The technicals for the S&P/TSX Composite are changing rapidly, thanks to an 8.3 per cent jump for the benchmark for the trading week ending with Wednesday’s close. The index sits 17.6 per cent lower year to date.
The Relative Strength Index (RSI) reading for the benchmark is 50.9, in the technically neutral range almost exactly halfway between the oversold buy signal of 30 and the RSI overbought sell signal of 70.
After weeks when a significant number of index constituents was oversold, there is only one stock trading at technically attractive RSI levels.
MTY Food Group Inc. is the only company below the 30 buy signal.
There are no benchmark members trading in overbought territory above the RSI sell signal of 70. Cameco Corp. is close at 68 and Cascades Inc. is at 65.
There are three stocks showing strong price momentum by hitting new 52-week highs Wednesday. In order of market capitalization, those three companies are Novagold Resources Inc., Cascades Inc. and Jamieson Wellness Inc.
There are no stocks making 52-week lows today.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.