Top picks from Javed Mirza, technical strategist, Raymond James.
The S&P 500 Index scored a new closing high last week, a strong technical positive. However, the S&P/TSX Composite Index and most major North American indices failed to follow suit. We would be looking for the TSX Composite, Nasdaq 100, and Dow Jones Industrial Average to score new closing highs to confirm a new intermediate-term equity market rally phase was developing. The S&P 500 and TSX Composite are turning up at oversold levels in conjunction with U.S. 10-year yields and U.S.
However, we remain cautious as the CBOE Put/Call Ratio is showing signs of greed and previous market leaders have failed to follow the S&P 500 to new highs. A breakout to new price highs by the S&P 500 and TSX Composite would cause us to change our current cautious stance. Five technical negatives remain in place that suggest an intermediate-term corrective phase is taking hold on most North American equity indices.
A multi-day close below the 50-day moving average on most North American equity indices would be consistent with an intermediate-term equity market correction getting underway and would open the door for a test of major technical support near the 200-day moving averages on most North American equity indices.Raymond James technical strategist Javed Mirza shares his top picks; Imperial Oil, Waste Connections and Agnico Eagle Mines.
All three stocks have strengthening technical profiles as price momentum is improving, relative strength is trending higher, and volume is showing signs of institutional buying pressure. In addition, all three stocks are trading above their 50/200-day moving averages confirming short and intermediate-term price trends are up, a strong technical positive.
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