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: Please pay close attention to the Daily Setups and Workspace scan results for potential future additions to stay ahead of the game.
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Sample Trading System
The following trading system is presented as an educational example and should not be interpreted as financial advice. Past performance does not guarantee future results, and trading involves inherent risks. Please consult with a qualified financial advisor before implementing any trading strategies.
SYS Daily Report
Stocks Rebound, Close Quarter on a High Note
U.S. stocks ended September with a rally, overcoming earlier losses as investors digested Federal Reserve Chair Jerome Powell’s comments. Despite an initial dip, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all finished in positive territory. The S&P 500 and Nasdaq each gained 0.4%, while the Dow inched up by less than 0.1%. Monday’s reversal, which echoed previous quarter-end trading patterns, was likely driven by portfolio rebalancing among institutional investors.
S&P 500 – Daily Chart
Nasdaq – Daily Chart
Dow Jones Industrial Average – Daily Chart
Fed Chair Powell’s comments at the National Association for Business Economics appeared to dampen market hopes for aggressive rate cuts. Powell reiterated the Fed’s cautious stance, suggesting that further reductions in the federal funds rate would likely be smaller, with a 0.25 percentage point cut expected at the next two policy meetings. The chances of a larger 0.50 percentage point cut in November dropped significantly, from 53% to just 36%. Despite the shift in expectations, stocks rebounded, with the S&P posting a 2% gain for the month, marking its best September performance since before the pandemic.
Meanwhile, economic data remains a key focal point, with Friday’s nonfarm payroll report expected to show an increase of 142,000 jobs and an unemployment rate of 4.2%. Additionally, due Wednesday, the ADP employment report will offer an early look at the state of the U.S. labor market. Following Powell’s remarks, interest rates continued to climb, with the 10-year Treasury yield rising to 3.802% from 3.751% on Friday and the 2-year yield increasing to 3.648%.
10-Year US Treasury Yield
In corporate news, Tesla (TSLA) is approaching a potential buy point ahead of its third-quarter delivery report, which is expected to show 462,000 units sold—a slight improvement over Q3 2023. Meanwhile, auto stocks faced headwinds as Stellantis downgraded its guidance, dragging down shares of Ford (F) and General Motors (GM) by 2% and 3.5%, respectively. Technology stocks such as Arista Networks (ANET), Spotify (SPOT), and Texas Roadhouse (TXRH) were among those to watch as markets head into the final quarter of the year.
On the international front, China’s Shanghai Composite surged 8.1%, its best performance since 2008, thanks to new stimulus measures. However, Japan’s Nikkei 225 Index slumped 4.8%, weighed down by concerns over the policies of incoming Prime Minister Shigeru Ishiba. The global market volatility highlights the ongoing uncertainty in the economic outlook.
Canada’s TSX Composite Index also had a positive day, closing up 43.55 points, or 0.2%, at 24,000.37. This marks the index’s best quarterly performance in four years, with a gain of 9.7% for the third quarter and 2.8% for September. The late rally in energy and technology shares helped lift the index, while declines in metal miners weighed on overall gains. BlackBerry Ltd. led the technology sector with a 5.6% rise, while energy stocks climbed 0.7% as oil prices remained steady at $68.17 per barrel. However, the materials sector, which includes mining companies, fell by 1.2% as both gold and copper gave back some recent gains.
The Bank of Canada’s three rate cuts since June, alongside the Federal Reserve’s recent moves, have helped to support Canadian equities. Analysts believe the interest rate-sensitive sectors, such as technology and energy, have benefitted the most from this environment. Canadian stocks are well-positioned as the fourth quarter begins, though further economic data and global developments will likely shape market trends.
TSX – Daily Chart
Despite volatility sparked by Federal Reserve policy shifts and international market fluctuations, September ended on a high note for both U.S. and Canadian equities. Investors will continue to watch key economic indicators, including Friday’s U.S. jobs report, to gauge the direction of monetary policy as the fourth quarter begins. While interest rate expectations have shifted, the broader market appears resilient, with both U.S. and Canadian markets posting solid gains for the month and quarter.
“Momentum is what propels you forward, but risk management ensures you don’t fall off the cliff.” – Stanley Druckenmiller
Now, onto the daily setups.
US Daily Setups
BMY – Bristol Myers Squibb Co.
Bristol Myers Squibb appears to be setting up on the right side of a significant bottoming base.
LINK TO CHART – https://schrts.co/rqTmtXUu
CDNA – CareDx Inc.
CareDx appears to be set up in the form of a continuation pattern.
LINK TO CHART – https://schrts.co/MWMjDJSk
CYBR – CyberArk Software Ltd.
CyberArk Software appears to be set up on the right side of a significant multi-month consolidation area, positioned just below new highs.
LINK TO CHART – https://schrts.co/MWMjDJSk
HIMS – Hims & Hers Health, Inc.
Hims & Hers Health is attempting to move higher from a continuation wedge.
LINK TO CHART – https://schrts.co/nexeiTUP
LDOS – Leidos Holdings, Inc.
Leidos is attempting to break out from a significant multi-month consolidation area.
LINK TO CHART – https://schrts.co/nexeiTUP
MDT – Medtronic, Inc.
Medtronic is set up in the form of a potential continuation pattern.
LINK TO CHART – https://schrts.co/nexeiTUP
MHK – Mohawk Inds, Inc.
Mohawk is set up in the form of a potential continuation pattern.
LINK TO CHART – https://schrts.co/Gvhxaejm
SNCR – Synchronoss Technologies, Inc.
Synchronoss Technologies is attempting to move higher from a continuation pattern, supported by strong volume.
LINK TO CHART – https://schrts.co/cXsAjrFa
Canadian Daily Setups
AEP.V – Atlas Engineered Products Ltd.
Atlas Engineered Products continues to set up below horizontal resistance and above the upper trendline of the continuation wedge breakout. Monitor for any signs of upside momentum, which may push the price past the next horizontal resistance.
LINK TO CHART – https://schrts.co/ZmxihYKx
BDT.TO – Bird Construction Inc.
Bird Construction is now starting to push above the upper trendline of its continuation pattern.
LINK TO CHART – https://schrts.co/MtcVqRCq
ECN.TO – ECN Capital Corp.
ECN Capital is seeing follow-through as price action pushes above the pattern highlighted over the weekend.
LINK TO CHART – https://schrts.co/AAKrQMJM
PYR.TO – PyroGenesis Canada Inc.
PyroGenesis is now set up for a potential breakout above the next horizontal resistance level.
LINK TO CHART – https://schrts.co/FwUeuHYX
TRUL.CA – Trulieve Cannabis Corp.
Trulieve Cannabis is attempting to trend higher from a significant consolidation area or a large continuation wedge.
LINK TO CHART – https://schrts.co/JJgwbFNT
WFG.TO – West Fraser Timber Co. Ltd.
West Fraser Timber continues to see positive price action following its breakout.
LINK TO CHART – https://schrts.co/fyKyCIhm
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 – 2024-09-30
A, AAOI, AAON, AAPL, ABBV, ABCB, ABT, ACIW, ACN, ADMA, ADP, ADSK, ADUS, AEE, AEP, AFL, AGM, AGNC, AGX, AGYS, AHCO, ALC, ALKT, ALL, ALLE, ALTR, AM, AMAL, AMP, AMSC, AMT, ANET, APP, ARGX, ARIS, ARLP, ASTH, ASTS, ATAT, ATGE, ATI, ATO, AVAV, AWI, AWK, AXON, AXS, AYI, AZZ, BAC, BALL, BBW, BBY, BCO, BCPC, BF/B, BFAM, BGNE, BILI, BJ, BKU, BL, BLK, BLX, BMEA, BMI, BMY, BPOP, BR, BRC, BRK/B, BRO, BSX, BV, BXP, BY, BZ, BZUN, C, CACI, CADE, CAH, CAKE, CARG, CART, CASH, CASY, CBRE, CBT, CCAP, CCB, CCI, CDNA, CEG, CENX, CFG, CHCO, CHRW, CINF, CLH, CLMT, CME, CMG, CMRE, CMS, CNC, CNO, CNP, CNX, CNXN, COF, COKE, COLL, COO, COOP, CORT, CPAY, CPRI, CPRX, CR, CRAI, CRBG, CROX, CRS, CRUS, CRVL, CSCO, CSL, CSTL, CTAS, CTLT, CTRA, CTSH, CTVA, CVLG, CVLT, CVNA, CVS, CVX, CW, CWT, CYBR, D, DAC, DASH, DAY, DCO, DFS, DHR, DLR, DOC, DOCS, DOCU, DRS, DSGX, DT, DTE, DTM, DUOL, DVA, DXPE, DY, EAT, EBAY, EBS, EFX, EHC, ELMD, EME, ENVA, EQBK, EQIX, ES, ESOA, ESQ, ETN, ETR, EWBC, EXC, EXLS, EXP, EXPD, EXPO, EXR, EZPW, FBP, FCN, FE, FFIV, FG, FI, FICO, FIS, FITB, FLS, FMC, FNF, FOUR, FRBA, FRPT, FRT, FSS, FSV, FTAI, FTI, FULT, FUTU, GAP, GBX, GD, GDDY, GE, GEHC, GEL, GFL, GIL, GILD, GLBE, GLW, GME, GMED, GNRC, GOOG, GOOGL, GRBK, GRMN, GSHD, GSL, GVA, GWRE, GWW, HALO, HAYW, HBAN, HBB, HCA, HD, HEAR, HEI, HERO, HES, HIG, HII, HIMS, HLI, HLIT, HLNE, HNI, HOLX, HPE, HPQ, HQY, HROW, HTLF, HWC, HWKN, HWM, IBCP, IBKR, ICE, ICFI, IDCC, IDR, IHI, INCY, INOD, INSM, IOT, IQ, IRM, ISRG, ITA, ITB, ITGR, IWF, IWM, J, JCI, JD, JEF, JLL, KAI, KBE, KEY, KIM, KMI, KMPR, KNF, KNSL, KNTK, KR, KRE, KRYS, KVYO, KWEB, LDI, LDOS, LEN, LGND, LH, LHX, LMAT, LMB, LMT, LNC, LNTH, LOAR, LOW, LQDT, LRN, LUV, LYV, LZB, MAS, MATX, MBC, MBIN, MBWM, MCB, MCD, MDT, META, MG, MGNI, MHK, MHO, MIRM, MKTX, MLI, MLR, MMSI, MNDY, MNSO, MOD, MOG/A, MOH, MORN, MPTI, MSCI, MSFT, MSGE, MSI, MTB, MTD, MTG, MTH, MWA, MYGN, NBBK, NBN, NDAQ, NDSN, NECB, NFLX, NGVC, NHC, NI, NIC, NIO, NMIH, NOC, NOW, NSC, NSIT, NTAP, NTRA, NWSA, NYT, O, OC, ODFL, OFG, OKE, OLED, OMC, OR, ORCL, ORLY, ORRF, OSCR, OSIS, OSPN, OWL, PACS, PAM, PANW, PAYX, PEG, PEGA, PFBC, PHM, PIPR, PLD, PLNT, PLTR, PM, PNC, PNR, PNTG, POOL, POWL, PPC, PPL, PRI, PRMW, PRU, PSA, PWP, PWR, QCRH, QFIN, QQQ, QSR, REG, REVG, RF, RGA, RKT, RMD, RNR, ROKU, ROL, ROP, RSI, RTX, RVTY, RYAN, RYTM, SAP, SBAC, SCHW, SCS, SCVL, SF, SFM, SHOO, SKT, SKYW, SLM, SN, SNA, SNCR, SPB, SPFI, SPG, SPGI, SPHR, SPNS, SPSC, SPXC, SPY, SQ, SRE, SSBK, SSNC, STE, STLD, STRL, STX, SUM, SWK, SYF, SYK, SYY, T, TAN, TAP, TBBK, TCBX, TDG, TDY, TECH, TEM, TEVA, TFC, TGT, THC, TIGR, TILE, TMO, TMUS, TOST, TPB, TPH, TRI, TRMB, TRN, TRU, TSCO, TSLA, TT, TTEK, TTWO, TW, TXRH, TXT, TYL, UDR, ULH, UMBF, UMH, UNH, UNM, UNP, UP, UPS, USB, USFD, USLM, VBNK, VCYT, VERX, VGT, VICI, VLTO, VNET, VRNS, VRSK, VRT, VST, VTR, VTRS, WAL, WAT, WEC, WELL, WFC, WHD, WING, WLY, WM, WMB, WMT, WS, WSM, WTFC, WTW, XEL, XLC, XLF, XLI, XLK, XLRE, XLU, XLV, XOM, XPH, XYL, YOU, ZBRA, ZETA, ZIM, ZM, ZTO, ZTS, 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 – 2024-09-30
AAPL.NE, AAV.TO, ACB.TO, AD/UN.TO, AFM.V, AGF/B.TO, AIF.TO, AKT/A.TO, AP/UN.TO, ARE.TO, ARTG.V, ARX.TO, ATRL.TO, ATZ.TO, AW/UN.TO, AX/UN.TO, AYR/A.CA, BAM.TO, BB.TO, BBD/B.TO, BCT.TO, BDT.TO, BIPC.TO, BIR.TO, BNS.TO, BPF/UN.TO, BRK.NE, BTB/UN.TO, CAD.V, CAE.TO, CAR/UN.TO, CAS.TO, CCA.TO, CCL/B.TO, CEU.TO, CF.TO, CFP.TO, CGX.TO, CHE/UN.TO, CHP/UN.TO, CHR.TO, CIG.TO, CIGI.TO, CJ.TO, CJT.TO, CLS.TO, CM.TO, CNR.TO, CP.TO, CPH.TO, CR.TO, CSH/UN.TO, CSU.TO, CTC/A.TO, CTS.TO, CVS.NE, CWB.TO, D/UN.TO, DBM.TO, DHT/UN.TO, DIR/UN.TO, DIS.NE, DIV.TO, DLCG.TO, DND.TO, DNTL.TO, DOL.TO, DPM.TO, DRM.TO, DSG.TO, ECN.TO, ECO.TO, EFN.TO, EFX.TO, EIF.TO, EIT/UN.TO, EMP/A.TO, ESI.TO, ETG.TO, EU.V, EXE.TO, FCR/UN.TO, FFN.TO, FFN/PA.TO, FIH/U.TO, FN.TO, FRU.TO, FSV.TO, FTN.TO, FTT.TO, FWZ.V, GEI.TO, GFL.TO, GIB/A.TO, GIL.TO, GRA.TO, GRT/UN.TO, GSY.TO, GTE.TO, GUD.TO, GWO.TO, HITI.V, HLF.TO, HOM/U.TO, IAG.TO, IFOS.V, IFP.TO, IGM.TO, IIP/UN.TO, IMO.TO, KEL.TO, KEY.TO, KMP/UN.TO, KNT.TO, KXS.TO, L.TO, LAAC.TO, LAC.TO, LGO.TO, LUG.TO, MAL.TO, MAW.V, MCB.TO, MDA.TO, META.NE, MFC.TO, MKP.TO, MRU.TO, MSA.TO, MSFT.NE, MTL.TO, MTY.TO, MVRS.NE, NA.TO, NANO.TO, NCI.V, NGEN.V, NGEX.TO, NOU.V, NVEI.TO, OGC.TO, OGI.TO, OR.TO, ORA.TO, OTEX.TO, PBH.TO, PEY.TO, PIC/A.TO, PKI.TO, PMET.TO, PMZ/UN.TO, PNG.V, POU.TO, POW.TO, PPL.TO, PRL.TO, PRMW.TO, PRQ.TO, PSI.TO, PSK.TO, PTK.V, PUR.V, QBR/B.TO, QSR.TO, RCH.TO, RET/A.V, RUS.TO, RY.TO, SAP.TO, SEI.V, SES.TO, SGR/UN.TO, SHOP.TO, SIA.TO, SIS.TO, SLF.TO, STLR.TO, SVI.TO, SWP.TO, T.TO, TA.TO, TCL/A.TO, TGO.TO, TIH.TO, TIXT.TO, TOU.TO, TPZ.TO, TRI.TO, TRP.TO, TRUL.CA, TSLA.NE, TSU.TO, TTNM.TO, TVE.TO, URB/A.TO, VET.TO, VHI.TO, VOXR.TO, WCP.TO, WEED.TO, WFG.TO, WN.TO, WPK.TO, WSP.TO, WUC.CA
