The S&P/TSX Composite index rose another 1.2 per cent for the trading week ending with Friday’s close and is now 7.1 per cent higher for the year.
The benchmark’s Relative Strength Index (RSI) of 68 leaves it very close to technically vulnerable overbought conditions as the RSI sell signal is just above at 70.
There are no technically attractive index constituents trading with RSIs below the 30 buy signal. Ivanhoe Mines Ltd and Bausch Health Companies Inc. are closest but they are really not that close.
There are 21 benchmark constituents with RSIs above the 70 sell signal. The five most overbought stocks are Laurentian Bank of Canada, Canadian Tire Corp., National Bank of Canada, InterRent REIT and AtkinsRéalis Group Inc.
There are 15 index stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The five biggest companies making new highs are Dollarama Inc., Power Corp of Canada, Emera Inc., Empire Co. Ltd. and Canadian Tire.
There are no index stocks making new lows this week.
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