The Toronto Stock Exchange does not have a chance at ending this year higher unless Canadian bank stocks improve, a technical strategist says.
Speaking with BNN Bloomberg on Tuesday, Strategas Research Partners’ ETF and technical strategist, Todd Sohn, said bank underperformance is the main barrier standing in the way of positive year-end returns for Canadian equity markets.
The S&P/TSX Composite Index Banks has underperformed its broader index since March, back when Silicon Valley Bank collapsed and sent shockwaves through global financial markets. Tech has also been a factor in the TSX underperforming against the S&P 500 this year, as Canadian markets were left out of the mega-cap tech rallies that pushed the S&P into a new bull market.
“We’re OK with the top five stocks on the S&P weighing nearly a quarter of the index. It’s OK if the equal weight underperforms for now.”
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