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SYS Daily Report
Tech Leads as S&P 500 and Nasdaq Hit Record Highs
The U.S. stock market started December with strong momentum as technology stocks lifted the Nasdaq Composite and S&P 500 to record highs. The Nasdaq climbed 1% to close at 19,403, while the S&P 500 rose 0.2% to 6,047.15. In contrast, the Dow Jones Industrial Average fell 0.3% to 44,782, snapping a four-day streak of record closes. Gains in large-cap tech stocks stood out as a driving force, with investors continuing to show confidence in the sector despite economic uncertainties.
Nasdaq – Daily Chart
S&P 500 – Daily Chart
Dow Jones Industrial Average – Daily Chart
Notable performers included many of the MAG 7 stocks, such as Apple (AAPL), Meta Platforms (META), and Nvidia (NVDA), all of which saw significant advances. Apple climbed over 1%, crossing a key threshold, while Meta jumped 3.2%, benefiting from renewed investor interest. Nvidia also posted gains, adding 0.3% as it continued its recovery from recent lows. In the earnings sphere, Credo Technology (CRDO) saw its stock surge more than 34% in after-hours trading following positive results, while Zscaler (ZS) tumbled nearly 8% on weaker guidance.
In broader market news, focus is shifting to this week’s economic data, particularly the November jobs report due Friday. Economists expect a 180,000 increase in payrolls, alongside an unemployment rate rise to 4.2% from 4.1%, though some caution that recent weather disruptions may have skewed the numbers. The Federal Reserve’s next policy decision hinges on this data, with markets currently pricing in a 25-basis-point rate cut at the upcoming meeting. The 10-year Treasury yield rose slightly to 4.196%, reflecting ongoing uncertainty about the pace of rate adjustments.
10-Year US Treasury Yield
The Toronto Stock Exchange (TSX) ended the day lower, with the composite index falling 0.2% to 25,590.33. The strength of the U.S. dollar pressured Canada’s resource-heavy market, as commodity prices for gold, copper, and crude oil declined in Canadian dollar terms. The materials sector dropped 0.91%, while the energy sector declined 0.77%. Additionally, the healthcare sector was the day’s worst performer, falling 4.37%, with Bausch Health Companies (BHC.TO) leading the losses. Despite this pullback, the TSX remains up 22% for the year, supported by strong performances in financials and mining. Investors now await quarterly earnings from major Canadian banks, including Royal Bank of Canada (RY.TO) and Toronto Dominion Bank (TD.TO), which will provide further insights into the sector’s resilience.
TSX – Daily Chart
Globally, markets were mixed. The STOXX Europe 600 gained 0.7%, Japan’s Nikkei 225 added 0.8%, and Hong Kong’s Hang Seng rose 0.7%. In the U.S., trading volumes totaled 13.64 billion shares, slightly below the 20-day average, as investors remained cautious amid geopolitical and economic uncertainties. The currency market saw significant movements, with the U.S. dollar strengthening after President-elect Donald Trump renewed tariff threats. The euro weakened, pressured by political uncertainty in France, while the Chinese yuan fell to multi-month lows.
In commodities, gold dropped 0.8% to $2,634.90 per ounce, though it remains up 27.8% year-to-date. Oil prices edged up 0.2% to $68.15 per barrel, ahead of an OPEC+ meeting later this week. Meanwhile, Bitcoin settled near $96,000, slightly below its recent highs.
Bitcoin – Weekly Chart
As the year-end approaches, the market’s focus is sharpening on key economic data and corporate earnings. With technology stocks and the MAG 7 continuing to lead gains, broader indices remain poised for further advances, though risks tied to Federal Reserve policy, geopolitical developments, and economic data persist. Investors should remain vigilant as the potential for volatility increases in this critical period.
“Risk management is not a task; it’s a mindset.” – Mark Minervini
Now, onto the daily setups.
US Daily Setups
AAPL – Apple, Inc.
Apple is now breaking out from the ascending triangle we have been monitoring.
LINK TO CHART – https://schrts.co/apbkqhwF
ANF – Abercrombie & Fitch Co.
Abercrombie & Fitch appears to be setting up in the form of a consolidation/continuation pattern, supported by increasing volume.
LINK TO CHART – https://schrts.co/snhYzchN
MAGS – Roundhill Big Tech ETF
The Roundhill Big Tech ETF, which tracks the ‘Magnificent Seven’ stocks, continues to perform well after our initial technical signals from last week’s scanner results. This ETF was highlighted in the weekend report as it set up in the form of a continuation pennant. Today, price action is attempting to break out from that pennant, alongside bullish price action in most of the ‘Magnificent Seven’ stocks.
LINK TO CHART – https://schrts.co/FsYgHxGR
NCLH – Norwegian Cruise Line Holdings Ltd.
Norwegian Cruise Line Holdings is attempting to break out from a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/xSUQhCcw
NVDA – NVIDIA Corp.
Nvidia appears to be setting up on the right side of a significant multi-month base.
LINK TO CHART – https://schrts.co/skENGhbD
WS – Worthington Steel Inc.
Worthington Steel appears to be setting up as a bullish pennant continuation pattern below its 52-week high and all-time high.
LINK TO CHART – https://schrts.co/uIJzkRME
Canadian Daily Setups
H.TO – Hydro One Limited
Hydro One continues to consolidate along its upward-sloping moving average following the continuation pattern recently highlighted.
LINK TO CHART – https://schrts.co/SfGjrhFk
LULU.NE – Lululemon Athletica inc. – Canadian Depository Receipt
Lululemon is attempting to move higher from its bottoming pattern.
LINK TO CHART – https://schrts.co/CfcyBvCi
MTL.TO – Mullen Group Ltd.
Mullen Group is attempting to break out to a 52-week high.
LINK TO CHART – https://schrts.co/AbiDYpJY
NICU.V – Magna Mining Inc.
Magna Mining is attempting to move higher from the bullish pennant pattern we have been monitoring, which is supported by an increase in volume.
LINK TO CHART – https://schrts.co/rAwhYQNM
PHX.TO – PHX Energy Services Corp.
PHX Energy Services continues to set up near the apex of a symmetrical triangle pattern.
LINK TO CHART – https://schrts.co/NkpqfSsn
PTM.TO – Platinum Group Metals Ltd.
Platinum Group Metals is showing signs of life from the pattern highlighted in the weekend report. Monitor for continued signs of upside momentum.
LINK TO CHART – https://schrts.co/DCeIicWX
To conclude our report, we thank you for your engagement and insights. Your feedback is valuable, 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 – 2024-12-02
SMCI, KULR, PTCT, NBIS, WOOF, MNOV, PL, CANG, ERAS, ZETA, DOYU, ROKU, JKS, ENVX, ADPT, VNET, QUAD, CMTL, ACLX, BZUN, VICR, XNET, DEFTF, ABIT, VSCO, GRWG, DQ, TME, AEHR, PRTH, PROK, SMLR, OPY, GAP, DCTH, SIEB, PCT, ALLT, CAMP, DRUG, EXTR, SCVL, NCLH, EL, XPEV, OMER, TSM, NET, HEAR, TTD, ANF, LENZ, GGAL, AMAT, LFVN, BBAR, ELUT, SQ, URBN, AXGN, DSGN, UAA, ARM, MRVL, CDNA, AVAV, SNBR, SGMO, BLBD, SGHC, CNK, FSLR, LULU, MOS, CRNC, INGN, ONTO, RBLX, TG, TVTX, PRMW, ON, CNXN, DKS, BILI, PBF, DAKT, AEYE, CSTL, MLAB, RELL, TPR, LVS, LOMA, PLBY, GRAB, SQM, AMD, TSAT, FDP, PENN, TSLA, COHR, EXFY, ENR, ALB, ESTC, CAPR, LMB, BMA, CRUS, REAX, ADEA, META, RDWR, WSM, DOCN, MTSI, STGW, XERS, DECK, BURL, NATL, PPIH, BAP, FLXS, VRSN, CUK, DJT, LSCC, AVGO, CBNK, INTA, VCYT, BFH, CDW, CORT, ATEN, CEPU, KTB, DDL, IBTA, NPO, CBT, STRT, SNAP, DNLI, ATRC, AMBP, BEKE, ACVA, BFLY, RERE, SEER, HBI, MGNI, LX, SMH, USLM, ADI, TSCO, HSII, TWST, DSP, SITM, CCL, UTI, MLCO, OMCL, PATH, RNGR, SUPV, DLTR, MWA, TRDA, TEL, OSPN, COIN, CPRX, UPWK, BBW, TTMI, BHE, CCSI, CPSS, SUPN, NL, OII, LUV, EPAC, CRESY, BITW, MATX, ULTA, RSVR, TIGR, WYNN, MKTX, CBL, PSX, ALHC, DOMO, STX, MAGS, QTWO, YSG, MSFT, DAY, ICAD, NHC, BMI, PSFE, DXCM, UNFI, SAP, WB, VITL, WS, MCB, HWKN, QNST, PAM, GILD, WTTR, STEL, HCI, MCRI, UBER, ATLC, GDYN, NEXN, SJM, CFB, GOOGL, UI, NMR, AIRG, AVPT, WWW, GOOG, CF, METV, MOD, BROS, PAY, LW, EVER, MDXG, EA, TRAK, XPO, BBSI, AMZN, BV, CZR, EDN, CCOI, DCOM, VIRT, RDNT, SNPS, SHOO, CVRX, HURN, MBWM, QLYS, BPMC, PPG, SXC, AMSC, XMTR, CMPO, PLXS, ASIX, NFLX, VMEO, BMY, NTRA, ZLAB, MLR, PARA, RZLT, CLSK, A, BSTZ, GLW, SPB, ZWS, APP, KWEB, TRI, CDNS, HNI, MHO, WVE, TECX, NUE, QQQ, MRBK, ESAB, NBXG, ANET, OPRA, LZB, BBY, FVR, IPI, LIT, TEO, IBEX, ABNB, CHD, LGND, WIT, GIL, ERIC, VGT, RCL, ROST, SNEX, AAPL, BSY, XLK, HLIT, CIBR, IIIV, OLLI, TCOM, ZS, AXS, NKE, SLVM, BLX, FOF, HACK, IR, CLBT, DY, FG, SYBT, EMR, TECH, IWF, RL, TEAM, XLY, ATYR, TBRG, VTRS, TGTX, XRT, MDB, XLC, ATMU, ESQ, BUSE, FRPT, ORRF, UFCS, VEL, WEYS, DOCS, ETHE, VLO, WBD, GAMB, KVUE, MYTE, RACE, ZBRA, MOMO, RGLD, C, FFIC, BRC, VERX, BDN, COMP, FFIV, GLNG, HCKT, R, SPOT, FNKO, PLMR, ROK, SLQT, SOLV, CHWY, UVSP, VEON, DKNG, FLEX, TRUP, GPK, RPM, UAL, WAT, AME, FLUT, PANW, CMI, DFH, GBX, HUBG, WDC, YMM, ALGN, APH, HOPE, INFY, MFC, SRTS, BL, GPI, LOVE, REYN, U, ACIW, TEM, ARGT, LIVR, PGC, YUM, CALM, GTES, PRCT, TWLO, VRNS, JETS, NTAP, RELX, CFLT, CTLT, DXPE, FVRR, GRC, INGR, IEX, ZM, CL, SLF, V, ENVA, HNST, NWG, PLL, RVTY, CPAY, KBH, NWS, PATK, PWP, CGBD, EXPD, HTBI, RNR, WDOFF, MDU, DORM, ITCI, KEYS, LKFN, X, AYI, BKNG, OSBC, RVLV, SND, ARKF, BWAY, CB, CRMD, CTSH, DB, FWONA, GLRE, GRMN, TJX, APD, CTBI, INDB, PHIN, ROP, CRS, CVLG, DHF, KVYO, LLYVA, CSCO, SEI, COKE, EDR, CCK, HUBS, ITW, LNTH, AORT, NWSA, ONON, MANH, MD, PFBC, AXTA, BWA, CCS, COST, AZO, BCPC, CRM, IDCC, MGA, DT, IOT, SIL, NRDS, ORLY, FTNT, G, MOG/A, SPFI, VNOM, NVDA, CTVA, GEN, HSBC, MESO, PBH, PVBC, BWIN, HIVE, PG, GCMG, HWC, JD, TLT, CMCSA, ESE, EXPE, HOOD, HTGC, LBTYK, PAYC, ADUS, APOG, BLND, BN, FXI, POST, CAH, CRH, VCTR, ATGE, OMC, SPY, CVX, UNIT, XPH, DD, ISRG, QTUM, SW, ARGX, CCAP, KMB, TILE, TRMB, WMT, HPE, ADT, AGX, CARG, CWAN, GLBE, HCA, IBB, KAI, REVG, YUMC, HQY, MBC, LRN, CHKP, CRTO, IGV, PLYA, RUSHA, BCC, DDOG, VIST, JBHT, SPGI, CPB, CASY, LII, GHM, MORN, RBC, AMAL, DCI, GDDY, PFGC, PLNT, WD, JKHY, GRBK, ITT, MTH
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 – 2024-12-02
NZ.V, SMCI.NE, HODL.CA, LQWD.V, BCT.TO, WOLF.V, DEFI.NE, HITI.V, BOIL.CA, IMP.TO, CMG.TO, TH.TO, RECO.V, DRX.TO, CGX.TO, ATZ.TO, FORA.TO, LULU.NE, G.TO, PTM.TO, NGEX.TO, CGY.TO, Y.TO, KWE.V, TOI.V, TSLA.NE, NICU.V, AMD.NE, FIH/U.TO, WED.V, MX.TO, WELL.TO, META.NE, MVRS.NE, BDI.TO, TA.TO, NTR.TO, MDP.TO, MND.TO, AVGO.NE, DGHI.V, SES.TO, RSI.TO, SAP.TO, SUGR.V, EMX.V, ETHC.NE, ISO.TO, DNG.TO, DOO.TO, SBBC.V, MSFT.NE, VROY.WT.V, TCL/A.TO, LUG.TO, ATH.TO, EU.V, TGH.V, LCS.TO, MTL.TO, OGC.TO, IFC.TO, LNR.TO, RET/A.V, ILLM.TO, CWB.TO, MATR.TO, ATD.TO, ATD/A.TO, L.TO, CEU.TO, GUD.TO, MSA.TO, MRE.TO, UBER.NE, PUR.V, AMZN.NE, TOY.TO, AAV.TO, TRI.TO, CSU.TO, GIL.TO, DLCG.TO, XTG.TO, DHT/UN.TO, CAS.TO, GOOG.NE, FFH.TO, AAPL.NE, SXP.TO, H.TO, MRU.TO, MTY.TO, DOL.TO, NA.TO, WN.TO, PNG.V, QBR/B.TO, CCL/B.TO, ZTL.NE, CTC/A.TO, FTS.TO, ALS.TO, PHX.TO, EMA.TO, CAE.TO, DXT.TO, MFC.TO, SLF.TO, THNC.TO, PIC/A.TO, AFN.TO, ENB.TO, MHC/U.TO, NXR/UN.TO, TFII.TO, BNE.TO, CAR/UN.TO, SBC.TO, EXE.TO, WPK.TO, QSR.TO, AIF.TO, STN.TO, ETHH.TO, GFR.TO, T.TO, BN.TO, CCA.TO, CHE/UN.TO, PBH.TO, WDO.TO, PZA.TO, CGO.TO, NGEN.V, BNT.TO, LB.TO, X.TO, SFC.TO, DFN/PA.TO, DFY.TO, HOM/UN.TO, NWC.TO, TOT.TO, EFX.TO, BEPC.TO, PET.TO, TCW.TO, EIT/UN.TO, EMP/A.TO, ACO/X.TO, CF.TO, CU.TO, FM.TO, COST.NE, ENS.TO, PSK.TO, WSP.TO, BMO.TO, POU.TO, POW.TO, VVSG.TO
