The S&P/TSX Composite leapt 1.6 per cent for the trading week ending with Friday’s close and is now 8.6 per cent higher (including dividends) for 2026. The benchmark’s Relative Strength Index (RSI) of 66 leaves it in the technically neutral zone although far closer to the overbought sell signal of 70 than the technically attractive, oversold buy signal of 30.
There are two index stocks with oversold RSIs below 30 this week – Allied Properties REIT and Goeasy Ltd.
The overbought list is smaller than I expected at 22 members - I would have thought there’d be more overbought companies with the index as a whole being so close to overbought. The five most overbought companies in the index are Northland Power Inc., Canadian Natural Resources Ltd., Canadian Pacific Kansas City Ltd., AltaGas Ltd and Topaz Energy Corp.
The list of benchmark constituents showing strong price momentum by hitting new 52-week highs is gigantic at 53 members who are ranked by market capitalization in a table below. The largest companies making new highs are Agnico Eagle Mines Ltd, Canadian Natural Resources, Canadian Pacific Kansas City, Wheaton Precious Metals Corp. and Canadian National Railway Co Ltd..
Only one index member, Goeasy Ltd., is hitting new 52-week lows.