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.
Moderna (MRNA) spent most of 2023 under distribution, then a six-month period from November to May under accumulation. Last month, the shares peaked and started to fall back in what looked like a normal correction. It now appears that the recent uptrend is over and a new downtrend has started.
Canadian engineering stocks started the year off strong but recently stalled out for a few weeks. Unlike some of its competitors, which saw their relative strength weaken considerably, AtkinsRéalis* (ATRL.TO) remained highly ranked through this period, staying in the upper half of the Green Favored Zone in the SIA S&P/TSX 60 Index Report, while its SMAX score remained above 7.
ATRL.TO has consistently been in the Green Favored Zone of the SIA S&P 60 Index Report since March of 2023. Over that time it has gained 93.5%, while the S&P/TSX Composite Index has climbed 4.5%.
CargoJet Inc. (CJT.TO) returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report yesterday for the first time since October of 2020. Cargojet shares have moved up 75 spots in the last week, including a rise of 11 positions yesterday leaving the red zone and quickly driving up through the yellow zone and in doing so prices have broken out to the upside, confirming renewed accumulation and the start of a new uptrend.
A significant relative strength event happened yesterday when the iShares S&P 100 Index ETF (OEF) climbed up into the Green Favored Zone of the SIA S&P 100 Index Report by moving up two spots to 26th place. This is the highest rank the Index ETF has achieved, topping previous peaks at 27, the top of the yellow zone. OEX reaching the Green Favored Zone means that 75% of the stocks in the SIA S&P 100 Index Report are losing in head to head battles with the Index.
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