The S&P/TSX Composite jumped 2.9 per cent for the trading week ending with Thursday’s close and is now only 7.8 per cent lower for the year.
The benchmark’s Relative Strength Index (RSI) of 55 leaves it in technically neutral territory although it’s closer to the overbought RSI sell signal of 70 than the oversold, technically attractive buy signal of 30.
Once again, there are no index member stocks trading below the RSI buy signal this week. Cineplex Inc. and IAMGOLD Corp. are closest to oversold levels with RSI readings of 33 and 34 respectively.
There are eight benchmark stocks trading at overbought, technically vulnerable RSIs above 70.
The North West Co is the frothiest company in the index, followed by CargoJet Inc., The Descartes Systems Group, Primo Water Corp., Spin Master Corp., Maple Leaf Foods Inc., Enghouse Systems Ltd., and Shopify Inc.
There are three stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. Descartes Systems Group is the largest company making new highs, followed by Kinaxis Inc., and CargoJet Inc.
There are no S&P/TSX Composite stocks making new lows this week.
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