Javed Mirza's Top Picks: May 10, 2023

Top picks from Javed Mirza, analyst, Canaccord Genuity.

FOCUS: Technical analysis

MARKET OUTLOOK:

Our work shows that a new short-term (two to four week) equity market rally phase is attempting to get underway, and we believe this would be confirmed by a breakout above the April highs on the S&P 500, TSX Composite Index, and the Russell 2000. The Nasdaq 100 closed above the April highs last Friday, which strongly suggests the S&P 500, TSX Composite, and the Russell 2000 are likely to follow suit.