SYS Research – Daily Report – Thursday, February 1, 2024

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

Markets Bounce Back After Interest-Rate Jitters

In a swift recovery, stocks rebounded on Thursday, recouping losses from the previous session’s sharp selloff triggered by a shift in interest-rate expectations. The Dow Jones Industrial Average hit a record high during the session, signaling resilience in the market.

The S&P 500 bounced back by 1.2%, and the Dow Jones Industrial Average surged by approximately 370 points, or 1%, fully recovering from Wednesday’s decline. This marked the eighth record close for the Dow in 2024. The Nasdaq Composite also showed strength with a 1.3% climb. Notably, eight out of 11 sectors of the S&P 500 saw gains of at least 1%. All indexes maintained levels above their 21-exponential day moving average, a crucial indicator highlighted in yesterday’s analysis.

S&P 500 – Daily Chart

Dow Jones Industrial Average – Daily Chart

Nasdaq – Daily Chart

The yield on the 10-year U.S. Treasury note, a key benchmark for borrowing costs, dipped to 3.862% from Wednesday’s 3.965%, reaching the lowest closing level of the year. This decline in yields contributed to the positive momentum in the stock market.

10-Year US Treasury Yield

Looking ahead, the Labor Department is set to release its highly anticipated jobs report at 8:30 a.m. ET on Friday. Analysts expect the U.S. economy to have added 170,000 jobs in January, down from 216,000 in December. The unemployment rate is anticipated to edge up to 3.8%, compared to December’s 3.7%, according to Econoday estimates.

In sector-specific news, the uranium theme had a robust day, breaking out from the bull flag retest of the moving average as previously highlighted. This setup and subsequent breakout have unfolded in a textbook fashion, aligning with our analysis initiated back in August. Since breaking free from the triangle pattern, the chart has adhered flawlessly to system rules, consistently maintaining its trajectory above the moving average. This adherence underscores the strength and reliability of the trend following system.

Uranium Theme – Global X Uranium ETF

The U.S. Cannabis theme continued its strength, with the ETF’s price action steadily rising since the volume confirmation of the triangle breakout, further surpassing the September high. The persistent upward trajectory underscores the positive market sentiment and the sustained momentum in the U.S. cannabis theme.

U.S. Cannabis theme – MSOS U.S. Cannabis ETF

The price action in gold followed a textbook pattern, pushing higher from the bull flag breakout line retest discussed in the weekend report. Investors may want to keep a close eye on the GDX and GDXJ ETFs and monitor them accordingly. Notably, the setups section and scanner results prominently feature precious metal-related stocks today, reflecting the current market sentiment.

Gold – Weekly Chart

As we conclude our market overview, it’s worth reflecting on the enduring nature of gold in the financial landscape. J.P. Morgan once remarked, ‘Gold is money, everything else is credit.’ This sentiment resonates strongly, especially in the face of challenges surfacing within regional banks. As questions arise about the effects of continuous money printing, the resounding echo is clear — ‘the money printer goes brr.’ Now, let’s delve into the setups section.

US Daily Setups

EGO – Eldorado Gold Corp.

Eldorado Gold is set up for a potential continuation pattern breakout.

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

 

GCT – GigaCloud Technology Inc.

GigaCloud Technology continues to flag below its recent highs. Monitor closely for the potential continuation of the uptrend.

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

 

ORCL – Oracle Corp.

Oracle has just retested the recent breakout line in the form of a bull flag continuation. Keep an eye for potential signs of upward momentum.

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

 

TREX – Trex Co., Inc.

The Trex setup is now breaking out to a new 52-week high with surging volume.

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

 

WDOFF – Wesdome Gold Mines Ltd.

Wesdome Gold Mines is set up for a potential bottoming pattern breakout.

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

 

WPM – Wheaton Precious Metals Corp.

Wheaton Precious Metals is setting up on the right side of what appears to be a cup with handle-type continuation pattern. Monitor closely for signs of upside strength that may lead to a potential breakout.

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

 

Canadian Daily Setups

ELD.TO – Eldorado Gold Corp.

Eldorado Gold is set up for a potential continuation pattern breakout.

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

 

GTII.CA – Green Thumb Industries Inc.

The Green Thumb Industries setup is now attempting to trend higher from a bullish pennant or flagging-type continuation pattern. Keep an eye for potential confirmation and continuation of the uptrend.

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

 

OR.TO – Osisko Gold Royalties Ltd.

Osisko Gold Royalties is attempting to break out above a significant resistance line. Monitor closely for signs of potential upside strength.

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

 

SII.TO – Sprott Inc.

Sprott is attempting to break out from a significant multi-month bottoming base.

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

 

WDO.TO – Wesdome Gold Mines Ltd.

Wesdome Gold Mines is set up for a potential bottoming pattern breakout.

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

 

WPM.TO – Wheaton Precious Metals Corp.

Wheaton Precious Metals is setting up on the right side of what appears to be a cup with handle-type continuation pattern. Monitor closely for signs of upside strength that may lead to a potential breakout.

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

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 – 2024-02-01

A, AAON, ABBNY, ABBV, ABNB, ABT, ACA, ACM, ACN, ADBE, ADEA, ADP, ADSK, AEM, AEO, AEP, AES, AFYA, AGI, AGM, AIR, AIT, AIZ, AKAM, ALG, ALL, ALLE, ALPN, ALSN, ALTR, ALV, AMAT, AMD, AME, AMGN, AMR, AMWD, AMZN, ANET, ANF, ANSS, AON, AOS, APG, APH, APOG, APPF, ARCB, ARCO, ARE, ARES, AROC, ASML, ASND, ATEYY, ATO, ATR, AVDX, AVGO, AWI, AXON, AXP, AYI, AZEK, AZO, AZZ, BAH, BALL, BBVA, BBWI, BBY, BCC, BCO, BELFB, BF/B, BG, BIO, BITO, BLBD, BLD, BLDR, BLK, BLOK, BRBR, BRK/B, BRO, BRZE, BSX, BTU, BVN, BWXT, BYRN, CACI, CAG, CAMT, CARG, CARR, CAT, CAVA, CBAY, CBOE, CBZ, CCCS, CCEP, CCI, CCJ, CCS, CDNS, CDRE, CDW, CE, CECO, CEG, CEIX, CENT, CHD, CHE, CHKP, CHTR, CI, CIEN, CL, CLH, CLS, CLSK, CLX, CM, CMG, CMI, CMPR, CMS, CNM, CNP, COLL, COO, COPX, COR, COST, CPA, CPB, CPRT, CR, CRESY, CRH, CRL, CRM, CRSP, CRVL, CRWD, CSAN, CSGP, CSL, CSTM, CSWI, CSX, CTAS, CTLT, CTSH, CVLT, CW, CWAN, CXT, CYBR, D, DAL, DASH, DAY, DBX, DCI, DDOG, DECK, DEFTF, DELL, DFH, DFIN, DFS, DG, DHI, DHR, DINO, DIS, DKNG, DKS, DLB, DLR, DLTR, DNN, DOV, DPZ, DRI, DRS, DSGR, DSGX, DT, DTE, DUK, DV, DVA, DXCM, DY, EADSY, EAT, ECL, ED, EFX, EGO, EHC, EIX, ELF, ELTK, ELV, EME, EMN, ENSG, EQIX, EQR, ERIE, ES, ESAB, ESOA, ESS, ESTC, ETHE, ETN, ETR, ETRN, EVR, EVRG, EW, EXP, EXPE, F, FA, FAST, FBIN, FCFS, FCX, FDS, FE, FERG, FFIV, FI, FICO, FIS, FIX, FLEX, FLR, FLS, FLT, FMC, FMX, FN, FNF, FOUR, FOX, FROG, FRPT, FRSH, FRT, FSS, FSV, FTAI, FTNT, FTV, FWRG, GBTC, GBX, GCT, GD, GDX, GDXJ, GDYN, GE, GEHC, GEN, GEOS, GGG, GIB, GLD, GLOB, GMS, GNTX, GPC, GPK, GPN, GRC, GSHD, GSK, GTLB, GWRE, GWW, H, HCA, HCI, HD, HDSN, HEES, HEI, HESM, HIBB, HII, HLNE, HLT, HMC, HMY, HNI, HRI, HRL, HSIC, HST, HSY, HUBB, HURN, HWM, HY, IBKR, IBM, IBN, IBP, ICE, ICFI, IDT, IDXX, IESC, IEX, IFF, IHG, IHI, IIPR, IMCR, INFA, INTA, INVH, IPAR, IPG, IR, IRM, ISRG, IT, ITB, ITCI, ITGR, ITRI, ITRN, ITT, IWF, IWM, J, JBHT, JBI, JBL, JELD, JHX, JKHY, JOE, K, KAI, KDP, KEYS, KGC, KHC, KIM, KKR, KLAC, KMB, KMX, KNF, KO, KOF, KOP, KR, KRT, LAD, LAUR, LDOS, LECO, LEN, LHX, LIN, LKQ, LLY, LNT, LOGI, LOW, LPLA, LRCX, LRN, LSEA, LUV, LVS, LW, MA, MAMA, MANH, MAR, MARA, MAS, MCD, MCK, MCO, MDB, MDLZ, MDT, MEDP, META, METV, MGM, MGRC, MHK, MITK, MKC, MLI, MLM, MLR, MMYT, MNST, MO, MOD, MPC, MPLX, MPWR, MRK, MSCI, MSFT, MSI, MSM, MSOS, MTD, MTRN, MYRG, NATR, NBIX, NDSN, NEE, NEU, NFLX, NGS, NI, NICE, NLR, NOW, NRG, NS, NSC, NSIT, NSSC, NTNX, NTRA, NU, NVDA, NVO, NVR, NVT, NWSA, NX, NXE, NXT, NYT, O, OC, ODP, OKTA, ONTO, ORCL, ORLY, OSG, OSIS, OSK, OTEX, OTIS, OTTR, PAA, PAGP, PAGS, PAM, PANW, PARR, PATH, PATK, PAY, PBR, PBR/A, PCAR, PCG, PCOR, PEP, PETQ, PFGC, PG, PGR, PH, PHM, PLAB, PLD, PLUS, PM, PNR, POWW, PPL, PRCT, PRDO, PRIM, PSN, PSTG, PSX, PWR, PWSC, PYPL, QQQ, QRVO, QSR, RACE, RAMP, RBA, RBC, RDNT, RDY, REG, REGN, RELX, RHP, RL, RMD, ROAD, ROCK, ROL, ROP, ROST, RPD, RPM, RS, RSG, RSP, RTX, RUSHA, RVTY, RWAY, RYAAY, S, SAIA, SAIC, SAP, SBAC, SCCO, SCS, SFM, SHAK, SHW, SJM, SKM, SKX, SLV, SMCI, SMH, SNOW, SNPS, SO, SOVO, SPB, SPG, SPGI, SPOT, SPXC, SPY, SQ, SRE, SRUUF, SSD, STE, STLA, STN, STNE, STRL, STZ, SUM, SWBI, SYK, SYY, TAP, TDG, TDY, TEAM, TEX, TFX, TGLS, TGS, TGT, TIPT, TJX, TM, TMHC, TMO, TMUS, TNC, TOL, TPH, TPR, TREX, TRGP, TRI, TRMB, TRNS, TROW, TRV, TSCO, TSLA, TSN, TSQ, TTEK, TTWO, TXT, TYL, UEC, UGP, UHS, UNP, URA, URBN, URG, URI, URNJ, URNM, USAC, USAP, USFD, UUUU, V, VECO, VERX, VGT, VICI, VIPS, VIV, VMC, VNT, VRNS, VRRM, VRSK, VRT, VST, VSTS, VTOL, VTRS, WAB, WAT, WBA, WDAY, WDFC, WDOFF, WELL, WEST, WING, WIRE, WM, WMB, WMG, WMS, WMT, WOR, WPM, WST, WTS, WTW, WWD, WY, WYNN, XEL, XHB, XLB, XLC, XLI, XLK, XLP, XLRE, XLU, XLV, XLY, XME, XP, XYL, YUM, Z, ZBH, ZG, ZS

 

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 – 2024-02-01

AAWH/U.CA, ABXX.NE, ACO/X.TO, ACT.CA, ADEN.TO, AEM.TO, AGF/B.TO, AGI.TO, AIF.TO, AIM.TO, ALA.TO, AMD.NE, AMX.V, AMZN.NE, ARE.TO, ARIS.TO, ARR.TO, ARTG.V, ASCU.TO, ATD.TO, ATD/A.TO, ATRL.TO, ATS.TO, ATZ.TO, AYA.TO, AYR/A.CA, BBU/UN.TO, BCE.TO, BDI.TO, BDT.TO, BEI/UN.TO, BIPC.TO, BK/PA.TO, BLX.TO, BNS.TO, BPF/UN.TO, BRK.NE, BRM.V, CAR/UN.TO, CCO.TO, CHE/UN.TO, CHP/UN.TO, CIG.TO, CIGI.TO, CIX.TO, CL.CA, CLS.TO, CM.TO, CNR.TO, COST.NE, CP.TO, CPX.TO, CRON.TO, CRR/UN.TO, CRT/UN.TO, CS.TO, CSH/UN.TO, CSW/A.TO, CTC/A.TO, CTS.TO, CU.TO, CURA.TO, CXB.TO, DBM.TO, DGS.TO, DHT/UN.TO, DIR/UN.TO, DIS.NE, DIV.TO, DML.TO, DND.TO, DNTL.TO, DOL.TO, DPM.TO, DRX.TO, DSG.TO, ECO.TO, EDR.TO, EFN.TO, EFR.TO, EIT/UN.TO, ELD.TO, ENS.TO, ERO.TO, EU.V, FCR/UN.TO, FCU.TO, FDR.V, FN.TO, FNV.TO, FR.TO, FSV.TO, FSY.TO, FSZ.TO, FTT.TO, FVI.TO, GDI.TO, GFL.TO, GGD.TO, GIB/A.TO, GIL.TO, GLO.TO, GLXY.TO, GMIN.TO, GRT/UN.TO, GTII.CA, H.TO, HAI.TO, HBM.TO, HDI.TO, HME.V, HMM/A.TO, HOM/U.TO, HPS/A.TO, HR/UN.TO, IAU.TO, IBT.V, IFC.TO, IFP.TO, IGM.TO, IIP/UN.TO, IMG.TO, ISO.V, IVN.TO, JUSH.CA, K.TO, KMP/UN.TO, KNT.TO, KRR.TO, L.TO, LLY.NE, LNR.TO, LUG.TO, LUN.TO, MA.NE, MAG.TO, MATR.TO, MCB.TO, MG.TO, MI/UN.TO, MRE.TO, MRU.TO, MSFT.NE, MUX.TO, MVRS.NE, MX.TO, NA.TO, NGD.TO, NGEX.V, NGT.TO, NOVC.TO, NPI.TO, NTR.TO, NVDA.NE, NWC.TO, NXE.TO, NXR/UN.TO, OGC.TO, OGI.TO, OLA.TO, OR.TO, OSI.V, OSK.TO, OTEX.TO, PAAS.TO, PBH.TO, PBL.TO, PHYS.TO, PLC.TO, PLTH.CA, PNRL.V, POW/PB.TO, PRMW.TO, PRV/UN.TO, PTK.V, PYPL.NE, QSR.TO, RBA.TO, RECO.V, REI/UN.TO, RSI.TO, RTA.NE, RUS.TO, SAP.TO, SBC.TO, SGD.V, SGR/UN.TO, SIA.TO, SII.TO, SIS.TO, SKE.TO, SLS.TO, SRU/UN.TO, SSRM.TO, STN.TO, SYZ.TO, T.TO, TCL/A.TO, TER.CA, THNC.TO, TIH.TO, TIXT.TO, TOY.TO, TRI.TO, TRP.TO, TRUL.CA, TSLA.NE, TSND.TO, U/U.TO, U/UN.TO, URC.TO, URE.TO, VGCX.TO, VNP.TO, VRNO.NE, VZLA.V, WCN.TO, WDO.TO, WILD.TO, WN.TO, WN/PA.TO, WPK.TO, WPM.TO, WSP.TO, WUC.CA, X.TO, ZEN.V, ZTL.NE, ZZZ.TO

 

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