Between October of 2022 and May of 2023, Shopify (SHOP.TO) climbed all the way up the rankings in the SIA S&P/TSX 60 Index Report from dead last to top spot. Since July, Shopify has been losing relative ground, dropping out of the green zone and returning to the Red Unfavored Zone for the first time since March. Yesterday Shopify finished in 32nd place, down 28 spots in the last month.