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The S&P/TSX Composite jumped another 2.6 per cent for the trading week ending with Thursday’s close and is now only 9.3 per cent lower –single digits! – for 2020. In terms of technical analysis, the benchmark is sneaking up on overbought, frothy conditions with a Relative Strength Index (RSI) of 61 that is a lot closer to the sell signal of 70 than the technically attractive, oversold RSI buy signal of 30.

In terms of the individual stocks in the index, conditions continue to be odd – there are very few companies trading at either overbought or oversold levels.

There are actually no benchmark stocks trading with technically attractive RSIs below the oversold buy signal. Sienna Senior Living Inc. is the closest to oversold with an RSI of 32.

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There are only four index stocks trading at technically vulnerable levels above the sell signal of 70 – a surprise for me given overall market strength. Celestica Inc. is the most overbought stock in the benchmark, followed by Canopy Growth, Sleep Country Canada Holdings and TFI International Inc.

There is only one company showing strong price momentum by hitting new 52-week highs – TMX Group Ltd. There are no S&P/TSX Composite stocks making new 52-week lows.

Stocks reaching 52-week highs

Return 1W %Return YTD %Market Cap
X-TTMX GROUP LTD8.9925.737,883,675,113

This week's overbought stocks

RSIPrice200DMAReturn 1W %Return YTD %PE Ratio TTMPE Ratio Fwd
CLS-TCELESTICA INC71.549.329.015.43-13.4640.2510.42
WEED-TCANOPY GROWTH CORP70.7530.5726.6020.4011.94N/AN/A
ZZZ-TSLEEP COUNTRY CANADA HOLDING70.6115.6218.087.58-21.9910.8821.17
TFII-TTFI INTERNATIONAL INC70.1542.3439.955.32-2.4312.2315.61

Source: Bloomberg

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