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Domestic markets continued to rally during the shortened trading week ending with Thursday’s close.

The S&P/TSX Composite jumped another 2.6 per cent and, remarkably in light of early year volatility, stands only 11.6 per cent lower for 2020.

The benchmark’s current Relative Strength Index (RSI) of 55 leaves it in the technically neutral range, although slightly closer to the RSI sell signal of 70 than the oversold buy signal of 30.

Beneath the surface of overall benchmark returns, there is a lot of churning in terms of sector leadership. Very few companies are trading at overbought levels and none with oversold RSIs suggesting promising entry points. The two stocks closest to the oversold buy signal of 30 are Cineplex Inc. and Artis REIT with RSIs of 34 and 36 respectively.

There are seven index constituents trading at technically vulnerable levels above the sell signal of 70.

Real Matters Inc. is the most overbought company in the benchmark, followed by Oceanagold Corp., Pan American Silver Corp., Aurora Cannabis Inc., Shopify Inc., Constellation Software Inc. and Lightspeed POS Inc.

There are only two stocks showing strong price momentum by making new 52-week highs – Shopify and ATS Automation Tooling Systems. There are no index stocks hitting 52-week lows.

Stocks reaching 52-week highs

Return 1W %Return YTD %Market Cap
SHOP-TSHOPIFY INC - CLASS A5.54116.58133,189,884,828
ATA-TATS AUTOMATION TOOLING SYS6.383.552,047,770,266

This week's overbought stocks

RSIPrice200DMAReturn 1W %Return YTD %PE Ratio TTMPE Ratio Fwd
REAL-TREAL MATTERS INC76.1523.9413.0513.4194.326.6532.10
OGC-TOCEANAGOLD CORP74.413.052.6218.2219.61#N/A N/A15.18
PAAS-TPAN AMERICAN SILVER CORP73.6037.6626.0022.4822.9988.1026.49
ACB-TAURORA CANNABIS INC72.9124.1043.06161.96-28.02#N/A N/A#N/A N/A
SHOP-TSHOPIFY INC - CLASS A72.511118.22571.165.54116.58#N/A N/A2584.60
CSU-TCONSTELLATION SOFTWARE INC71.601532.431331.365.7621.6457.8434.35
LSPD-TLIGHTSPEED POS INC-SUB VOTE70.1534.1832.4548.93-5.24#N/A N/A#N/A N/A

Source: Bloomberg

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