Defense contractor Raytheon Technologies (RTX) has been steadily climbing back up the rankings in the SIA S&P 100 Index Report since October. On Friday, it returned to the Green Favored Zone for the first time in six weeks, and before that since August, finishing the year in 24th place, up 2 spots on the day and up 7 positions in the last month
In this edition, we will take a look at the Aerospace & Defense sector in light of Ukraine’s president visit to the US and the US Dollar vs. Japanese yen reversal in light of the Bank of Japan’s recent policy decisions.
Charter Communications has fallen 9 spots in the SIA S&P 100 Index over the last month to sit in the 102 position (out of 103 names) at the bottom of the report.
Oracle Corp (ORCL) has moved into to the green Favored Zone in the SIA S&P 100 Index Report last week. It is currently ranked 22nd in the report having moved up 12 spots over the last month.
Enbridge Inc. (ENB.TO) has moved into the Red Unfavored zone in the SIA S&P/TSX 60 Index Report yesterday which it hasn’t been since January of this year. ENB.TO has dropped nine spots in the last month.
Base metal miner Teck Resources (TECK.B.TO) climbed 3 positions in the SIA S&P/TSX 60 Index Report to top spot on Friday and it is up 10 positions in the last month. Teck Resources has spent most of 2022 in the Green Favored Zone, except for a summer drop down into the red zone. Since returning to the Green Favored Zone, TECK.B.TO is up 16.5%.
Homebuilder DR Horton (DHI) returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since January, continuing an upward trend in the relative strength rankings which started deep in the red zone back in April. Yesterday, DHI finished in 85th position up 59 places on the day and up 116 spots in the last month.
Reflecting a rotation into defensive health care stocks, and responding to positive clinical trial news, vaccine producer Moderna (MRNA) jumped 30 spots in the SIA S&P 500 Index Report yesterday to 13th place. The shares have been climbing back up the rankings since October and since they returned to the Green Favored Zone in early November, they have returned 27.3%.
In this edition of the Equity Leaders Weekly, we look at the impact of the weakening US Dollar on Gold and at a rebound in Chinese equity markets as the country’s COVID policy changes.
Last week, Bath & Body Works decisively broke out of a downtrend, completing a bullish Falling Wedge pattern, regaining $50.00 and climbing back above its 50-day moving average. This week, the shares have continued to climb, confirming the start of a new upswing and trending toward a test of $60.00 where a breakout would confirm the start of a recovery trend.