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.
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.
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 Rise, then Retreat Amid Global Uncertainties
Today began with a promising uptick in stock prices, fueled by upbeat corporate earnings and strong economic indicators indicating a robust job market and increased business activity. This offered early opportunities for traders, especially those quick to react, to secure profits by setting stop orders. However, as the day progressed, market sentiment shifted, and the indexes rolled over as the selling resumed. Concerns arose due to developments in Iran and rising bond yields, prompting the market to reassess the possibility of interest rates remaining steady this year.
The S&P 500 saw a slight dip of 0.2%, marking its fifth consecutive day of decline, while the Nasdaq Composite fell by 0.5%. April has been challenging for both indices, with almost a 5% drop in their value. On the other hand, the Dow Jones Industrial Average managed a small gain of less than 0.1%, adding just 22 points. However, its 5.1% drop this month has essentially wiped out its gains for the year.
S&P 500 – Daily Chart
Nasdaq – Daily Chart
Dow Jones Industrial Average – Daily Chart
With key indicators nearing oversold levels, there’s hope for a potential bounce back. But there’s also the possibility of continued downward movement until prices align with the 200-day moving average across major indexes. In navigating this uncertainty, focusing on stocks showing strength amid the broader market decline is crucial. This approach not only positions investors for potential gains but also provides clear guidelines for setting stop-loss orders to manage risk.
Meanwhile, the yield on the 10-year Treasury notes rose to 4.647%, reflecting increased activity in the bond market and shifting investor sentiment.
10-Year US Treasury Yield
As we evaluate the daily setups, it’s wise to remember the advice of seasoned traders. John Maynard Keynes reminds us that markets can behave irrationally for longer than expected, urging caution against overconfidence. At the same time, Alexander Elder emphasizes the importance of making sound trading decisions and prioritizing strategy over mere financial gains.
US Daily Setups
GCT – GigaCloud Technology Inc.
GigaCloud Technology continues to exhibit relative strength as price action sets up on the right side of a continuation pattern. This resilience suggests potential momentum and investor confidence in the stock. Monitoring its performance closely could offer insights into potential trading opportunities aligned with the continuation pattern and the overall strength of the stock.
LINK TO CHART – https://schrts.co/mmWXhgYP
GEV – GE Vernova LLC
GE Vernova seems poised for a potential breakout from a continuation pattern. This setup often precedes significant price movements, signaling potential momentum in the stock. Monitoring price action closely for confirmation of the breakout could provide valuable insights into potential trading opportunities aligned with this pattern.
LINK TO CHART – https://schrts.co/BgQXHJPn
GOOGL – Alphabet Inc.
Alphabet has shown resilience during this market downturn, with price action consolidating above the recent breakout line. This strength suggests underlying stability and investor confidence in the stock. Monitoring its consolidation closely could provide insights into potential trading opportunities aligned with the stock’s positive performance relative to the broader market.
LINK TO CHART – https://schrts.co/mkTkBqWV
OSCR – Oscar Health Inc.
Oscar Health continues to demonstrate relative and absolute strength as price action pushes higher from the recently highlighted continuation pattern. This robust performance indicates strong momentum and investor confidence in the stock. Monitoring its upward trajectory closely could offer insights into potential trading opportunities aligned with this bullish trend.
LINK TO CHART – https://schrts.co/jcwhhXNG
VTSI – VirTra, Inc.
VirTra is showing up on momentum scans as price action attempts to break out from a bullish flag continuation pattern, accompanied by increased volume. This setup suggests potential momentum building in the stock. Monitoring for confirmation of the breakout and the volume dynamics could provide valuable insights into potential trading opportunities aligned with this bullish pattern.
LINK TO CHART – https://schrts.co/TvcWbaMP
WFC – Wells Fargo & Co.
Wells Fargo is breaking out to a new all-time high from a continuation pattern on the daily chart, and upon zooming out, it reveals a significant multi-year consolidation pattern. This breakout suggests strong bullish momentum and potential for further upward movement. Monitoring the price action closely for confirmation of this breakout could provide valuable insights into potential trading opportunities aligned with this bullish trend.
LINK TO CHART – https://schrts.co/upKpIbIy
Canadian Daily Setups
BRAG.TO – Bragg Gaming Group, Inc.
Bragg Gaming is currently attempting to move higher from a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/PTzzEwmq
CCL/B.TO – CCL Industries Inc. – Class B
CCL Industries is poised in the form of a bullish flag continuation pattern, coinciding with the PPO momentum indicator attempting to perform a bull cross. This setup suggests potential for further upward momentum in the stock. Monitoring the confirmation of the bull cross and price action within the flag pattern could provide valuable insights into potential trading opportunities aligned with this bullish signal.
LINK TO CHART – https://schrts.co/pIcnvXbi
DFY.TO – Definity Financial Corp.
Definity Financial has consolidated into a bullish flag continuation pattern, coinciding with the PPO momentum indicator setting up at the zero line. This pattern suggests potential for further upward momentum in the stock. Monitoring the confirmation of the breakout from the flag pattern and the momentum indicator’s movement could provide valuable insights into potential trading opportunities aligned with this bullish signal.
LINK TO CHART – https://schrts.co/tNzEseYi
KRR.TO – Karora Resources Inc.
Karora Resources continues to appear on momentum scans as price action attempts to move higher from its area of consolidation. This consistent appearance suggests potential building momentum in the stock. Monitoring price action closely for confirmation of the breakout from this consolidation phase could provide valuable insights into potential trading opportunities aligned with this bullish momentum.
LINK TO CHART – https://schrts.co/aXnGWVID
PRYM.TO – Prime Mining Corp.
Prime Mining appears to be setting up in the form of a continuation pattern, positioned below a significant horizontal resistance or trigger line. This setup suggests potential for a breakout if the price manages to surpass this key level. Monitoring price action closely for any signs of strength or confirmation of the breakout could provide valuable insights into potential trading opportunities aligned with this pattern.
LINK TO CHART – https://schrts.co/rFeagBSZ
TSU.TO – Trisura Group Ltd.
Trisura Group is set up in the form of a potential bullish flag continuation pattern. This pattern typically indicates a temporary pause within an uptrend before resuming upward momentum. Monitoring price action closely for confirmation of the breakout from this flag pattern could provide valuable insights into potential trading opportunities aligned with the continuation of the bullish trend.
LINK TO CHART – https://schrts.co/jVNxAMXG
To bring our report to a close, we thank you for your engagement and insights. Your feedback is of great value, 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 – 2024-04-18
ABBNY, ABNB, ACGL, ADM, AEE, AEM, AEP, AFL, ALKT, ALL, AM, AON, APOG, ATI, ATR, AVB, AWK, AZO, BAND, BBVA, BFST, BG, BK, BLX, BRC, BSY, BVN, CAG, CASH, CB, CCAP, CGBD, CLSK, CLX, CMS, CNC, CNO, CNP, COF, CPA, CPB, CPLP, CRS, CSWI, CVS, CVX, DB, DDOG, DE, DFIN, DFS, DGHI, DTE, DTM, DUK, ED, EDR, EDU, EL, ELV, ES, ET, ETR, EVRG, EXC, FCN, FE, FIHL, FOX, GBX, GCT, GIS, GL, GLRE, GNRC, GOOG, GOOGL, GPC, HAL, HCC, HCI, HES, HRL, HTGC, HUBS, IBCP, IDR, INFA, IREN, JETS, K, KDP, KGC, KMI, KNTNF, KO, KVUE, L, LMB, LNT, LOVE, LULU, MAIN, MAMA, MCY, MDLZ, META, MLI, MMM, MO, NCLH, NEE, NGS, NI, NS, NSSC, O, OBDC, OPRA, OSCR, OZK, PANW, PCG, PEP, PG, PGR, PLMR, PM, PNW, POST, POWW, PPC, PPL, RNR, SCHW, SFM, SJM, SKX, SO, SOLV, STEP, SUN, SWBI, TGT, TMUS, TSN, TXRH, UAL, UNM, URG, USLM, VCTR, VITL, VRSK, VTSI, VZ, WDOFF, WEC, WELL, WFC, WTW, XEL, XLP, XLU, ZGN
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 – 2024-04-18
AC.TO, ACB.TO, AEM.TO, AFM.V, AIDX.TO, ALA.TO, ALS.TO, AMX.V, ARE.TO, ARG.TO, ARIS.TO, ARR.TO, ARTG.V, ATS.TO, AX/UN.TO, AYA.TO, BDI.TO, BIP/UN.TO, BITF.TO, BRAG.TO, CCL/B.TO, CF.TO, CGX.TO, CMG.TO, CNE.TO, CSH/UN.TO, CTC/A.TO, CVS.NE, DFY.TO, DND.TO, DRDR.TO, DRX.TO, FAR.TO, FCU.TO, FFH.TO, FIL.TO, FM.TO, FN.TO, FNV.TO, FOM.TO, FTN.TO, FTS.TO, FTT.TO, GCL.TO, GDI.TO, GMX.TO, HBM.TO, HUT.TO, IFC.TO, III.TO, INE.TO, K.TO, KNT.TO, KRR.TO, LIF.TO, LMN.V, LUG.TO, LUN.TO, MDA.TO, MDI.TO, MFI.TO, MSA.TO, MVRS.NE, NPR.V, OLA.TO, ONEX.TO, OSK.TO, PAY.TO, PBH.TO, PKI.TO, PLC.TO, PMZ/UN.TO, POW.TO, PRMW.TO, PRYM.TO, QBTC.TO, QSR.TO, RML.V, RSI.TO, SIL.TO, SU.TO, TD.TO, TINY.V, TKO.TO, TSU.TO, URE.TO, VGCX.TO, VLE.TO, VZ.NE, VZLA.V, WDO.TO, WE.V, WEED.TO, X.TO
