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The S&P/TSX Composite had been trading at frothy, overbought levels for a few weeks, according to Relative Strength Index (RSI), and we’ve had a bit of a correction during the trading week ending with Thursday’s close.

The index fell 1.5 per cent for the week but still sits 21.0 per cent higher for 2019.

The benchmark’s current RSI level of 48 puts it about mid-way between the oversold buy signal of 30 and the overbought RSI sell signal of 70.

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There are bank stocks in both the oversold and overbought lists this week, and I’m not sure if that’s happened before. Mediocre earnings reports from Toronto-Doiminion Bank, Laurentian Bank of Canada, Royal Bank of Canada, Canadian Imperial Bank of Commerce and Canadian Western Bank have those stocks oversold.

Westshore Terminals Investment Corp. is the most oversold stock in the index.

The overbought, technically vulnerable list of benchmark constituents is led by National Bank of Canada. National’s RSI of 88 is well about the sell signal of 70.

There are a number of REITs on the overbought list – Riocan REIT, Dream Office REIT, Northwest Healthcare Properties and Boardwalk REIT.

Other prominent names on the overbought list include Capital Power Corp., Hydro One Ltd., Ritchie Brothers Auctioneers and Telus Corp.

There are 22 S&P/TSX Composite companies showing strong price momentum by hitting new 52-week highs, and they are ranked by market capitalization below.

The list is once again led by National Bank, followed by Hydro One, Bausch Health Companies Ltd., and Canadian Utilities Ltd.

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There are no index members falling to new 52-week lows this week.

Stocks hitting 52-week highs

Return 1W %Return YTD %Market Cap
NA-TNATIONAL BANK OF CANADA2.91960534.38604$24,384,841,473.29
H-THYDRO ONE LTD3.11875231.47427$15,386,444,342.66
BHC-TBAUSCH HEALTH COS INC0.606380251.12871$13,346,736,774.48
CU-TCANADIAN UTILITIES LTD-A1.81678633.0708$10,858,763,118.83
AQN-TALGONQUIN POWER & UTILITIES1.82697542.69007$9,846,129,212.25
REI-UN-TRIOCAN REAL ESTATE INVST TR1.8770722.33142$8,686,966,640.00
IAG-TIA FINANCIAL CORP INC1.68720764.22158$7,395,927,945.19
RBA-TRITCHIE BROS AUCTIONEERS0.468587332.25122$6,264,296,872.05
ACO-X-TATCO LTD -CLASS I1.64430636.29998$5,831,730,030.16
PAAS-TPAN AMERICAN SILVER CORP9.99598638.8613$5,743,310,027.00
NPI-TNORTHLAND POWER INC1.63636434.57837$5,414,269,686.35
MIC-TGENWORTH MI CANADA INC2.04045153.80544$4,908,149,330.79
STN-TSTANTEC INC0.763574720.82986$3,965,373,544.93
GEI-TGIBSON ENERGY INC4.75809746.39383$3,811,764,142.20
GRT-UN-TGRANITE REAL ESTATE INVESTME0.583090435.09235$3,728,974,107.00
CUF-UN-TCOMINAR REAL ESTATE INV-TR U1.26227235.92647$2,628,754,160.28
INE-TINNERGEX RENEWABLE ENERGY1.7008843.38184$2,417,297,126.88
MSI-TMORNEAU SHEPELL INC2.81001837.69972$2,174,948,944.74
D-UN-TDREAM OFFICE REAL ESTATE INV2.24274444.1536$1,809,667,935.00
NWH-UN-TNORTHWEST HEALTHCARE PROPERT1.20967740.98389$1,656,300,268.35
WDO-TWESDOME GOLD MINES LTD8.421053109.2551$1,273,002,712.92
SVM-TSILVERCORP METALS INC7.153729148.9904$1,212,889,624.32

OversoldRSIPrice200DMAReturn 1W %Return YTD %PE Ratio TTMPE Ratio Fwd
WTE-TWESTSHORE TERMINALS INVESTME21.4019.1821.39-11.98-4.639.559.56
LB-TLAURENTIAN BANK OF CANADA22.6643.6344.01-5.1519.8810.389.71
FEC-TFRONTERA ENERGY CORP24.258.9712.08-5.18-25.062.65#N/A N/A
TD-TTORONTO-DOMINION BANK24.9473.0275.21-5.0911.9411.0210.53
SMF-TSEMAFO INC25.902.534.20-8.00-14.2412.739.17
RY-TROYAL BANK OF CANADA26.05104.76104.49-3.6016.5711.9111.32
CM-TCAN IMPERIAL BK OF COMMERCE26.32108.88108.15-5.9411.439.109.01
CWB-TCANADIAN WESTERN BANK29.2933.0430.88-7.1130.3410.649.97
OverboughtRSIPrice200DMAReturn 1W %Return YTD %PE Ratio TTMPE Ratio Fwd
NA-TNATIONAL BANK OF CANADA88.3072.9764.082.9234.3911.4810.87
CPX-TCAPITAL POWER CORP82.6933.6030.871.0532.1216.157.71
PAAS-TPAN AMERICAN SILVER CORP75.9027.4019.6010.0038.86172.2220.96
STN-TSTANTEC INC75.7035.6331.300.7620.8322.9415.42
H-THYDRO ONE LTD75.4825.7923.033.1231.47#N/A N/A18.30
REI-UN-TRIOCAN REAL ESTATE INVST TR74.2727.6826.291.8822.3311.07#N/A N/A
RBA-TRITCHIE BROS AUCTIONEERS74.2457.8948.910.4732.2536.5928.80
TRQ-TTURQUOISE HILL RESOURCES LTD73.800.761.2924.59-66.223.7510.82
D-UN-TDREAM OFFICE REAL ESTATE INV73.6131.0026.032.2444.1529.85#N/A N/A
INE-TINNERGEX RENEWABLE ENERGY72.8708617.3414.973851.7008843.38184111.2279991137.6190476
GEI-TGIBSON ENERGY INC72.8087226.223.17934.75809746.3938322.6190441722.84219704
NWH-UN-TNORTHWEST HEALTHCARE PROPERT72.779212.5511.74931.20967740.98389#N/A N/A#N/A N/A
SSRM-TSSR MINING INC72.6275522.6918.493510.4136337.5151557.970400715.34905466
MSI-TMORNEAU SHEPELL INC71.9833.6630.192.8137.7051.9736.59
BHC-TBAUSCH HEALTH COS INC71.9438.1631.560.6151.13#N/A N/A6.41
BEP-UN-TBROOKFIELD RENEWABLE PARTNER71.3762.3747.981.6186.94231.06186.68
IAG-TIA FINANCIAL CORP INC71.1669.3155.841.6964.2211.7110.44
WDO-TWESDOME GOLD MINES LTD71.069.275.938.42109.2640.3620.55
SVM-TSILVERCORP METALS INC71.067.044.297.15148.9924.9021.24
TSGI-TSTARS GROUP INC/THE70.9831.8723.68-0.9341.3949.1112.99
BEI-UN-TBOARDWALK REAL ESTATE INVEST70.4948.5042.460.0231.10144.76#N/A N/A
T-TTELUS CORP70.1250.8648.611.5616.3117.8516.80

Source: Bloomberg/Scott Barlow

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