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.
Tesla Inc. (TSLA) one of the stocks that fell out of the so-called “Magnificent Seven” over the first half of this year, has been on the rebound lately. Recent price gains have enabled Tesla to climb up out of the red zone in the SIA S&P 100 Index and move back up into the Yellow Neutral Zone for the first time since last October. Currently, Tesla is in 35th place, up 18 spots yesterday and up 26 positions over the last month.
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.
Yesterday, Qualcomm finished in 13th position, up 6 spots on the month and up 44 places in the last quarter. QCOM first entered the Green Favored Zone of the SIA S&P 500 Index on December 15th at a price of $143.13. The shares have remained in the favored Zone ever since and the closing price of the shares is now at $202.17 representing at 41.2% price increase in a little over 6 months time vs. +15.9% for the S&P 500
Since peaking back in April near $180.00, accumulation in Canadian National Railway (CNR.TO) shares has shifted from accumulation to distribution. A new downtrend of lower highs has emerged and two weeks ago, the shares completed a bearish Double Bottom pattern in a jump in volume, signaling an increase in selling pressure.
Magna International (MG.TO) has been trending downward since peaking back in May of 2021, but in recent weeks, distribution has intensified as former support levels near $70.00 and then $60.00 have failed while volumes have increased, a sign of increasing selling pressure.
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