Last month, Amazon.com (AMZN) returned to the green favored zone of the SIA NASDAQ 100 Index Report for the first time since November of 2020, after spending most of the intervening three years stuck in the red zone. The party didn’t last long, however, and yesterday, AMZN dropped back into the Yellow Neutral Zone, confirming that a relative strength uptrend that started back in May has ended. AMZN finished Tuesday in 31st place, down 5 spots on the day and down 13 positions in the last month.
Boeing (BA) has had a difficult month on both an absolute and relative basis. With the shares falling 11.0%, the plane maker has dropped 18 positions in the SIA S&P 100 Index Report, first falling out of the top 10, and more recently, dropping out of the green zone and into the Yellow Neutral Zone for the first time since December of 2022, finishing yesterday in 27th spot.
Defense contractor Lockheed Martin (LMT) has been steadily dropping down the rankings in the SIA S&P 100 Index Report since March. Back in July it fell into the Red Unfavored Zone and from then, it has lost 12.0% of its value. LMT finished Friday in 75th place, down 7 spots in the last month.
In what could potentially be seen as a sign of growing concern among investors about the health of consumer spending, the relative strength of credit card companies has eroded in recent weeks. Within the SIA S&P 100 Index Report, Capital One Financial (COF), for example, has been out of the green zone since March, peaked near the top of the yellow zone back in July, slipped back into the Red Unfavored Zone earlier this month. COF continues to drop down the rankings, finishing yesterday in 66th position, down 3 spots on the day and down 18 places in the last month.
Chipmaker Advanced Micro Devices (AMD) has been steadily sliding down the rankings in the SIA S&P 100 Index Report since peaking back in June, exiting the green zone and recently returning to the Red Unfavored Zone for the first time since May. Yesterday, AMD finished in 58th place, down 12 positions in the last month.
United Airlines (UAL) along with its competitors, has seen its relative strength weaken dramatically in recent weeks. The group outperformed through the summer boosted by strong travel demand, but since several airlines posted profit warnings earlier this month blaming high and rising fuel and labor costs, sentiment toward the sector has soured.
Over the last four months, UAL has completed a round trip within the SIA S&P 500 Index Report, climbing from the red zone to the green zone between April and July, then falling back into the Red Unfavored Zone over the course of September. Yesterday, United landed in 282nd place, down 215 positions in the last month.
Completing its rebound in the rankings from a spring slide, Chemical producer LyondellBasell (LYB) has returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since April. Yesterday it finished in 126th place, up 6 spots on the day and up 50 positions in the last month.
Discount retailer Dollarama (DOL.TO) has been steadily climbing up the rankings in the SIA S&P/TSX Composite Index Report since March. This month it has returned to the Green Favored Zone from a short dip down into the yellow zone, boosted by stronger than expected earnings and same store sales announced last week. On Friday, DOL.TO finished in 32nd place, up 5 spots on the day and up 23 positions in the last month.
The last time we commented on WSP Global Inc (WSP.TO) was on May 29, 2023. WSP.TO initially entered the Favored Zone of the S&P/TSX Composite Index report on June 30, 2022, at a price of $145.54. It briefly dipped into the top of the Yellow Zone since then but held onto its Positive SMAX Score throughout its time in the Yellow Zone. Today we see the shares are at $195.30 representing a 34% increase. This is another perfect example of looking for names in the favored zone. The shares currently occupy the #39 spot in the TSX Comp Index report, up 6 spots in the last month.
Back in May, Mastercard (MA) returned to the Green Favored Zone of the SIA S&P 100 Index Report for the first time since October of 2020. Since then, the shares have consistently been in the lower half of the Green Zone, returning 12.9%. Yesterday, MA moved up 2 spots to 20th place.