WSP Global spent over a year in the green zone of the SIA S&P/TSX 60 Index Report, during which time it returned 18.5% compared with a 9.1% gain for the S&P/TSX Composite Index. In the last month, WSP.TO has slipped -2.0%, while the index has gained +1.8%.
We last featured Shopify (SHOP.TO) in the March 7th edition of the Daily Stock Report. At that time, it had just dropped out of the green zone in the SIA S&P/TSX 60 Index Report into the yellow zone and was testing $100.00 round number support. Since then, the shares have continued to tumble down the rankings falling from 25th place to 48th place and dropping into the Red Unfavored Zone.
Canada Goose shares have jumped 7.3% in the last week and 23.7% over the last month, while the benchmark TSX index was up less than 1% over the same periods. This rally has enabled GOOS.TO to jump 148 positions out of the red zone and into the Yellow Neutral Zone of the SIA TSX Composite Matrix Report.
Target Corp (TGT) has started to really breakdown this week, falling below $150.00. The shares had already been under distribution falling away from a high near $180.00 back in April. In recent weeks, the shares had snapped an uptrend line and dropped back under their 10-week moving average, both bearish signs.
Transportation stocks, particularly railroads and courier companies, have been struggling in relative strength rankings lately, which may potentially be a sign of a slowing economy. Canadian Pacific (CP.TO), for example, fell out of the green zone of the SIA S&P/TSX 60 Index Report in March, spent the last two months sliding down through the yellow zone and yesterday, it dropped back into the Red Unfavored Zone after falling two spots to 32nd place.
Restaurant Brands International (QSR.TO) has been in the Red Unfavored Zone since the beginning of April and is currently in 40th place. Since entering the Red Unfavored Zone, the shares are down 4.5% vs. 1.9% for the S&P/TSX Composite Index, as QSR’s candlestick chart completes a Bearish Descending Triangle.
A year-long uptrend in MDA Space (MDA.TO) appears to have ended for now. Last month, MDA.TO broke out by one row then rolled over and turned downward, a classic Bull Trap peak. Since then, the shares have come under distribution with a bearish Double Bottom breakdown signaling the start of a new downswing.
Back in February, Disney climbed up out of the Red Unfavored Zone of the SIA S&P 100 Index Report, moving back into the yellow zone for the first time in three years. The shares were unable, however, to continue their trend up into the green zone. In recent weeks, their relative strength has weakened again and DIS has tumbled back down into the Red Unfavored Zone.
Methanex Corp. (MX.TO) returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since March of 2023. In the last month, the shares have rallied 10.2% compared with a gain of 1.6% for the Index.
DoorDash (DASH) had an impressive start to its life as a public company, staging big rallies in the summer of 2023 and again between November and April. It now appears, however, that a correction has started with a recent bearish Double Bottom breakdown signaling the start of a retreat.
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