TSX: Shopify, FM, CLS Show Key Momentum Shifts

The TSX market is currently demonstrating an improving breadth, with the Altra Market score at 61.5. This indicates a market texture where 60.0% of stocks are trading above their 20-day and 50-day Exponential Moving Averages (EMAs), and 66.67% are above their 200-day EMA. While the 15-day score trend is positive, up 4.5 points, the advances and declines are nearly balanced at 31 to 29, suggesting that selectivity remains key for traders and investors. In this environment, individual stock momentum can paint a diverse picture, even within sectors that are still in a recovery phase.

The Altra Score quantifies a stock's momentum from 0 to 100 by analyzing Exponential Moving Average (EMA) alignment and Relative Strength Index (RSI) trends across daily, weekly, and monthly timeframes, with higher scores indicating stronger bullish momentum. The broader Altra Market score reflects overall market breadth by measuring the percentage of stocks trading above key EMAs, providing a snapshot of the market's underlying texture. Similarly, the Altra Sector score applies this momentum analysis at the sector level, along with a relative strength rank against other sectors.

Shopify Inc. (SHOP)

Shopify Inc. experienced a significant shift in its momentum on July 9, 2026, as its Altra Score jumped from 47.6 (Neutral) to a strong 76.8 (Bullish). This notable increase signals a surge in bullish interest for the e-commerce giant. The stock is currently trading above its key EMAs, a classic technical indicator of strength. Its daily Relative Strength Index (RSI) registers at 62.46, pointing to increasing buying pressure in the short term, even as its weekly (52.08) and monthly (50.55) RSIs remain in more neutral territory.

This bullish development for Shopify unfolds within the CA Technology sector, which currently holds an Altra Sector score of 54.0 and ranks 3rd overall, still classified as bearish. The sector is described as "still lagging but starting to turn up," evidenced by its 4-week RS trend of -3.17 and an EMA spread of -6.74, though its RS RSI is 47.6. Despite the broader sector's cautious outlook, SHOP's individual momentum is robust. The stock had also shown a long-term positive signal with a bullish 8-week/30-week EMA crossover back in November 2023, reinforcing a potentially strong underlying trend despite not being fully top-down aligned with its sector's current status.

First Quantum Minerals Ltd. (FM)

First Quantum Minerals Ltd., a key player in the CA Materials sector, also demonstrated a notable upward momentum shift on July 9, 2026. Its Altra Score transitioned from a Bearish 38.7 to a Bullish 60.3, marking a clear change in sentiment. Like Shopify, FM is trading above its key EMAs, signaling technical strength. Its monthly RSI is particularly strong at 66.68, suggesting sustained long-term buying interest, complemented by a weekly RSI of 53.68, while the daily RSI is near neutral at 49.03.

The CA Materials sector, with an Altra Sector score of 41.0 and ranked 5th, is also in a bearish regime, similar to CA Technology. The sector is also characterized as "still lagging, but starting to turn up," showing a 4-week RS trend of -0.87, an EMA spread of -3.17, and an RS RSI of 42.6. FM's bullish 8-week/30-week EMA crossover occurred more recently, in March 2024, indicating a developing longer-term positive trend. The stock's individual strength suggests it may be carving out its own path even within a sector that is still finding its footing.

Celestica Inc. (CLS)

In contrast to the bullish shifts seen in Shopify and First Quantum Minerals, Celestica Inc., another CA Technology component, experienced a deceleration in its momentum. On July 9, 2026, CLS's Altra Score declined from 69.0 (Bullish) to 54.8 (Neutral). While this indicates a cooling of previously strong momentum, the stock still remains above its key EMAs, suggesting that while the pace has slowed, it hasn't necessarily reversed into a bearish trend.

Celestica's daily RSI has moved to 47.94, settling into a more neutral range, but its weekly (55.35) and monthly (70.57) RSIs still reflect considerable underlying strength. This implies that the recent change might be a short-term consolidation or pause in an otherwise robust longer-term uptrend. Operating within the same CA Technology sector as Shopify (Altra Sector score 54.0, rank 3, bearish), CLS's individual trajectory highlights the nuances of stock-specific analysis. The stock's bullish 8-week/30-week EMA crossover in December 2023 further underscores its positive longer-term technical structure, despite the recent moderation in its Altra Score.

These varied momentum shifts across Shopify, First Quantum Minerals, and Celestica underscore the dynamic nature of the TSX market. Even as the broader market shows improving breadth, and sectors like Technology and Materials gradually turn up from lagging positions, individual stocks exhibit distinct momentum patterns. These insights highlight the importance of granular, data-driven analysis to identify high-probability setups within evolving market conditions.

What is the Altra Score? The Altra Score is AltraOne's proprietary momentum score for individual stocks, ranging from 0 to 100. It measures EMA structure and RSI momentum across multiple timeframes. A score above 60 is Bullish, below 40 is Bearish, and 40–60 is Neutral. The score is updated every trading day after market close based on end-of-day data.

Explore the full Signal History on AltraOne to see every EMA crossover signal across your watchlist — going back 52 weeks. The weekly EMA crossover is AltraOne's highest-conviction intermediate momentum signal; the Signal History page lets you track how these have played out over time.

Altra Score is a momentum indicator reflecting EMA alignment and RSI trend across daily, weekly, and monthly timeframes. It is not investment advice. Past momentum does not guarantee future performance. Please consult a SEBI-registered advisor before making investment decisions.