SYS Research – Daily Report – Monday, April 15, 2024

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: 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 meeting to address your specific requirements and provide you with the guidance you need.

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SYS Daily Report

Market Volatility Surges Amid Rate Cut Uncertainty and Middle East Tensions

Stocks experienced another decline on Monday, driven by a surge in bond yields and heightened volatility fueled by concerns over the timing of interest rate adjustments and escalating tensions in the Middle East. Today’s scanner results continue to reflect lackluster performance. Exercise caution and prudence in navigating the current market conditions is suggested, as trading can be an uphill struggle when the indexes roll over. Those adhering to system rules may find themselves holding significant levels of cash, having activated stop-loss orders. This positions them with dry powder to capitalize when new opportunities emerge.

The Dow Jones Industrial Average retreated approximately 250 points, representing a 0.7% decrease. Similarly, the S&P 500 experienced a 1.2% downturn, while the Nasdaq Composite fell by 1.8%. The Dow’s recent trend is notable, with declines recorded in 10 out of the past 11 trading days—a sequence not observed since late February 2020. Additionally, the Nasdaq and S&P 500 closed below their 50-day moving average, marking the first occurrence since early November.

Dow Jones Industrial Average – Daily Chart

S&P 500 – Daily Chart

Nasdaq – Daily Chart

The yield on the benchmark 10-year U.S. Treasury note surged to 4.628% on Monday, reflecting an increase from Friday’s 4.499% and a significant rise from the 3.860% recorded at the end of the previous year. Despite this uptick, it remains below the approximately 5% level reached last October.

10-Year US Treasury Yield

In the words of Howard Marks, “The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism.” As we navigate these fluctuations, let’s delve into the daily setups.

US Daily Setups

ATKR – Atkore International Group Inc.

Atkore shows signs of a bull flag continuation pattern during consolidation. Monitor for any signs of potential breakout signals.

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

 

DRS – Leonardo DRS, Inc.

Leonardo DRS is appearing on momentum scans today as the PPO momentum indicator attempts to curl higher. Keep an eye on this technical pattern for potential signs of upside momentum.

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

 

HEI – Heico Corp.

Heico appears to be forming a bullish triangle continuation pattern, coinciding with the PPO momentum indicator’s upward movement from the zero line.

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

 

MCY – Mercury General Corp.

Mercury General appears to be forming a series of bullish continuation patterns.

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

 

VLTO – Veralto Corp.

Veralto is being highlighted on momentum scans as its price action sets up on the right side of a continuation pattern. Monitor for a potential breakout.

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

 

WFC – Wells Fargo & Co.

Wells Fargo is currently consolidating near its 52-week high. Keep a close watch for any potential indications of the uptrend continuing, especially as relative strength begins to show signs of breaking out.

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

 

Canadian Daily Setups

FWZ.V – Fireweed Metals Corp.

Fireweed Metals is acting well as price action endeavors to break out from the pattern recently identified. Continued observation may reveal further insights into potential market movement.

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

 

MDI.TO – Major Drilling Group Intl, Inc.

Major Drilling appears to be setting up on the right side of a bottoming base pattern. Monitor for potential signs of upside momentum.

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

 

PKI.TO – Parkland Fuel Corp.

Parkland Fuel is currently attempting to break out from a continuation wedge pattern, which is accompanied by notable volume. Monitoring volume dynamics closely could provide further confirmation of the breakout.

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

 

SIS.TO – Savaria Corp.

Savaria appears to be setting up on the right side of a significant multi-year consolidation pattern. This setup could signal a potential breakout in the near future. Keeping a close eye on price action within this pattern may provide valuable insights into future market movements.

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

 

VLE.TO – Valeura Energy Inc.

Valeura Energy is attempting to trend from a continuation pattern following a recent surge in volume.

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

 

WRLG.V – West Red Lake Gold Mines Ltd.

West Red Lake Gold Mines has successfully broken out from the pattern recently highlighted, and exhibits continued positive price action.

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

To bring our report to a close, we thank you for your engagement and insights. Your feedback is of great value, and we encourage you to share your recommendations. Stay attentive to the Daily Setups, the Workspace, and the Watchlists for emerging opportunities. Additionally, be sure to explore the scanner result PDFs provided below. Until next time, happy trading!

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.

EXPORT – US Watchlist Scan – 2024-04-15

ARCB, ATKR, CAG, CECO, CPNG, DRS, FOX, GIS, GLD, GLRE, HEI, IDR, IZM, KHC, KMB, KOP, LEVI, MCY, MTB, NGS, NR, NTB, OSCR, SCHW, SLV, TGLS, USAP, USO, VLTO, WFC, WIRE

 

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.

EXPORT – Canadian Scanner Results – 2024-04-15

AIDX.TO, ALA.TO, ARG.TO, ATD.TO, ATD/A.TO, BLN.TO, BRAG.TO, CEU.TO, CF.TO, CMG.TO, CPH.TO, DOL.TO, ETG.TO, ETL.V, FIH/U.TO, GAU.TO, GEO.TO, GPAC.V, HME.V, HPS/A.TO, HWO.TO, IAU.TO, IFOS.V, ILLM.TO, IVN.TO, JAG.TO, KEY.TO, KRR.TO, KTN.V, L.TO, MARI.TO, MDI.TO, MSA.TO, NWC.TO, PKI.TO, PRYM.TO, PSLV.TO, PUR.V, SIS.TO, SVM.TO, TIH.TO, TVK.TO, VLE.TO, VZLA.V, WILD.TO, WRLG.V

 

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