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 meeting to address your specific requirements and provide you with the guidance you need.
Sample Trading System
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SYS Daily Report
S&P 500 Retreats from Record High as Hopes for Fed Rate Cut Diminish
In Monday’s trading session, stocks experienced a decline as the market confronted a busy week of earnings releases. The S&P 500, following a two-day winning streak, retreated from its record high, while bond yields surged, signaling dwindling expectations for a Federal Reserve interest-rate cut next month.
The Dow Jones Industrial Average concluded the day with a 274-point drop, equivalent to a 0.71% decrease. The S&P 500 saw a 0.32% decline, and the tech-centric Nasdaq Composite experienced a 0.2% dip. All three major indexes remain well-positioned above their 21-exponential day moving averages.
Dow Jones Industrial Average – Daily Chart
S&P 500 – Daily Chart
Nasdaq – Daily Chart
Marking a second consecutive day of increases, the benchmark 10-year Treasury yield closed at 4.164%. Notably, the yield has risen by almost one-third of a percentage point since Thursday, marking its most substantial two-day gain since June 2022. The escalation in bond yields serves as an indicator that investors are now anticipating a delayed timeline for the Fed to implement rate cuts, as bond yields tend to rise when prices fall.
10-Year US Treasury Yield
However, the impact extends beyond yields alone. The dollar has surged to its highest point in almost three months against nine major currencies, breaking out from the bullish pattern highlighted in the weekend report. This price action continues to exert downward pressure on commodities.
US Dollar – Weekly Chart
As market volatility kicks in and some stocks show signs of being extended, it’s crucial to emphasize the significance of adhering to a robust trading plan. We often highlight that stock setups emerge while most are distracted by trying to guess what the indexes will do next. So, keep working on those watchlists and be ready for when new ideas appear. A well-executed stop-loss strategy ensures a secure exit, always a good idea to safeguard against downside risk.
US Daily Setups
GCT – GigaCloud Technology Inc.
The GigaCloud Technology setup is finally breaking out from its continuation pattern.
LINK TO CHART – https://schrts.co/xFRRFcqN
MPC – Marathon Petroleum Corp.
Marathon Petroleum appears to be setting up below its 52-week highs.
LINK TO CHART – https://schrts.co/jAxPyXqR
PLAB – Photronics, Inc.
Photronics is consolidating near its 52-week high. Monitor for signs of upside momentum that could lead to a breakout.
LINK TO CHART – https://schrts.co/PHmjWaSs
RUM – Rumble Inc.
The Rumble setup continues to see increased volume.
LINK TO CHART – https://schrts.co/nhMwPHez
USAP – Universal Stainless & Alloy Products, Inc.
The Universal Stainless & Alloy Products setup is consolidating near its 52-week high with an extremely bullish volume profile. Monitor for potential breakout signals.
LINK TO CHART – https://schrts.co/FnUDVGgB
VLO – Valero Energy Corp
Valero Energy continues to set up on the right side of a significant multi-year basing pattern, consolidating in the form of a bullish ascending triangle.
LINK TO CHART – https://schrts.co/fcvNQIpH
Canadian Daily Setups
ATZ.TO – Aritzia Inc.
Aritzia is pushing up against the underside of a major resistance line with increased volume. Monitor for any signs of a potential breakout.
LINK TO CHART – https://schrts.co/tJUIKMfu
DNG.TO – Dynacor Group Inc.
Dynacor appears to be setting up below its 52-week high.
LINK TO CHART – https://schrts.co/PjHzfXCw
DRX.TO – ADF Group, Inc.
The ADF Group setup continues to accelerate higher with bullish momentum and volume.
LINK TO CHART – https://schrts.co/ysykuSZE
SCR.TO – Strathcona Resources Ltd.
Strathcona Resources seems to be setting up for a potential bottoming pattern breakout.
LINK TO CHART – https://schrts.co/sNcmyXar
VNP.TO – 5N Plus Inc.
5N Plus is attempting to break out from a significant multi-month consolidation pattern.
LINK TO CHART – https://schrts.co/RzCFnckz
WDO.TO – Wesdome Gold Mines Ltd.
Wesdome Gold Mines is demonstrating relative strength versus the price of gold as price action continues to set up at its trigger line.
LINK TO CHART – https://schrts.co/IIKsBKFx
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 – 2024-02-05 2
A, ABBV, ACGL, ADEA, AEL, AER, AFRM, AFYA, AGO, AIZ, AJG, AKAM, ALGN, AMAT, AMP, ANSS, APLS, APO, ARM, ASML, ASND, ASR, ATR, AVGO, AXON, AXP, BAESY, BBVA, BITW, BKNG, BLBD, BRBR, BRC, BRK/B, BSX, BVN, CAMT, CB, CBAY, CDNS, CECO, CHD, CIEN, CLS, CNA, COLL, COST, CPA, CRM, CSX, CTLT, CVI, CVX, CW, CYBR, DGHI, DHR, DINO, DK, DKNG, DKS, DLR, DOV, DV, EG, ENTG, ERJ, ETN, EXPE, FA, FCFS, FCNCA, FROG, GCT, GD, GE, GFF, GLP, GOOG, GOOGL, GPS, GRC, GRVY, HAYN, HCA, HCI, HEI, HES, HOLI, HRB, HWM, ICLR, IDR, IDXX, IHG, IHI, INTU, IPAR, IT, ITCI, JPM, KLAC, KTOS, LDOS, LHX, LLY, LRCX, LSPD, LVS, MCK, MELI, MFC, MPC, MPLX, MPWR, MU, MUSA, NBIX, NOW, NS, NSSC, NTRA, NVDA, NVO, NXPI, ODFL, ON, ONTO, ORCL, ORLY, OTIS, PAA, PAGP, PANW, PARR, PBR/A, PCAR, PG, PGR, PLAB, PLUS, POWL, PRCT, PSX, PWSC, QCOM, QRVO, QTRX, RDY, REVG, RGA, RHP, RJF, RL, RTX, RUM, S, SAP, SKM, SMCI, SMH, SNPS, SPB, SPOT, SSBK, STLD, SUN, SYK, TDG, TM, TMO, TMUS, TSM, TW, UBER, UBS, UGP, UHS, USAP, USLM, VECO, VIPS, VIV, VLO, VNT, VRNS, VRT, VRTS, VTSI, WAT, WDC, WIX, WM, WRB, WST, WTW, WYNN, ZTS
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 – 2024-02-05
ABXX.NE, AMRQ.V, ARIS.TO, ATRL.TO, ATZ.TO, AYA.TO, BBD/B.TO, BIP/UN.TO, BIPC.TO, BK/PA.TO, CLS.TO, CNR.TO, CP.TO, CPH.TO, CSW/A.TO, DE.V, DFN/PA.TO, DNG.TO, DOO.TO, DR.TO, DRM.TO, DRX.TO, DXT.TO, EPRX.TO, FAP.TO, FAR.TO, FIL.TO, FWZ.V, GCG/A.TO, GFL.TO, GMIN.TO, GOOG.NE, HITI.V, HME.V, HPS/A.TO, IAG.TO, IVN.TO, LLY.NE, LSPD.TO, LUN.TO, MCB.TO, MDA.TO, MDP.TO, MFC.TO, MG.TO, NGD.TO, NGEN.V, NVDA.NE, NVEI.TO, ONEX.TO, OR.TO, PHX.TO, PNRL.V, RAY/A.TO, RBA.TO, RECO.V, SCR.TO, SIS.TO, SKE.TO, STEP.TO, TOT.TO, TOY.TO, TRUL.CA, TSU.TO, TVK.TO, UBER.NE, VHI.TO, VNP.TO, WCN.TO, WDO.TO, WILD.TO
