SYS Research – Daily Report – Friday, September 22, 2023

Notice: The Daily Setups are provided for informational purposes only and are not intended as a stock-picking service. The charts and information provided are intended to aid research and analysis and should only be used as indicators. They should not be considered as a direct trigger to buy or sell any security. The creator assumes no responsibility for any actions readers take and strongly advises each individual to fully understand the risks and potential consequences before making any investment decisions. Please note that the charts shared are not intended as signals to buy or sell but as a tool to add to your watchlist and analyze according to your trading ability. Remember that not all charts will result in buy or sell actions at any time.

Just a friendly reminder: We update the sector chartists every weekend. We highly recommend that you take some time to browse and create your watchlist. Please pay close attention to the Daily Setups and Workspace scan results for potential future additions to stay ahead of the game.

If you’re facing challenges understanding the Daily Setups or need help crafting a trading strategy, don’t hesitate to ask for assistance. You can contact me via email at info@setyourstop.com or reach me through the Workspace. Let’s schedule a Zoom meeting to address your specific requirements and provide you with the guidance you need.

 

SYS Daily Report

The stock market endured a significant correction over the past week as a more hawkish stance from the Federal Reserve regarding rate hikes propelled Treasury yields to remarkable heights. This surge in yields prompted the major indices to breach critical support levels, dealing substantial blows to leading equities. On Friday, the S&P 500 declined by 0.2%, culminating in a weekly loss of 2.9% – the index’s most dismal performance since March, marking a disheartening third consecutive weekly setback.

Meanwhile, the Nasdaq Composite experienced a 0.1% dip on Friday and found itself in the throes of its third consecutive week of losses, with technology shares absorbing the brunt of the recent market downturn. The Dow Jones Industrial Average fared no better, closing 0.3% lower on Friday. A noteworthy catalyst in this tumultuous landscape was the startling ascent of the 10-year Treasury yield, surging by 12 basis points to a staggering 4.44%. Thursday saw its peak at 4.49%, a level not witnessed since October 2007.

In this environment, the U.S. dollar continued its enduring streak of weekly gains, with Friday being no exception. As the stock market enters correction territory, prudent investors are understandably reining in their appetite for risk. According to LSEG Lipper data, U.S. investors acted as net sellers of mutual funds and exchange-traded funds during the week, withdrawing a significant $16.8 billion by Wednesday’s close.

In times such as these, it’s imperative to exercise caution and refrain from initiating new positions. Attempting to predict the precise onset of a fresh market rally is a perilous endeavor. Instead, adopt a posture of readiness. As the Chartered Market Technician (CMT) doctrine instructs, we react to prices rather than making speculative predictions. Ensure your watchlists remain diligently updated as you navigate these turbulent waters.

US Daily Setups

AIZ – Assurant Inc.

Assurant is currently making an effort to establish an upward trend, following a bottoming base formation.

LINK TO CHART – https://schrts.co/BYzYVMtI

 

CCJ – Cameco Corp.

Cameco recently found support at the 21-exponential moving average and is establishing a position just below its 52-week highs. Monitor the stock for a potential continuation of the uptrend.

LINK TO CHART – https://schrts.co/DBzCUHbP

 

CF – CF Industries Holdings, Inc.

CF Industries is displaying resilience in the turbulent market, with its price action consistently holding above the moving averages. Keep a close watch for the potential emergence of an upward trend from the bottoming base.

LINK TO CHART – https://schrts.co/tXiCcBIF

 

SFM – Sprouts Farmers Market Inc.

Sprouts Farmers Market continues to exhibit strength, even in the face of overall market weakness.

LINK TO CHART – https://schrts.co/EKfanWqx

 

SLV – iShares Silver Trust

The iShares Silver Trust ETF continues to trade steadily as an apex of a triangle pattern begins to take shape. Keep a watch on this pattern for a potential directional breakout.

LINK TO CHART – https://schrts.co/sAHNSrCP

 

URA – Global X Uranium ETF

The Global X Uranium ETF and the uranium sector witnessed a resurgence in momentum today as price action surged higher off the 21-exponential moving average from a bull flag continuation pattern on most charts. Keep a close watch for a continuation of the uptrend.

LINK TO CHART – https://schrts.co/yEPDwMhq

 

Canadian Daily Setups

CCO.TO – Cameco Corp.

Cameco recently found support at the 21-exponential moving average and is establishing a position just below its 52-week highs. Monitor the stock for a potential continuation of the uptrend.

LINK TO CHART – https://schrts.co/XbWaXkMm

 

DML.TO – Denison Mines Corp.

Denison Mines has recently surged higher from a bull flag pattern and is now positioned below its 52-week highs. Monitor the stock for a potential continuation of the uptrend.

LINK TO CHART – https://schrts.co/wWDbEPhp

 

EFR.TO – Energy Fuels, Inc.

Energy Fuels is in sync with the recent momentum in uranium stocks, as it has recently surged higher from a bull flag pattern and is currently poised just below its 52-week highs. Watch for a potential breakout.

LINK TO CHART – https://schrts.co/XdfddCzT

 

FCU.TO – Fission Uranium Corp.

Fission Uranium is consolidating just below its 52-week high. Keep a watchful eye for a potential breakout.

LINK TO CHART – https://schrts.co/qKVmcVQs

 

FFH.TO – Fairfax Financial Holdings Ltd.

Fairfax Financial is demonstrating relative strength as it maintains an uptrend above its moving average.

LINK TO CHART – https://schrts.co/YZshUcTX

 

U/UN.TO – Sprott Physical Uranium Trust

Sprott Physical Uranium Trust continues to exhibit an upward trend, maintaining its position above its moving averages.

LINK TO CHART – https://schrts.co/jACGGMQw

 

US Scanner Results

Click on the CandleGlance chart to view it in full size. Find a chart that matches your criteria or interests. You can easily save it to your watchlist on StockCharts.com for further analysis and tracking or copy and paste the ticker list into your chart provider.

 

Canadian Scanner Results

Click on the CandleGlance chart to view it in full size. Find a chart that matches your criteria or interests. You can easily save it to your watchlist on StockCharts.com for further analysis and tracking or copy and paste the ticker list into your chart provider.

 

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