Shares of Canadian Tire Corp have been under continued distribution for the past several years and are currently upon vulnerable support along its long-term trend line. The shares have been residing in the Red Unfavored Zone of the SIA S&P TSX 60 report and are currently buried at position #53 of 60.
Today we will update the charts of Wheaton Precious Metals having last reported on the shares on April 15th, 2024, when its share price was pushing up against four years of resistance at the $72 level.
FedEx (FDX) fell down the relative strength rankings of the SIA S&P 100 Index Report in the latter part of 2023, falling out of the green zone and dropping down into the red zone. FedEx then spent the first half of this year bouncing around the border of the yellow and red zones. FDX has returned to the Green Favored Zone finishing Friday in 21st place, up 36 spots in the last month.
Nike fell out of the green zone in the SIA S&P 100 Index Report in January of 2022. Since then it has spent most of its time, including all of 2024 to date, in the Red Unfavored Zone, with only the occasional brief pop up into the yellow zone. Currently, Nike is at rock bottom sitting in last place.
Since dropping out of the green zone, Nike is down 54.8%. Year to date, Nike is down 30.2% while the S&P 100 Index is up 20.7%.
After breaking out of a base last fall, GoEasy (GSY.TO) staged an initial breakout rally. Following that, GSY.TO has remained under accumulation, advancing in a Rising Channel of higher highs and higher lows. This week, the shares have broken through $200.00 to a new high, indicating that accumulation has accelerated once again.
In this edition of Equity Leaders Weekly, we look at the growing gap between US large cap and small cap stocks and at the potential impact of today’s UK election on sentiment toward the island nation.
Mastercard (MA) has been steadily drifting down the rankings in the SIA S&P 100 Index Report for most of the last year. The shares last exited the green zone back in April and are currently sitting in 51st place, two spots above the red zone. Since falling out of the green zone, Mastercard is down 3.8% while the S&P 500 Index is up 6.8% over the same period.
Telus left the Favored Green Zone on July 15, 2022, at a price of $28.61 and drilled itself straight to the bottom of the ranks, now in position #59 in the Unfavored Red Zone of the SIA S&P/TSX 60 Report. Since leaving our Favored Green Zone, Telus has produced a negative rate of return of -27.5% while the broader TSX 60 Index has gained a whopping +24.8%.
Costco Wholesale (COST) entrenched itself back in the Green Favored Zone of the SIA S&P 100 Index on September 26th, 2023 at a price of $552.96 and the current price of $856.84 represents a +54.9% price increase in a little over 9 months time vs. +32.7% on the S&P 100 Index posting almost double the increase in the index benchmark. Yesterday, COST finished in 6th position, up 3 spots on the month and up 4 places in the last quarter.
In this edition of the Equity Leaders Weekly we are going to look at the High Grade Continuous Contact (HG.F) to see what it is telling us about the health of the global economy and also do our monthly review of the Sector Scopes to analyze the relative strength across the market sectors.
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