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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SYS Daily Report
Inflation Fears, Geopolitical Tensions Hit Markets; Rio Tinto Targets Lithium, Boosting Lithium Stocks
The stock market stumbled on Monday as concerns over inflation and geopolitical risks clouded investor sentiment. The Dow Jones Industrial Average fell by 400 points, or 0.9%, while the S&P 500 and Nasdaq Composite dropped 1% and 1.2%, respectively. Tech stocks, which had rallied last week, reversed course. Apple slid 2.25% after a Jefferies analyst expressed concerns that expectations for future iPhone models might be too high, causing the stock to fall below its 50-day moving average. Tesla dropped 3.7%, as anticipation builds for the company’s robotaxi event later this week. In contrast, Nvidia provided a rare source of strength, rising 2.3% after flashing early buy signals, as demand for its AI-focused chips continues to soar.
Dow Jones Industrial Average – Daily Chart
S&P 500 – Daily Chart
Nasdaq – Daily Chart
A jump in bond yields contributed to the declines, with the 10-year U.S. Treasury yield climbing above 4.5% for the first time since July, reaching 4.026%. This yield surge followed last week’s strong U.S. jobs report, which dampened hopes for a more aggressive interest rate cut by the Federal Reserve in November.
10-Year US Treasury Yield
Amid the broader market decline, the energy sector was a rare bright spot. Crude oil prices surged nearly 4%, pushing WTI crude to $77.31 per barrel, as tensions in the Middle East stoked fears of potential supply disruptions. Energy stocks led the S&P 500, benefiting from the rally in oil prices. However, insurers struggled as Hurricane Milton advanced toward Florida, with a potential landfall in Tampa expected by Wednesday. Major insurance companies such as Travelers and Allstate faced steep losses as investors braced for substantial claims tied to the storm’s impact.
Crude Oil – Weekly Chart
In Canada, the TSX Composite Index dipped by 60 points, or 0.25%, closing at 24,102.71. Utility stocks were the hardest hit, with rate-sensitive companies like Emera dropping nearly 5%, as expectations for significant U.S. rate cuts waned following the latest jobs data. On the other hand, energy stocks outperformed, buoyed by rising oil prices. TD Bank managed to post a 0.5% gain, benefiting from an analyst upgrade, standing out as one of the few Canadian banks to end the day in positive territory.
TSX – Daily Chart
On the M&A front, Rio Tinto made waves with a potential acquisition of Arcadium, a major lithium producer. With lithium prices having plunged over the past year, Rio Tinto is positioning itself to take advantage of the downturn, reportedly in talks to acquire Arcadium for $4-6 billion. This deal would strengthen Rio’s position as one of the world’s largest lithium producers, second only to Albemarle and SQM. Arcadium’s assets, spread across four continents, would provide Rio Tinto with strategic access to lithium needed for electric-vehicle (EV) batteries, a market that is expected to see explosive growth in the coming decade. Arcadium shares surged 35% in U.S. trading on the news, while Rio Tinto’s shares slipped 2%, reflecting investor caution over the high valuation amid ongoing market weakness.
Meanwhile, the news caused lithium stocks, which had been appearing in recent scanner results, to surge higher. At the same time, renewed interest in the global metals market emerged during London Metal Exchange (LME) Week, underscoring the pivotal role metals like lithium, copper, and nickel will play in the global energy transition. Despite recent price declines due to oversupply, analysts project that long-term demand will significantly outpace supply as decarbonization efforts accelerate. As these metals are essential to the green economy, investors are returning to commodities as a hedge against rising inflation.
As earnings season approaches, the spotlight will shift to how corporations, especially major U.S. banks, are handling inflationary pressures, rising interest rates, and global uncertainties. In the words of Steve Burns, “Momentum trading can bring quick rewards, but risk management ensures those rewards are not fleeting.” Now, let’s move on to today’s setups.
US Daily Setups
CART – Maplebear Inc.
Maplebear is breaking out from the bullish flag pattern highlighted in the weekend report and is now pushing up against the next level of resistance. Monitor to see if the price can trend above its upward-sloping moving average.
LINK TO CHART – https://schrts.co/STMjEMRB
CORZ – Core Scientific Inc.
Core Scientific continues to follow its upward-sloping moving average as price action attempts to move higher from its bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/bkDIRAIW
FLS – Flowserve Corp.
Flowserve is now reaching a 52-week high from the recently highlighted pattern.
LINK TO CHART – https://schrts.co/UKExwpqe
NVDA – NVIDIA Corp.
Nvidia is attempting to break out from the continuation triangle we’ve been monitoring.
LINK TO CHART – https://schrts.co/pwUxarmJ
PLL – Piedmont Lithium Limited
Piedmont Lithium saw another strong day as price action began to push above the horizontal resistance line highlighted over the weekend.
LINK TO CHART – https://schrts.co/UNXqyBba
SERV – Serve Robotics Inc.
Serve Robotics is moving higher from the tight consolidation area we highlighted a few reports ago. Price action was halted at the underside of horizontal resistance today as the PPO pushes against the zero line. Monitor to see if price action can break out, followed by a PPO momentum breakout above zero.
LINK TO CHART – https://schrts.co/CBwSwuRK
TSM – Taiwan Semiconductor
Taiwan Semiconductor appears to be setting up on the right side of a consolidation/continuation pattern, positioned just below new highs.
LINK TO CHART – https://schrts.co/kPhMHgmh
Canadian Daily Setups
BEW.V – BeWhere Holdings Inc.
BeWhere is attempting to move higher from a continuation pattern.
LINK TO CHART – https://schrts.co/iDsSEYUp
LAAC.TO – Lithium Americas Argentina Corp.
Lithium Americas Argentina is attempting to move higher from a bottoming pattern. Monitor for continued upside momentum, which may lead to a breakout.
LINK TO CHART – https://schrts.co/vsbbJnJw
LAC.TO – Lithium Americas Corp.
Lithium Americas is starting to pop higher from the bottoming pattern highlighted in the weekend report.
LINK TO CHART – https://schrts.co/iCKmBfxN
LCE.V – Century Lithium Corp.
Century Lithium is set up in the form of a potential bottoming pattern, with the PPO momentum indicator crossing above the zero line, signaling positive momentum.
LINK TO CHART – https://schrts.co/QJttrpfJ
SLI.V – Standard Lithium Ltd.
Standard Lithium continues to move higher from the bottoming pattern we have been monitoring. Keep an eye out for any breakout signals.
LINK TO CHART – https://schrts.co/pqvsGhAD
TD.TO – Toronto-Dominion Bank
Toronto-Dominion Bank is set up in the form of a potential bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/pqvsGhAD
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 – 2024-10-07
AA, AAON, ABT, ACA, ACM, AER, AGX, ALB, ALLE, ALSN, AMD, AOS, APD, APP, ARES, ARLP, ARM, ATAT, AXTA, AYI, BA, BABA, BBVA, BCC, BCS, BECN, BIDU, BITO, BITW, BJ, BK, BKR, BMI, CART, CASH, CASY, CAT, CBT, CCB, CDNA, CLBT, CLH, CLMT, CLS, CNQ, CNX, COP, COPX, CPAY, CPNG, CPRI, CRAI, CRS, CSL, CSTL, CTLT, CUK, CVS, CVX, CZR, DAC, DAL, DB, DEFTF, DHT, DQ, DVN, EA, EBAY, EDR, EGY, EME, EMN, EMR, ENLC, EOG, EPAC, EQT, ETN, EWBC, EXP, EXPE, FANG, FCX, FICO, FITB, FIX, FLEX, FLR, FLS, FSS, FTI, FUTU, FXI, GBTC, GLNG, GNRC, GSL, HAS, HASI, HBAN, HIMS, HOOD, HPE, HROW, HTLF, HUBB, HWC, HWKN, HWM, IBKR, IBM, IDR, IESC, IMO, INFY, INSW, IOT, ITRI, ITT, JBL, JD, JKS, JOBY, JXN, KNTK, KNTNF, KR, KTOS, KWEB, LDOS, LII, LINC, LIT, LMT, LNG, LOW, LPX, LULU, LVS, LW, MAG, MAMA, MAR, MAS, MG, MGM, MHK, MKTX, MLR, MOG/A, MOMO, MP, MPC, MPTI, MRO, MSTR, MTD, MU, MWA, NECB, NGS, NIO, NISN, NPO, NSIT, NTAP, NVDA, NVT, OC, OR, OSIS, OXY, PARAA, PFBC, PFE, PL, PLL, POWL, PPC, PPG, PRIM, PRMW, PWR, PYPL, RCL, RLX, ROAD, ROK, ROKU, RPM, RTX, SBAC, SDA, SEIC, SERV, SFM, SKYW, SLB, SLM, SMCI, SMH, SNCR, SNX, SSD, STLD, STT, TAN, TDG, TILE, TK, TMUS, TNK, TPL, TRGP, TRN, TRU, TSM, TT, TTMI, TTWO, TVTX, TW, TYL, UBER, UBS, UMBF, UP, URI, USAP, USLM, USO, VCYT, VERX, VITL, VLO, VNOM, VRRM, VRT, WB, WBA, WES, WFC, WLDN, WMB, WS, WSO, WYNN, XLE, XME, XOM, XOP, XPEV, XYL, ZWS
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 – 2024-10-07
AAV.TO, ABRA.V, AD/UN.TO, ALA.TO, ALC.TO, AMC.TO, AMD.NE, APM.V, ARX.TO, ASM.TO, ASTL.TO, ATH.TO, ATRL.TO, ATS.TO, BA.NE, BBD/B.TO, BDT.TO, BIR.TO, BLDP.TO, BLN.TO, BLX.TO, BRAG.TO, BRM.V, BTE.TO, CAS.TO, CDR.TO, CEU.TO, CIA.TO, CIX.TO, CJ.TO, CLS.TO, CMG.TO, CNQ.TO, CVE.TO, DBM.TO, DEFI.NE, DF.TO, DFN.TO, DHT/UN.TO, DND.TO, DNG.TO, DNTL.TO, DOO.TO, DPM.TO, DR.TO, E.TO, ECO.TO, EFN.TO, EIT/UN.TO, EMX.V, ENS.TO, ETG.TO, FEC.TO, FFN.TO, FM.TO, FOM.TO, FRU.TO, FTN.TO, GEI.TO, GFR.TO, GLXY.TO, GOOS.TO, GRA.TO, GUD.TO, HBM.TO, HITI.V, HMR.V, HPS/A.TO, HWX.TO, IMO.TO, IMP.TO, KEC.TO, KEI.TO, KEL.TO, KEY.TO, KNT.TO, LAAC.TO, LAC.TO, LBS.TO, LIFT.CA, LIFT.V, LULU.NE, MAG.TO, MAU.V, MDA.TO, MEG.TO, MG.TO, MGRO.CA, MGRO.V, MPCT/UN.TO, MUX.TO, NGEX.TO, NICU.V, NNRG.NE, NVDA.NE, NVEI.TO, OBE.TO, OGC.TO, ONC.TO, ONEX.TO, OR.TO, OVV.TO, PET.TO, PEY.TO, PFE.NE, PHX.TO, PIC/A.TO, PKI.TO, PNG.V, POU.TO, PPL.TO, PPTA.TO, PRMW.TO, PSI.TO, PSK.TO, PTK.V, PXT.TO, QBR/B.TO, QTWO.V, RCH.TO, RML.V, SGML.V, SGY.TO, SIS.TO, SJ.TO, SLI.V, SMCI.NE, STN.TO, SU.TO, SVM.TO, SXP.TO, TCW.TO, TD.TO, TKO.TO, TOT.TO, TOU.TO, TOY.TO, TPZ.TO, TVE.TO, U/UN.TO, UBER.NE, VHI.TO, VLE.TO, VRN.TO, WCP.TO, WEX.V, WFG.TO, WPK.TO, WSP.TO, ZDC.V
