Energy stocks, both producers and service companies like Precision Drilling (PD.TO), came under significant pressure yesterday as oil & gas prices retreated. Precision Drilling has slid back down into the Yellow Neutral Zone yesterday, falling 7 positions to 68th place.
Between the slowdown in the housing sector and the price of lumber trading at less than half of where it was six months ago, forest products stocks like West Fraser Timber (WFG.TO) have started to struggle. WFG.TO has been sliding down the rankings in the SIA S&P/TSX Composite Index Report since July. Yesterday it dropped out of the green zone into the Yellow Neutral Zone after falling another 17 positions to 65th place.
Coal port operator Westshore Terminals (WTE.TO) dropped down into the Yellow Neutral Zone within the SIA S&P/TSX Composite Index Report on Friday for the first time since July of 2021. During the year-plus Westshore spent in the green zone, it returned 33.2%. On Friday it finished in 65th place, down 13 spots on the day and down 39 positions in the last month.
For the second time since plunging down the rankings in the SIA S&P/TSX Composite Index Report earlier this year, waste management company GFL Environmental (GFL.TO) is trying to make a comeback, climbing up out of the red zone into the Yellow Neutral Zone. Yesterday it jumped 34 positions to 112th place.
Since the start of 2021, Qualcomm has been riding up and down the rankings in the SIA S&P 500 Index Report like a roller coaster, having completed multiple trips between the red and green zones. After climbing through the spring and into the early summer, QCOM has started to sink again lately falling out of the green zone back into the Yellow Neutral Zone. Yesterday, Qualcomm finished in 180th place, down 16 spots on the day and down 126 positions in the last month.
After steadily sinking for 18 months, Element Fleet Management (EFN.TO) has rocketed back up the relative strength rankings within the SIA S&P/TSX Composite Index Report in the last few days, returning to the Green Favored Zone for the first time since November of 2020. Yesterday, EFN.TO jumped another 18 positions to 55th place.
Last week, Bath & Body Works decisively broke out of a downtrend, completing a bullish Falling Wedge pattern, regaining $50.00 and climbing back above its 50-day moving average. This week, the shares have continued to climb, confirming the start of a new upswing and trending toward a test of $60.00 where a breakout would confirm the start of a recovery trend.
Last month, a downswing in Caterpillar (CAT) shares bottomed out after being contained by support near $180, a previous breakout point. Since then, the shares have been bouncing back within their wider, well established trading range. Recently, the shares have been climbing on higher volumes, a sign of increased accumulation and yesterday they closed above $230 for the first time since June of 2021.
Hotelier Marriott International (MAR) continues to steadily march up the rankings within the Green Favored Zone of the SIA S&P 500 Index Report. Yesterday, it finished in 74th place, up 11 spots on the day and up 36 positions in the last month.
Back in December, a downtrend in Dow (DOW) shares bottomed out with a successful retest of support near $52.50. Since then, the shares have been steadily recovering in a Rising Channel of higher highs and higher lows. Dow snapped a downtrend line to signal the start of the current recovery trend and has staged a series of successful breakouts, the latest coming on Thursday when the shares blasted through $65.00 on a jump in volume, a sign of increasing investor interest.
Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.
