Sleep Country Canada (ZZZ.TO) has been in the Green Favored Zone of the SIA S&P/TSX Composite Index report since August, returning 17.5% over that time. Recently, relative strength has been increasing. Yesterday the shares finished in 28th place, up 6 spots on the day and up 11 positions in the last week.
In this issue of Equity Leaders Weekly, we look at major breakouts for Gold and other precious metals, and take a monthly look at what the sector scopes are telling us about equity market sentiment and capital flows.
Since breaking out of a $4.50-$6.00 sideways range back in the summer, NexGen Energy (NXE.TO) shares have remained under accumulation, with corrections being contained by higher lows above the 50-day moving average. Yesterday, the shares closed at a high on $8.00 and appear poised for a breakout.
Qualcomm (QCOM), a producer of semiconductors for wireless communications, recently returned to the Green Favored Zone of the SIA S&P 100 Index Report for the first time since March. Yesterday, QCOM finished in 18th place, up 7 spots on the day and up 46 positions in the last month.
This three-year weekly chart highlights the strength of Friday’s big rally and massive breakout in Canada Goose (GOOS.TO) shares. After soaring 19.3% on a spike in volume, a signal of strong new bullish investor interest, the shares closed above $60.00 for the first time since May of 2019 and completed a 2 ½ year bullish Ascending Triangle base to signal the start of a new uptrend.
Since bottoming out with the market in March of 2020, Nike (NKE) shares have been steadily advancing in a step pattern of rallies followed by periods of consolidation at higher levels. In recent weeks, the shares have started to climb again, regaining their 50-day average near $160.00 (which reverses polarity to become initial support) and breaking out to a new all-time high above $175.00 yesterday. Next potential upside resistance on trend appears in the $200.00 to $205.00 area where a round number and a measured move converge.
The turn of the calendar into November has brought equity markets into the most seasonally favorable time of the year, which runs more or less through April. In this issue of Equity Leaders Weekly, we look at the Russell 2000 Index and the retailing sector as indicators of increasing market breadth, and accelerating accumulation.
Throughout this year, ATS Automation Tooling Systems (ATA.TO) has been under accumulation, steadily advancing in a rising channel of higher highs and higher lows. This week the shares snapped a downtrend line, and rallied to a new all-time high on a jump in volume, indicating increased investor interest.
Asset manager Franklin Resources (BEN) has soared up the rankings in the SIA S&P 500 Index Report since reporting positive earnings and announcing an acquisition, returning to the Green Favored Zone for the first time since July. The shares kicked off this week with a breakaway gap that snapped a downtrend line and have continued to rally, blasting through the top of their previous range to trade at their highest levels since early 2018.
Throughout 2021, KLA Corp. (KLAC) has been under accumulation with most corrections and downswings being contained at consistently higher lows, including one a few weeks ago, which helped to confirm the current uptrend. In the last few days price gains have accelerated on higher volume indicating increasing investor interest. Yesterday, the shares broke through $375 to a new all-time high, signaling the start of a new upleg.
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