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.
Sample Trading System
The following trading system is presented as an educational example and should not be interpreted as financial advice. Past performance does not guarantee future results, and trading involves inherent risks. Please consult with a qualified financial advisor before implementing any trading strategies.
SYS Daily Report
S&P 500 Snaps Six-Day Losing Streak Amid Inflation and Earnings Focus
The S&P 500 halted its six-day slide as traders seized the opportunity to buy on the dip ahead of pivotal updates on corporate earnings, spotlighted in the weekend report. However, gains were tempered in the final hour of trading following the rebound of short-term indicators from their oversold levels. While some fixate on index movements, it’s crucial not to overlook emerging opportunities. Take, for instance, the recent bullish breakout in Wells Fargo’s price action over the past three days. Focusing solely on bottom-picking could have led investors to miss this promising technical setup as it unfolded. Therefore, it’s imperative to construct watchlists and prioritize setups demonstrating relative strength, as they often presage market reversals.
Wells Fargo – Daily Chart
The S&P 500 surged by 0.9%, putting an end to its six consecutive days of losses, with all 11 sectors of the benchmark index closing higher. The Nasdaq Composite, heavily weighted in tech, climbed 1.1% following last week’s 5.5% downturn. Meanwhile, the Dow Jones Industrial Average, representing blue-chip stocks, rose by 0.7%, equivalent to approximately 254 points. Year-to-date, the S&P 500 maintains a 5% gain, despite a 4.6% decline this month.
S&P 500 – Daily Chart
Nasdaq – Daily Chart
Dow Jones Industrial Average – Daily Chart
The yield on the 10-year Treasury note inched up to 4.622% from 4.613% on Friday.
10-Year US Treasury Yield
As we analyze the daily setups, let’s recall the wisdom of Robert Arnott: “In investing, what is comfortable is rarely profitable.” Seizing the technical signal in Wells Fargo amidst market turmoil exemplifies the value of stepping out of one’s comfort zone. Now, let’s turn our attention to the daily setups.
US Daily Setups
C – Citigroup, Inc.
Citigroup is currently attempting to ascend from a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/ScwURyDS
DB – Deutsche Bank AG
Deutsche Bank is poised for a potential breakout to a 52-week high. It’s important to note that they report earnings on the 25th. Holding a stock through earnings carries inherent risk, particularly without downside protection against gap risk.
LINK TO CHART – https://schrts.co/EJWhHqgh
GM – General Motors Co.
General Motors is currently structured in a bullish flag continuation pattern. With earnings scheduled for tomorrow, observing how the stock responds to the report is crucial before acting.
LINK TO CHART – https://schrts.co/pMRSxmGr
GS – Goldman Sachs Group, Inc.
Goldman Sachs is beginning to ascend from a bullish flag continuation pattern situated below its 52-week high.
LINK TO CHART – https://schrts.co/cxuKchVQ
LPG – Dorian LPG Ltd.
Dorian LPG continues to form below a horizontal resistance/trigger line. The presence of large volume by price bars on the left side of the chart is worth noting, indicating significant accumulation during this pattern. Keep a close watch for any potential indications of the uptrend’s continuation.
LINK TO CHART – https://schrts.co/whZZJbWg
MCY – Mercury General Corp.
The setup for Mercury General persists in moving higher, printing a new 52-week high today. It’s important to acknowledge that they are scheduled to report earnings on the 30th.
LINK TO CHART – https://schrts.co/kSHGWbFw
Canadian Daily Setups
AEP.V – Atlas Engineered Products Ltd.
Atlas Engineered Products printed another new 52-week high today, indicating sustained positive momentum. However, it’s worth noting that this price action is occurring in the lead-up to their earnings report.
LINK TO CHART – https://schrts.co/IFriYsVX
ATD.TO – Alimentation Couche-Tard, Inc.
Alimentation Couche-Tard is pressing up against the underside of horizontal resistance. Keep an eye out for any potential breakout signals.
LINK TO CHART – https://schrts.co/EbCIMdCN
CTS.TO – Converge Technology Solutions Corp.
Converge Technology is a setup that was discussed earlier in the morning within the Slack workspace. Currently, price action is breaking upwards from a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/ZxVrcwGc
DFY.TO – Definity Financial Corp.
Definity Financial continues to develop on the right side of a continuation pattern. Keep a close watch for any potential indications of upside momentum.
LINK TO CHART – https://schrts.co/vIfSzMWi
DSG.TO – The Descartes Systems Group, Inc.
The Descartes Systems continues to exhibit relative strength compared to the broader market as price action consolidates following its continuation pattern breakout.
LINK TO CHART – https://schrts.co/rrCfzMAZ
TSU.TO – Trisura Group Ltd.
Trisura continues to consolidate, following a bullish continuation pattern. Watch for any potential signs of upside momentum, especially since the PPO momentum indicator has just executed a bullish cross.
LINK TO CHART – https://schrts.co/UHKBgHSb
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 – 2024-04-22
AAL, AAON, ABBV, ACGL, ADP, AEE, AEL, AEP, AER, AFRM, AGM, AGYS, AIG, AIR, ALAR, ALKT, ALL, ALV, AM, AMAL, AMGN, AMK, AMP, AMR, ANF, AOS, APA, APH, APO, ARCO, ARE, ARES, ARIS, AROC, ASR, ATKR, ATO, ATR, AVB, AX, AXP, BABA, BAC, BAESY, BAH, BALL, BAM, BAX, BBVA, BBW, BCO, BCSF, BECN, BG, BITO, BITQ, BITW, BK, BLK, BLOK, BMA, BMI, BPOP, BRBR, BRK/B, BSX, BSY, BWMX, BXP, BZ, C, CACI, CAG, CAPL, CARG, CASY, CB, CBRE, CBT, CBZ, CCEP, CDLX, CECO, CENT, CFB, CFG, CGBD, CHCO, CHD, CHRD, CI, CINF, CIVI, CL, CLSK, CLX, CMA, CME, CMS, CNA, CNC, CNO, CNP, CNX, COF, COIN, COOP, CPA, CPAY, CPB, CPNG, CPT, CROX, CRS, CSTM, CSWC, CSWI, CTLT, CTRA, CTSH, CTVA, CUBI, CUK, CVLT, CVX, CW, CXT, D, DAC, DAL, DB, DDS, DELL, DFIN, DFS, DGX, DKS, DLB, DMLP, DOC, DRI, DSGX, DTE, DVA, DVN, DY, E, EAT, EBAY, ED, EDU, EG, EHC, EIX, EL, ELMD, ELV, EMN, ENLC, EOG, EPAC, EQIX, EQR, EQT, ERJ, ES, ESS, ESTC, ET, ETN, ETR, ETRN, EVR, EVRG, EWBC, EXC, EXPE, F, FANG, FBP, FCNCA, FDIG, FDX, FE, FIS, FLUT, FNF, FROG, FRT, FSLR, FSV, FTAI, FTI, GBDC, GBTC, GCT, GD, GEL, GFF, GIB, GIFI, GIII, GIS, GLW, GM, GNTX, GOLF, GOOG, GOOGL, GPC, GPI, GPK, GPN, GPOR, GRVY, GS, GSK, GWRE, HAS, HBAN, HCC, HCI, HEI, HES, HESM, HIBB, HIG, HII, HLNE, HNI, HOLX, HON, HOV, HQY, HRB, HRL, HSIC, HTGC, HWKN, IBCP, IBKR, IBN, IBOC, ICLR, IDCC, IDR, IESC, IEX, IFF, IHG, IIPR, ILMN, IMO, ING, INSW, IOT, IQV, IREN, IRM, ITCI, ITRI, IWM, JCI, JETS, JPM, K, KB, KBH, KD, KDP, KEX, KHC, KMB, KNSL, KNTK, KO, KOF, KR, KRE, L, LAUR, LDOS, LEVI, LH, LHX, LINC, LMND, LNC, LNT, LOB, LPG, LUV, LWAY, MAA, MAIN, MARA, MBIN, MBWM, MCK, MCY, MDT, MET, MHK, MKC, MLI, MMM, MO, MOG/A, MORN, MPLX, MRK, MRNA, MS, MSA, MSCI, MSI, MSTR, MTB, MUFG, NBIX, NCLH, NDAQ, NEE, NGS, NI, NMIH, NMM, NOA, NOC, NOG, NS, NSC, NSSC, NTB, NTRS, NVO, NWS, NWSA, O, OBDC, OC, OFG, OKE, OMC, OSCR, OSIS, OSK, OTIS, OWL, OZK, PATK, PAYX, PBA, PBPB, PBR/A, PCG, PDD, PEG, PEP, PFBC, PFG, PG, PHM, PIPR, PM, PNC, PNTG, PNW, POST, POWL, POWW, PPL, PRCT, PRDO, PRI, PRIM, PRMW, PRU, PTC, PUBM, PWP, PXD, QCRH, QFIN, QLYS, QSR, QTRX, RAMP, RCL, RDNT, RDY, RELX, REVG, REX, RF, RGA, RHI, RJF, RL, ROP, RPM, RRC, RSG, RSP, RYAAY, RYAN, SAH, SANM, SCHW, SCS, SDRL, SEIC, SFM, SHEL, SKT, SKWD, SKX, SMR, SNX, SO, SOFI, SPG, SPSC, SQSP, SRE, SRUUF, SSD, STE, STEP, STT, STX, SUN, SWBI, SWN, SYF, SYY, TAP, TCOM, TDG, TEAM, TEL, TFC, TKR, TMDX, TMHC, TNET, TPG, TPH, TRGP, TRI, TRIN, TRIP, TRNS, TSN, TSQ, TTE, TXRH, TXT, TYL, UAL, UDR, UGP, UMBF, UNM, UNP, UPBD, UPS, URB, USAP, USB, V, VCTR, VERX, VIST, VIV, VLTO, VRNS, VRRM, VRTX, VVV, WAB, WABC, WAL, WBS, WCN, WEC, WES, WFC, WFRD, WGMI, WHD, WING, WMB, WMT, WRB, WTFC, WTS, XLE, XLF, XLP, XLRE, XLU, XOM, XOP, XYL, YPF, YUM, ZWS
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 – 2024-04-22
AC.TO, ACT.CA, AEP.V, AIDX.TO, AMC.TO, AP/UN.TO, APR/UN.TO, AQN.TO, ATD.TO, ATD/A.TO, ATRL.TO, AX/UN.TO, BAM.TO, BAM/A.TO, BB.TO, BBD/B.TO, BDI.TO, BDT.TO, BEI/UN.TO, BITF.TO, BK.TO, BLX.TO, BMO.TO, BN.TO, BOS.TO, BRK.NE, BTE.TO, CAR/UN.TO, CCL/B.TO, CGX.TO, CHP/UN.TO, CJ.TO, CNR.TO, CP.TO, CRR/UN.TO, CRRX.TO, CTS.TO, CVE.TO, D/UN.TO, DC/A.TO, DF.TO, DFN.TO, DFN/PA.TO, DFY.TO, DGS.TO, DIR/UN.TO, DOL.TO, DRDR.TO, DSG.TO, E.TO, EIT/UN.TO, ELO.TO, EMP/A.TO, ENB.TO, EQB.TO, ERE/UN.TO, ERF.TO, ETHC.NE, ETL.V, EXE.TO, FAP.TO, FCD/UN.TO, FCR/UN.TO, FFN.TO, FN.TO, FSZ.TO, FTN.TO, FTS.TO, GDC.TO, GIB/A.TO, GOOG.NE, GPAC.V, GSY.TO, GUD.TO, H.TO, HIVE.V, HOM/UN.TO, HUT.TO, IFC.TO, IIP/UN.TO, ILLM.TO, IMO.TO, IPO.TO, KEL.TO, KEY.TO, KMP/UN.TO, L.TO, LB.TO, LCX.V, LFE.TO, LNR.TO, LSPD.TO, MG.TO, MI/UN.TO, MRE.TO, MRG/UN.TO, NA.TO, NGEX.TO, NNRG.NE, NVA.TO, NWC.TO, NXR/UN.TO, ONC.TO, PET.TO, PEY.TO, PHX.TO, PKI.TO, PLSR.V, PMZ/UN.TO, POU.TO, PPL.TO, PRMW.TO, PRQ.TO, PRV/UN.TO, PTK.V, QSR.TO, QTRH.TO, RML.V, RY.TO, SAP.TO, SGR/UN.TO, SIA.TO, SIS.TO, SOY.TO, SU.TO, SYZ.TO, TD.TO, TF.TO, TIH.TO, TOU.TO, TRI.TO, TRP.TO, TRZ.TO, TSU.TO, U/U.TO, VISA.NE, VNP.TO, WELL.TO, WN.TO, WRN.TO, X.TO
