The S&P/TSX Composite jumped 1.6 per cent for the trading week ending with Thursday’s close and sits right at the precipice of overbought, technically vulnerable territory.
The benchmark’s Relative Strength Index (RSI) reading of 69 is a smidge under the sell signal of 70 .
There are four oversold, technically attractive index member stocks trading below the RSI buy signal of 30.
Chemtrade Logistics Index Fund is the most oversold company in the index with Spin Master Corp., Superior Plus Corp. and Inter Pipeline Ltd. lining up behind.
The list of frothy benchmark stocks trading above the RSI sell signal of 70 is huge at 42 members.
The five most extended companies are Innergex Renewable Energy, ECN Capital Corp., Boralex Inc., Intact Financial Corp. and Northland Power Inc. Other prominent overbought names include Hydro One Ltd., Telus Corp., CI Financial Corp and Canadian Pacific Railways Ltd.
The list of index members showing strong price momentum by hitting new 52-week highs is also sizeable at 45 stocks.
The 25 largest companies making new highs are listed in the table below, beginning with Enbridge Inc., Canadian National Railway Co., Brookfield Asset Management Inc., TC Energy Corp., Thomson Reuters Corp. and Alimentation Couche-Tard Inc..
There are no S&P/TSX Composite stocks hitting new 52-week lows this week.