SYS Research – Daily Report – Monday, October 2, 2023

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

SYS Daily Report

 

Shaky Start to the Best Quarter Raises Questions

If the stock market’s recent performance is any indication, Monday’s mixed action didn’t exactly kick off what should be the best period of the year. The energy sector, which had shown remarkable resilience and leadership recently, suddenly appears susceptible to shifting market dynamics as sectors rotate on the first day of the new quarter.

On Monday, we witnessed a notable decline in utility stocks, which exerted downward pressure on the S&P 500. It seems investors were quick to divest from dividend-paying shares in favor of U.S. Treasurys’ perceived safety and higher yields. The yield on the 10-year Treasury continued its sharp ascent on Monday, surging past 4.7% intraday for the first time since October 2007.

Despite the utility sector sell-off, the S&P 500 managed to eke out a meager gain of less than 0.1%. In contrast, the Dow Jones Industrial Average experienced a modest decline of 0.2%, translating to a drop of approximately 74 points. Meanwhile, the tech-focused Nasdaq Composite outperformed its peers, posting a gain of 0.7%.

The shift in market sentiment, highlighted by the surge in Treasury yields and the rotation away from utilities, underscores the evolving landscape investors face as we enter this pivotal quarter. Market participants are recalibrating their portfolios in response to changing economic dynamics and inflationary pressures.

As we proceed through this season, monitoring these shifts closely and assessing how they impact various sectors and asset classes will be imperative. Market volatility and uncertainties are, without a doubt, at the forefront, and adaptability will be the key to success in navigating these turbulent waters, especially with the continued strength of the U.S. Dollar.

US Daily Setups

CMT – Core Molding Technologies, Inc.

Core Molding Technologies is beginning to break above its 52-week highs with an increase in volume.

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

 

COST – Costco Wholesale Corp.

Costco continues consolidating along the breakout line, leading to new 52-week highs. Monitor for a continuation of the uptrend.

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

 

CRWD – CrowdStrike Holdings, Inc.

CrowdStrike is consolidating along the breakout line as a PPO momentum indicator attempts a bullish cross.

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

 

DUOL – Duolingo Inc.

Duolingo continues to set up below its 52-week highs. Watch for a breakout.

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

 

UNH – UnitedHealth Group, Inc.

UnitedHealth appears to be set up to break out from a giant multiyear consolidation/continuation pattern.

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

 

ZS – Zscaler, Inc.

Zscaler is now setting up below the breakout line. Monitor for a continuation of upside strength.

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

 

Canadian Daily Setups

COST.NE – Costco Wholesale Corp – Canadian Depository Receipt

Costco continues consolidating along the breakout line, leading to new 52-week highs. Monitor for a continuation of the uptrend.

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

 

GOOG.NE – Alphabet Inc – Canadian Depository Receipt

Alphabet is consolidating along the recent breakout line as a PPO momentum indicator attempts to curl higher off the zero line.

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

 

MSFT.NE – Microsoft Corporation – Canadian Depository Receipt

Microsoft appears to be setting up off of the lower trendline of a continuation wedge. Take note of the positive divergence as a PPO momentum indicator makes a higher low while price made a lower low.

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

 

RBA.TO – Ritchie Bros. Auctioneers Inc.

Ritchie Bros continues to consolidate below a breakout line. Monitor for upside momentum.

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

 

TSLA.NE – Tesla Inc. – Canadian Depository Receipt

Tesla continues to set up off of the lower trendline of a continuation pattern. Monitor for upside momentum.

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

 

UNH.NE – UnitedHealth Group Inc – Canadian Depository Receipt

UnitedHealth appears to be on the verge of a breakout from an area of consolidation. Refer to the US Daily Setups for the complete chart.

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

 

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.

 

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.

 

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