Group Inc.
There are a surprisingly large number (18) of overbought, technically vulnerable stocks this week given the falling index. Westjet Airlines Ltd., Hydro One Ltd., Alimentation Couche-Tard Inc. and Morneau Shepell Inc. are the most overbought stocks in the index.
There are 15 S&P/TSX Composite companies hitting 52-week highs. This week, I’ve sorted the list by market cap, which puts Alimentation Couche-Tard at the top of the list, followed by Thomson Reuters Corp., Restaurant Brands International Inc., Telus Corp. CGI Inc., and Constellation Software Inc.
Of the 23 stocks with the weakest price momentum, those making new 52-week lows, the largest market caps are Magna International Inc., Husky Energy Inc., Methanex Corp., SNC Lavalin Group Inc., and West Fraser Timber Co. Ltd.