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
September’s volatility persists, as the S&P 500 futures briefly surged above its 50-day moving average at the market open while the index failed at the underside. This serves as a stark reminder of how challenging it can be to predict index movements. In my personal approach, I tend to allocate less attention to the S&P 500 because, at any given time, there could be around 450 charts within that index that hold little relevance for my analysis.
This ongoing volatility further underscores the idea that fixating on the S&P 500 can lead traders to overlook stocks performing well. Historically, some of my most profitable trades have occurred during periods when the S&P 500 showed weakness. This is often when sectors emerge that have little correlation with the benchmark.
My primary objective is to generate profits rather than engaging in minute-by-minute analysis that can create a false bias. Therefore, I remain focused on identifying sector-specific opportunities that can thrive while others are distracted.
In the fast-paced world of stocks and trading, it’s essential to keep your wits about you. As Warren Buffett once wisely remarked, ‘The stock market is designed to transfer money from the Active to the Patient.’ And let’s face it, we could all use a little more patience in our lives, especially when it comes to our analysis.
Imagine this: You find yourself in the midst of a hectic trading day, watching stocks bounce up and down like a hyperactive kangaroo. Your stress level is skyrocketing faster than a rocket bound for Mars. That’s when Buffett’s sage advice comes to mind. Instead of frantically clicking ‘buy’ and ‘sell,’ you pause, take a deep breath, step away from your computer, and decide to go for a walk.
During your stroll, you come to a profound realization – the market will still be there when you return. And just like that, once you’ve crafted a reliable trading strategy, it transforms from a chaotic rollercoaster ride into a peaceful walk. You’ve become one of the ‘patient’ ones, just as Warren intended.
Now, let’s get into the daily setups, and be sure to catch the weekend report, where I’ll provide an in-depth review of the week’s market highlights.
US Daily Setups
VLO – Valero Energy Corp
Valero Energy is positioned on the right side of a substantial basing pattern, positioned just below a new all-time high. Keep a close watch for any signs of a continuation in upside momentum, as this could potentially lead to a breakout.
LINK TO CHART – https://schrts.co/mPPbXwSC
UBER – Uber Technologies, Inc.
Uber has consolidated, forming an apex within a continuation pattern situated just below its 52-week highs. Keep a vigilant eye for signs of upward momentum, as it could pave the way for a breakout and indicate a continuation of the uptrend.
LINK TO CHART – https://schrts.co/hkZCyCey
MSFT – Microsoft Corp.
Microsoft has undergone consolidation, taking the form of a bull flag continuation pattern, or one could describe it as having formed a handle on the right side of a notable cup base. This pattern is positioned just below new all-time highs. Be attentive to any signs indicating a continuation of the upside momentum, as it could result in a breakout, implying the continuation of the uptrend.
LINK TO CHART – https://schrts.co/cusbAAKZ
MAR – Marriott International, Inc.
Marriott seems poised within a bullish continuation pennant pattern, positioned just below its 52-week highs. Be on the lookout for any potential breakout signals.
LINK TO CHART – https://schrts.co/fuWqttau
EOG – EOG Resources, Inc.
EOG Resources is currently positioned at the upper trendline and horizontal resistance level of a substantial multiyear consolidation/continuation pattern. Keep a close watch for any potential breakout, as it could indicate the continuation of the uptrend.
LINK TO CHART – https://schrts.co/CiutvnBY
CF – CF Industries Holdings, Inc.
CF Industries appears to be breaking out from a notable continuation pattern, successfully surpassing horizontal resistance. Furthermore, the weekly PPO momentum indicator is making an attempt to cross back above the zero line, indicating a potential shift in momentum.
LINK TO CHART – https://schrts.co/hpbfNPsn
Canadian Daily Setups
BAM.TO – Brookfield Asset Management Ltd.
Brookfield Asset Management is positioned on the right side of a significant cup base, currently situated just below new highs. Keep a close watch for any signs of upward momentum, as it could potentially lead to a breakout.
LINK TO CHART – https://schrts.co/FdCzPhur
MDA.TO – MDA Ltd.
MDA is currently consolidating just below its 52-week highs. Be attentive to signs indicating a continuation in upside momentum, as this could potentially lead to a breakout.
LINK TO CHART – https://schrts.co/YtaRPayz
NVA.TO – NuVista Energy Ltd.
NuVista Energy is making an attempt to break out from a significant basing pattern, which takes the form of a continuation triangle.
LINK TO CHART – https://schrts.co/rSivDxXK
OBE.TO – Obsidian Energy Ltd.
Obsidian Energy is in the process of trending higher, stemming from a giant continuation pattern.
LINK TO CHART – https://schrts.co/wxaEZMDR
OVV.TO – Ovintiv Inc
Ovintiv is currently consolidating within a bull flag or continuation pennant pattern. It’s worth noting the presence of a large volume by price bar, indicating accumulation within this pattern. Be watchful for any signs pointing to the continuation of the uptrend.
LINK TO CHART – https://schrts.co/ZyTsXvWD
STEP.TO – STEP Energy Services Ltd.
Step Energy Services seems to be in the process of initiating a breakout from a notable falling wedge continuation pattern.
LINK TO CHART – https://schrts.co/DQVweXGN
US Scanner Results
Click on the CandleGlance chart to view it in full size, and if you find a chart that fits your criteria or interests, you can easily save it to your watchlist for further analysis and tracking.
Canadian Scanner Results
Click on the CandleGlance chart to view it in full size, and if you find a chart that fits your criteria or interests, you can easily save it to your watchlist for further analysis and tracking.