Like many stocks, Dream Office REIT (D.UN.TO) fell off a cliff when stock markets crashed in early 2020. Dream then spent 15 months building a base for recovery. Recent trading suggests that accumulation has finally resumed. Earlier this month, the units broke out over $22.50 completing a bullish Ascending Triangle pattern and signaling the start of a new uptrend.
Generac Holdings (GNRC), a producer of household backup power generators, joined the SIA S&P 500 Index Report back in March. Recently, the shares broke out of the $285 to $365 area where they had been consolidating since February, signaling that resistance has been overcome and a new advance has commenced.
A significant breakout is underway in Lightspeed POS (LSPD.TO) shares. For the last three months, the shares have been trending sideways between $67.00 and $93.50, digesting gains made in a previous rally. Yesterday, the shares broke out over $93.50 completing a bullish Ascending Triangle pattern and signaling the start of a new advance.
A significant breakout is underway in Shopify (SHOP.TO) shares. Last month, a downswing in the shares was contained by an underlying longer-term uptrend support line. Since then, the shares have been recovering and this week they cleared $1,600 on an uptick in volume, indicating renewed accumulation and confirming the start of a new upswing.
Equity markets continue to grind their way sideways. With summer approaching and corporate news in between earnings seasons, investors appear to be marking time waiting for the next big catalyst to appear. In this issue of Equity Leaders Weekly, we explore differences in investor sentiment within equities with a look at the US homebuilding sectors and at emerging markets.
Diamondback Energy (FANG) has broken out over $85.00, signaling the start of a new upleg within a recovery trend that started in earnest last fall and was confirmed by the snapping out of a downtrend back in January.
Adobe Systems (ADBE) spent the last nine months stuck in a sideways trading range between $420 and $535. In the last few days, the shares have come under renewed accumulation, climbing on increasing volumes and have broken out to the upside, rallying to new all-time highs. This breakout has signaled the end of the recent consolidation phase and the start of a new rally phase.
The relative strength trend of advertising and marketing company Interpublic Group (IPG) has improved dramatically over the last year. Shares have been under steady accumulation, breaking through $22.50, a multi-year resistance level to confirm the start of a new uptrend, and consistently advancing from there. On Friday, they closed at a new all-time high, confirming ongoing investor interest.
Transcontinental (TCL.A.TO) has a major breakout underway this week with the shares rallying up off of $2.00, overcoming $24.50 resistance and regaining the $25.00 level on an increase in volume, all combining to indicate that accumulation has accelerated
In this issue of Equity Leaders Weekly, we take a our monthly look at the Sector Scopes Report, and the importance of recent movements in the US 10-year treasury note yield.
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