A long-term relative strength downtrend in Tesla Motors (TSLA) shares appears to be ending. In the last few weeks, TSLA has rocketed up from the bottom of the red zone in the SIA S&P 100 Index Report and has climbed 70 positions in the last month toward the top of the Yellow Neutral Zone. Currently in 33rd place, TSLA is in its highest rank since September and is 7 spots away from a return to the green zone, where it has not been since January of 2022.
Canada’s Equitable Group (EQB.TO), better known as EQ Bank, started its rise up the relative strength rankings in the SIA S&P/TSX Composite Index Report back in November, and by March, it had returned to the Green Favored Zone for the first time since late 2021. The shares had a setback when sentiment turned against the banking sector in March, but this month it has been climbing once again and yesterday EQB.TO returned to the Green Favored Zone. The shares are currently in 57th place, after climbing 5 spots yesterday and 92 positions in the last month.
Electronics manufacturer Celestica (CLS.TO) has turned around dramatically since we last mentioned it in the April 26 edition of the Daily Stock Report. In the last month, CLS.TO has jumped 104 positions in the SIA S&P/TSX Composite Index report, including a gain of 12 spots yesterday to 26th place, and it has returned to the Green Favored Zone from a dip down into the red zone.
For the last six months, engineering consulting provider WSP Global* (WSP.TO) has been bouncing along the boundary of the yellow zone and the Green Favored Zone of the SIA S&P/TSX Composite Report, finishing Friday in 52nd position. In the SIA S&P/TSX 60 Index Report, WSP.TO is in 5th place after climbing 2 spots on Friday.
* WSP Global is held in some portfolios managed by SIA Wealth Management.
KLA Corp. (KLAC), a producer of process control equipment for the semiconductor and nanotechnology industries, has returned to the Green Favored Zone of the SIA NASDAQ 100 Index Report from a two-month dip down into the yellow zone. Yesterday it finished in 19th place, up 7 spots on the day and up 30 positions in the last month.
Last night, chipmaker Nvidia Corp.(NVDA) beat the street on earnings and posted guidance well above market expectations, sparking an aftermarket rally that has led to premarket gains of over 20% today.
Uranium producer Cameco Corp. (CCO.TO) has returned to the Green Favored Zone in the SIA S&P/TSX 60 Index Report from a recent dip down into the yellow zone, continuing a general upward trend in the rankings which started back in December.
Sand and gravel producer Vulcan Materials (VMC) has soared up the rankings in the SIA S&P 500 Index Report this month, driving up out of the red zone and returning to the Green Favored Zone for the first time since January of 2022 and reaching its highest rank since October of 2020.
Netflix (NFLX) has been working its way back up the rankings in the SIA S&P 100 Index Report for the past year. Starting at the bottom of the red zone, Netflix returned to the Green Favored Zone in February for the first time since August of 2020. NFLX then dipped back down into the red zone but with yesterday’s 9.2% gain which was ignited by subscriber growth numbers at the company’s upfront presentation to advertisers, the shares have returned to the Green Favored Zone. Currently, NFLX is in 26th position up 16 spots yesterday and up 30 places in the last month.
Datadog (DDOG), a producer of monitoring and data analytics systems for cloud computing, spent most of the last year stuck in the red zone of the SIA NASDAQ 100 Index Report. In recent weeks, it has rocketed back up the rankings and yesterday it returned to the Green Favored Zone for the first time since March of 2022. Yesterday it finished in 23rd place, up 4 spots on the day and up 74 positions in the last month.
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