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.
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Sample Trading System
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SYS Daily Report
Tech Stocks Lead Gains, Nvidia Eyes New Heights, and Google Goes Nuclear
The major U.S. indexes ended Monday with gains as tech stocks led a rally driven by optimism around artificial intelligence. The Nasdaq Composite rose 0.9%, outpacing the Dow Jones Industrial Average, which climbed 0.5% to close above 43,000, and the S&P 500, which added 0.8% to reach an all-time high of 5,871. Despite concerns about high valuations and AI costs, Nvidia’s performance pushed it to a record closing price of $138.07, rising 2.4%. The chipmaker’s market valuation is now $3.4 trillion, just behind Apple at $3.5 trillion.
Nasdaq – Daily Chart
Dow Jones Industrial Average – Daily Chart
S&P 500 – Daily Chart
Google announced a partnership with Kairos Power to support its AI ambitions with 500 megawatts of power from small modular reactors (SMRs), which are expected to be operational by 2030, with the rest by 2035. Google chose SMRs for their reduced construction timelines, modular design, and flexibility. Microsoft secured a nuclear power deal with Constellation Energy for the Three Mile Island plant, expected back online by 2028. Amazon also partnered with Talen Energy to tap into nuclear power without relying on the larger grid. Nuclear power operator stocks benefitted from these deals, with Talen rising 4.6%, Vistra up 5.6%, and Constellation Energy gaining 2.1%.
Google – Daily Chart
The Magnificent Seven tech stocks have had mixed performances this year. Nvidia and Meta Platforms outperformed, while Alphabet, Amazon, Apple, Microsoft, and Tesla lagged behind the S&P 500’s 23% year-to-date gain. Analysts remain optimistic about U.S. large-cap tech stocks due to strong cash flows and early AI developments. Nvidia’s growth, driven by semiconductor demand, supports this view. The company reported $30 billion in June quarter sales, a 122% year-over-year gain. CEO Jensen Huang emphasized the early stage of transforming global data centers to AI-friendly infrastructure, with $150 billion invested so far out of an expected $1 trillion.
Nvidia – Daily Chart
Canadian markets were closed on Monday for a public holiday, leaving the S&P/TSX Composite Index unchanged. Investors will monitor trading as it resumes to gauge the impact of tech and energy developments on Canadian equities.
This week is expected to be relatively quiet for economic data, though new unemployment claims, forecasted to rise due to Hurricane Milton, will be released Thursday. September retail sales data will also be published, with analysts predicting a 0.45% increase, indicating resilience in consumer spending. Netflix and Taiwan Semiconductor are set to report earnings on Thursday, which could shed light on tech sector momentum.
Monday’s market action saw Broadcom, Advanced Micro Devices, and Qualcomm face valuation pressures as concerns over AI hype persisted. However, confidence in AI’s long-term productivity gains, particularly in the U.S., continues to grow. According to Capital Economics, the U.S. is leading the global AI revolution. JPMorgan emphasized that companies’ annual AI spending of $0.5-$1.0 trillion highlights the industry’s vast growth potential despite investor caution.
While concerns over high valuations and aggressive AI investments remain, the broader technology sector, especially the Magnificent Seven, continues to show strong growth potential. Nvidia’s recent surge puts it on the path to potentially surpass Apple as the world’s most valuable company, underscoring its central role in AI advancements. As AI evolves, companies like Nvidia and Google are well-positioned to capitalize on major infrastructure shifts despite near-term uncertainties. Keep an eye on the horizontal resistance line in the Google chart, as it may signal a breakout.
The strong performance in the technology sector reflects ongoing advancements in AI and digital infrastructure. This week, monitor corporate earnings, economic data, and AI developments closely to gauge market direction. As Richard Dennis wisely said, “A momentum trader moves quickly but never without knowing the exit route.” Now, let’s move on to the daily setups.
US Daily Setups
AAPL – Apple, Inc.
Apple is working its way toward the apex of an ascending triangle continuation pattern, positioned just below new highs. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/zRKRpnZR
CLMT – Calumet Specialty Products Partners L.P.
Calumet Specialty Products is attempting a 52-week high breakout.
LINK TO CHART – https://schrts.co/UPkptZiy
HOOD – Robinhood Markets Inc.
Robinhood appears to be breaking out from its significant consolidation/continuation pattern.
LINK TO CHART – https://schrts.co/bSudNEGk
LULU – Lululemon Athletica Inc.
Lululemon is attempting to move higher from a bottoming pattern. Notably, a curious options trade totaling over $900,000 with a $280 strike that expires on November 15 was placed near the end of the day. Monitor for any further upside momentum.
LINK TO CHART – https://schrts.co/FNTFsbMR
OKLO – Oklo Inc.
Oklo is attempting a bullish flag retest of its recent breakout line.
LINK TO CHART – https://schrts.co/kqMsPstR
SMH – VanEck Vectors Semiconductor ETF
The VanEck Vectors Semiconductor ETF is now pushing above the next level of horizontal resistance.
LINK TO CHART – https://schrts.co/PerrrWCz
SQ – Block, Inc.
Block is attempting to move higher from the recently highlighted consolidation/continuation pattern.
LINK TO CHART – https://schrts.co/NzWxmnrY
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 – 2024-10-14
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