Category: Daily Stock Report

Shopify (SHOP.TO), has been on a relative strength roller coaster ride lately. A year ago, the shares climbed from the red zone to the green zone in the SIA S&P/TSX 60 Index report, then fell back into the red zone late last summer, and soared back up into the green zone in November.
In the last few weeks, relative strength has fallen off again, and SHOP.TO has dropped back out of the green zone and into the Yellow Neutral Zone. Over the last month, Shopify has dropped 24 spots to 25th position having declined 9.0% in comparison with a 1.65% gain for the S&P/TSX Composite Index over that period.

Packaging producer CCL Industries (CCL.B.TO) had been stuck in the red zone of the SIA S&P/TSX 60 Index Report since November of 2022. Back in November, CCL.B was almost at rock bottom in the rankings but since then, it has been working its way back upward.
In the last month, CCL.B has moved up 24 spots to 30th place. With a gain of one position yesterday, the shares have left the red zone and moved up into the Yellow Neutral Zone for the first time in 17 months.

In the January 18th edition of the Daily Stock Report, we noted that the relative strength of Apple (AAPL), one of the highest market cap stocks in the world and part of the “Magnificent Seven”, was starting to weaken. Since then, Apple has continued to tumble down the rankings in the SIA S&P 100 Index Report dropping 11 spots in the last month.
Yesterday, Apple fell into the Red Unfavored Zone for the first time since February of 2023. Year to date, AAPL shares are down 8.9%, in contrast to gains of 8.5% for the S&P 100 Index and 7.9% for the NASDAQ Composite Index.

Alphabet, Inc. (GOOG), once a titan among tech’s “Magnificent Seven,” shows signs of faltering, with a 2% drop year-to-date, trailing behind the S&P 100 and NASDAQ Composite’s gains of more than 8%. Alphabet continues to recede in the SIA relative strength rankings underscoring a critical juncture for what was once seen as a flagship holding in many investment strategies.

Amgen (AMGN) has re-entered the Unfavored zone, falling 28 spots in a month to 53rd in the SIA S&P 100 Index Report, with a 12.2% decline in contrast to the market and sector gains 5.3% and 4.75%, respectively. Technical indicators point to a new downtrend, with critical support at $260.00 and resistance at $283.00.

In the previous update on the performance of Intel Corporation (INTC), a significant departure from the Favored zone was noted within the SIA S&P 100 Index Report. Throughout February, INTC shares have continued to weaken. Just yesterday, Intel’s ranking further declined by five positions, landing it in the 56th spot and into the Unfavored zone. This transition is its first since last June, reflecting a concerning trend.

Aritzia, Inc. (ATZ.TO) showcased a robust start in 2024, peaking at $40.17, up 25.5% since January. However, it recently faced a 10.8% pullback from this high, signaling potential market volatility. Technical analysis indicates short-term underperformance, with a bearish SIA SMAX score of 5 out of 10.

MEG Energy (MEG.TO) demonstrates a promising uptrend, marking its return to the Favored Zone in the SIA S&P/TSX Composite Index Report for the first time since early December. The stock has shown remarkable relative strength, ascending 55 positions in the last month alone. Notably, MEG.TO has resumed its upward trajectory, breaking past key resistance and potentially signaling the end of its recent consolidation phase.

Wells Fargo (WFC) has reversed its downward trend, moving out of the Unfavored Zone and into the Neutral Zone in the SIA S&P 100 Index Report. After an 18-month period of sideways trading, WFC is now under renewed accumulation, breaking out of a bullish base in December and rallying towards its highest level in two years.

Bausch Health Companies, Inc. (BHC.TO) has made a striking comeback, moving from the Unfavored to the Favored Zone in the SIA S&P/TSX Composite Index Report, with a notable 7.3% stock price increase in one day. Currently at a peak since last summer, BHC.TO is potentially initiating a new uptrend, supported by a recent breakout from a two-year downtrend and a bullish SMAX score of 9 out of 10. This recovery signals a robust investment opportunity.