With the prices of crude oil and natural gas in retreat, energy producing stocks have started to slide back down the rankings in the SIA S&P/TSX Composite Index Report. Paramount Resources (POU.TO) for example, completed a summer round trip between the Red Unfavored Zone and the green zone last week. On Friday, after the shares lost 10.1% of their value, POU.TO fell 61 positions to 144th place.
The performance of software producer Descartes Systems Group (DSG.TO) provides an example of the relative strength roller coaster ride technology stocks have been on within equity markets this year. Back in December and January, DSG.TO dropped from the green zone in the SIA S&P/TSX Composite Index Report down into the red zone. It remained depressed until June when it rallied back up into the green zone. Since the beginning of August, Descartes’ relative strength has been eroding and it recently dropped back into the Yellow Neutral Zone. Yesterday it finished in 66th place, down 2 spots on the day and down 11 positions in the last month.
After spending July and August at or near the top the top of the rankings in the SIA S&P/TSX Composite Index Report, Vermilion Energy (VET.TO) has started to tumble down the rankings in the last two weeks. Earlier this week, it fell out of the green zone and into the Yellow Neutral Zone and has continued to trend downward, falling another 5 spots to 68th place.
Hotel and casino operator Las Vegas Sands (LVS) continues to climb up the relative strength rankings in the SIA S&P 500 Index Report. In July, it entered the Green Favored Zone for the first time since its debut in 2019, and following a short slip back into the yellow zone, it has returned to the Green Zone once again. Yesterday it climbed 14 positions to 126th place.
Amazon.com (AMZN) continues to struggle in the relative strength rankings of the SIA S&P 100 Index Report. Amazon.com had been trending lower for nearly two years and spent most of its time in the Red Unfavored Zone since leaving the green zone in November of 2020. This summer, it looked like AMZN was starting to stage a comeback, snapping a downtrend line and climbing up into the yellow zone. This now appears to have failed, however, with the shares rolling back down into the Red Unfavored Zone. Yesterday, AMZN fell one spot to 53rd place.
Google parent Alphabet (GOOG) has been sliding down the rankings in the SIA S&P 100 Index Report for most of this year. GOOG exited the green zone in April and has been unable to return with a recent rebound faltering near the top of the yellow zone. The shares have since slumped back into the Red Unfavored Zone.
Only a few days after it finally returned to the Green Favored Zone of the SIA S&P 100 Index Report, United Parcel Service (UPS) could potentially drop right back out again based on aftermarket trading last night. UPS finished the day in 25th place, two spots away from the yellow zone.
After spending the spring stuck in the red zone of the SIA S&P 100 Index Report, home improvement retailer Lowes (LOW) rose back up in the rankings through August. Upward relative strength momentum appears to have stalled, however, with Lowes sitting at the top of the Yellow Neutral Zone, still unable to return to the green zone which it exited in March. Yesterday, LOW slipped 1 position to 28th place, two spots outside of the green zone.
On a rough day for world markets, personal products producer Bausch Health (BHC.TO) was the top performer in the SIA S&P/TSX Composite Index Report yesterday with a gain of 2.5%. After spending over a year languishing in the red zone, BHC.TO has rocketed back up the rankings lately, recently returning to the Green Favored Zone for the first time since April of 2021. Yesterday, it finished in 44th place, up 90 spots in the last month.
In the last few days, IT cloud security provider Zscaler (ZS) has shot up the relative strength rankings in the SIA NASDAQ 100 Index reports, driving up from the red zone, where it had languished for six months, back up into the Green Favored Zone for the first time since February. Yesterday it finished in 16th place, up 10 spots on the day and up 66 positions in the last month.
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