SYS Research – Daily Report – Monday, October 30, 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 meeting to address your specific requirements and provide you with the guidance you need.

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SYS Daily Report

 

Stocks Surge Ahead of Central Bank Meetings and Treasury Department Announcement

Stocks made significant gains on Monday in anticipation of this week’s central bank meetings, jobs data, and a highly awaited announcement regarding borrowing from the Treasury Department. The SSIQ reflects today’s market action, providing a notable upward momentum. Notably, the SSIQ demonstrates a swifter reaction than the SSIH, indicating a potential shift in market sentiment as the Nasdaq seeks to reclaim its 200-day moving average.

Following a challenging week marked by significant declines, where both the S&P 500 and Nasdaq Composite underwent corrections, signifying drops of 10% or more from their recent highs, as elaborated in our weekend report, all three primary indices showed notable gains. Each of them posted increases of over 1%. This notable upturn was predominantly attributable to the resurgence in the stocks of major technology firms, many of which rebounded strongly from, or approached, their 200-day moving averages. Nevertheless, it’s imperative to recognize that many stocks still have a considerable path ahead before fully recovering from their recent setbacks.

The Dow Jones Industrial Average led the way with a robust gain of over 500 points, representing a 1.6% increase. The S&P 500 and Nasdaq Composite also performed well, advancing by 1.2% each.

In the bond market, the 10-year Treasury yield inched lower following the Treasury Department’s downward revision of its fourth-quarter borrowing estimate. This revision was prompted by higher tax receipts, contributing to a more favorable outlook for government finances.

As we transition into our daily setups, it’s imperative to remember the wisdom from Larry Hite as he once quoted: “Trade what you see, not what you think.” Our focus is always on reacting to real-time data and price action rather than attempting predictions.

US Daily Setups

AMZN – Amazon.com, Inc.

Amazon is now attempting to break out from a wedge pattern.

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

 

CR – Crane Co

Crane is currently set up near all-time highs. Watch for potential upside momentum that could lead to a breakout.

 

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

 

FTAI – FTAI Aviation Ltd.

FTAI Aviation’s setup is now starting to break out above the horizontal resistance line.

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

 

HUM – Humana, Inc.

Humana is set up in a bull flag continuation pattern.

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

 

MSFT – Microsoft Corp.

Microsoft is attempting to trend higher from a continuation wedge pattern.

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

 

NOW – ServiceNow, Inc.

ServiceNow continues to set up just below horizontal resistance. Monitor for the potential of upside momentum.

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

 

Canadian Daily Setups

ATD.TO – Alimentation Couche-Tard, Inc.

Alimentation Couche-Tard is now surging higher from its bull flag pattern.

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

 

CIA.TO – Champion Iron Ltd.

The Champion Iron setup continues to break out from the pattern recently highlighted.

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

 

FOM.TO – Foran Mining Corp.

Foran Mining is now attempting to break out from its large ascending triangle continuation pattern.

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

 

GLXY.TO – Galaxy Digital Holdings Ltd.

The Galaxy Digital setup is now beginning to push above horizontal resistance and the upper trendline of the bottom base.

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

 

KEL.TO – Kelt Exploration Ltd.

The Kelt Exploration setup from the weekend report is now making an attempt to break out from the continuation pattern.

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

 

TOU.TO – Tourmaline Oil Corp.

Tourmaline Oil continues to perform well above the upper trendline of the significant consolidation/continuation pattern. This is a positive sign to monitor.

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

 

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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