The S&P/TSX Composite jumped 2.8 per cent for the trading week ending with Friday’s close to stand 10.0 per cent higher for 2024. The benchmark’s Relative Strength Index (RSI) of 68 leaves it perilously close to the overbought sell signal of 70 and nowhere near the oversold, technically attractive RSI buy signal at 30.
The strong price action leaves no oversold stocks by RSI this week. There are a whopping 31 index constituents with temporarily vulnerable RSIs above the sell signal. The five most overbought stocks in the benchmark are, in order, Aritzia Inc., Canadian Western Bank, Jamieson Wellness Inc. Park Lawn Corp and Kinross Gold Corp.
There are also a big number of companies, 29, showing strong price momentum by hitting new 52-week highs. There are ranked by market capitalization in the table below. The biggest companies making new highs are Royal Bank, Brookfield Corp., Constellation Software Inc., Waste Connections Inc. and Agnico Eagle Mines Ltd.
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