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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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
Markets Close in the Green as Nasdaq Hits Record High, Fed Official Weighs In on Rate Cuts
In today’s stock market report, indices closed positively, with the Nasdaq Composite achieving a new record high following uneventful inflation data. The Dow Jones Industrial Average and S&P 500 marked their most robust two-month performance since 2019. Additionally, a Federal Reserve official shared insights on potential rate cuts for the year.
During afternoon trading, the Dow Jones Industrial Average teetered around the break-even point before surging at the close, concluding a three-day pullback with a 0.1% gain, identified by a bullish flag pattern. The S&P 500 and Nasdaq Composite also posted gains on the month’s final trading day. The S&P 500, breaking out from a bull flag continuation pattern, saw a 0.5% increase. Simultaneously, the Nasdaq climbed 0.9%, surpassing its closing record set in November 2021 at 16,057.44. Notably, all three major indexes exhibit signs of breaking out from a bull flag continuation pattern, aligned with system rules and tracking above a rising 21-exponential day moving average. The small-cap Russell 2000 traded 0.6% higher, hinting at a potential breakout from the monitored consolidation zone.
Dow Jones Industrial Average – Daily Chart
S&P 500 – Daily Chart
Nasdaq – Daily Chart
Russell 2000 (ETF) – Weekly Chart
Earlier in the day, the Federal Reserve’s favored inflation gauge met expectations, as the core personal consumption expenditures price index rose by 0.4% on a monthly basis in January. Meanwhile, the 10-year Treasury note yield dropped by 2 basis points to 4.252%, reflecting market dynamics.
10-Year US Treasury Yield
As we delve into the daily setups, it’s crucial to heed the wisdom of renowned trader Ed Seykota, who astutely remarked, ‘Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.’ With this insight into the psychological underpinnings of those who continue to call for a market top, let’s explore daily setups.
US Daily Setups
ABNB – Airbnb Inc.
Airbnb is attempting to break out from a substantial multi-month consolidation pattern. Keep a close eye on its price action for potential confirmation of this breakout.
LINK TO CHART – https://schrts.co/CCRGvvtx
AMD – Advanced Micro Devices, Inc.
AMD is breaking out from a bullish continuation pattern with robust volume, signaling potential strength in its upward movement. Monitor its performance closely for further confirmation.
LINK TO CHART – https://schrts.co/vexHZdat
AMZN – Amazon.com, Inc.
Amazon is attempting to continue its upward trend, emerging from an area of consolidation. Keep an eye on its price action for potential confirmation of the continuation.
LINK TO CHART – https://schrts.co/nwJDRmHu
ARCB – ArcBest Corp.
ArcBest is attempting to trend higher from its bull flag continuation pattern. Keep a close eye on its price action for potential confirmation of the upward trend.
LINK TO CHART – https://schrts.co/EEmUZywr
LYV – Live Nation Entertainment, Inc.
Live Nation Entertainment is attempting to break out from its multi-month basing pattern, signaling a potential upward movement. Keep a watchful eye on its price action for confirmation of this breakout.
LINK TO CHART – https://schrts.co/cyGAzCUj
XHB – SPDR S&P Homebuilders ETF
The SPDR S&P Homebuilders ETF continues to demonstrate strength on a relative and absolute basis. Its price action is reaching a new 52-week high, and relative strength is breaking out, notably as homebuilders appear prominently in scanner results. Keep a keen eye on these developments.
LINK TO CHART – https://schrts.co/XYPJaqwf
Canadian Daily Setups
AMD.NE – Advanced Micro Devices Inc. – Canadian Depository Receipt
AMD is breaking out from a bullish continuation pattern with robust volume, signaling potential strength in its upward movement. Monitor its performance closely for further confirmation.
LINK TO CHART – https://schrts.co/wIKWYvGB
BNS.TO – The Bank of Nova Scotia
The Bank of Nova Scotia is currently flagging after its recent breakout. Monitor closely for any indications of upside strength, which could signify the initiation of an uptrend.
LINK TO CHART – https://schrts.co/nKZesNWv
CTS.TO – Converge Technology Solutions Corp.
Converge Technology Solutions continues to set up below its next trigger line. Keep a watchful eye for the continuation of the trend.
LINK TO CHART – https://schrts.co/RaSymyWp
CVO.TO – Coveo Solutions Inc.
Coveo Solutions continues to witness bullish activity as its price action attempts to break higher. Keep a close watch on the developments for potential confirmation of an upward move.
LINK TO CHART – https://schrts.co/icqsQxwj
QSR.TO – Restaurant Brands International Inc.
Restaurant Brands seems to be breaking out from the pattern highlighted yesterday. Monitor its current price action for confirmation of this breakout.
LINK TO CHART – https://schrts.co/EvuiFtpG
SU.TO – Suncor Energy, Inc.
Suncor Energy continues to exhibit characteristics akin to a textbook scenario. Its price action is currently pushing above the upper trendline and horizontal resistance of the multi-year consolidation/continuation pattern.
LINK TO CHART – https://schrts.co/RVCqxnUS
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 – 2024-02-29
A, AAL, ABNB, ACIW, ADI, ADSK, AEP, AER, AGI, ALB, ALLE, ALV, AM, AMAT, AMD, AME, AMT, AMZN, ANET, ANIP, APAM, APH, APP, ARCB, ARE, ARES, AROC, ASML, ASR, ATGE, ATI, ATKR, ATO, AVB, AVDX, AVY, AXP, AYI, AZEK, BAC, BAH, BALL, BAND, BCC, BCO, BCSF, BEN, BF/B, BITW, BLBD, BLD, BLDR, BLKB, BR, BRC, BRKR, BRZE, BTU, BUR, BXP, CACI, CARR, CAT, CAVA, CBT, CCAP, CCI, CCL, CDNS, CE, CECO, CELH, CENTA, CF, CFG, CFLT, CGBD, CHD, CLH, CLS, CM, CMG, CMPR, CMS, COPX, CPB, CPLP, CRBG, CRH, CRM, CSGP, CSL, CSTM, CSWC, CSX, CUK, CW, CYBR, CZR, DAL, DASH, DDOG, DECK, DELL, DFH, DG, DHI, DKNG, DLR, DMLP, DOW, DTM, EFX, EGY, EIX, EL, ELTK, EME, EMN, EMR, ENLC, ENPH, ENTG, EQR, ERJ, ES, ESTC, ET, ETN, ETR, ETRN, EVR, EXP, EXPD, EXR, F, FANG, FDX, FERG, FI, FIS, FITB, FIX, FLEX, FLT, FMC, FMX, FN, FNF, FRPT, FRT, FSLR, FTAI, GBX, GCT, GDRZF, GDX, GE, GFF, GFL, GIB, GIII, GLP, GLRE, GM, GNRC, GPI, GRBK, GRVY, GWW, H, HD, HEES, HEI, HESM, HIBB, HLT, HNI, HON, HOOD, HOV, HPE, HRI, HRL, HTGC, HUBB, HUBS, HWKN, IBN, IBP, IDXX, IMO, INFA, INSW, INTU, INVH, IOT, IP, IR, IRM, ISRG, ITB, ITGR, IWF, JBHT, JBL, KBH, KEX, KEY, KKR, KMB, KMI, KMX, KNF, KNTK, KR, KRT, LAD, LDOS, LEN, LI, LMB, LNW, LOW, LPG, LPLA, LRCX, LRN, LSEA, LULU, LVS, LW, LYB, LYV, LZB, MAIN, MBC, MBIN, MCHP, MDB, MET, META, METV, MGM, MHK, MHO, MITK, MKC, MLM, MLR, MMYT, MNDY, MPC, MPTI, MPWR, MSFT, MSOS, MTD, MTH, MTRN, NCDL, NCLH, NDSN, NEM, NET, NGVC, NI, NICE, NOC, NOW, NRG, NRP, NS, NSS, NTNX, NTRA, NVDA, NVMI, NVT, NWS, NWSA, NYT, OBDC, ODFL, ODP, OFG, OKE, ON, ONON, OTTR, OWL, PAA, PAGP, PATK, PBA, PCOR, PEAK, PFGC, PHM, PINS, PKG, PLUS, PNR, PNTG, POOL, POWL, POWW, PPG, PPL, PRDO, PSA, PSTG, PUBM, PWP, PWR, QCOM, QLYS, QSR, RBA, REG, REX, RL, ROL, RPD, RRC, RUSHA, RVTY, RYAN, SAH, SAIA, SCHW, SCS, SFM, SHAK, SHW, SKT, SMCI, SMH, SNPS, SO, SPLK, SPOT, STE, STLD, STNG, STRL, STX, SUBCY, SUM, SUN, SWKS, SWN, SYY, TAP, TDG, TER, TEX, TGT, THC, TMHC, TNP, TOL, TPG, TPH, TPR, TPX, TRAK, TRGP, TRI, TRIN, TRMB, TSCO, TSM, TSN, TTD, TXN, TXRH, TXT, UAL, UBER, UEC, UHS, UNP, USAC, USAP, USB, VECO, VERX, VGT, VICI, VIST, VITL, VLO, VMC, VNOM, VRT, VSEC, VST, VVV, W, WAB, WAT, WDC, WEC, WELL, WES, WEST, WFC, WING, WMB, WMG, WMS, WPM, WS, WTS, WYNN, XHB, XLB, XLE, XLK, XLRE, XME, XOP, XYL, YPF, ZBRA, 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 – 2024-02-29
AAUC.TO, ABX.TO, AD/UN.TO, AEP.V, AGI.TO, AKG.TO, ALA.TO, AMD.NE, AMX.V, AMZN.NE, ARG.TO, ARR.TO, ARX.TO, ASCU.TO, ATH.TO, ATX.V, ATZ.TO, AYA.TO, BAM/A.TO, BDT.TO, BEI/UN.TO, BIR.TO, BLX.TO, BN.TO, BNS.TO, CAD.V, CEU.TO, CF.TO, CIX.TO, CLS.TO, CM.TO, CMG.TO, CNC.V, CNQ.TO, CP.TO, CPG.TO, CPLF.TO, CPX.TO, CRDL.TO, CRM.NE, CRR/UN.TO, CS.TO, CTS.TO, CVE.TO, CVO.TO, CXB.TO, DCBO.TO, DFN.TO, DGS.TO, DHT/UN.TO, DPM.TO, DRX.TO, EIT/UN.TO, ENB.TO, ERF.TO, ETG.TO, FDR.V, FFH.TO, FFN.TO, FM.TO, FOM.TO, FTG.TO, FTT.TO, FVI.TO, FWZ.V, GAU.TO, GFL.TO, GIB/A.TO, GOOS.TO, GRA.TO, GTII.CA, H.TO, HAI.TO, HBM.TO, HPS/A.TO, IMO.TO, JOY.TO, K.TO, KEY.TO, KITS.TO, LAAC.TO, LAC.TO, LIRC.TO, LMN.V, LUG.TO, LUN.TO, MDA.TO, MEG.TO, MI/UN.TO, MMED.NE, MNT.TO, MOGO.TO, MRG/UN.TO, MSFT.NE, MTL.TO, MVRS.NE, NA.TO, NG.TO, NGD.TO, NGT.TO, NVA.TO, NVDA.NE, NVEI.TO, OBE.TO, OGI.TO, OR.TO, OVV.TO, PAY.TO, PHX.TO, PMET.TO, PNG.V, POW.TO, PPL.TO, PRL.TO, PRU.TO, PRYM.TO, PSLV.TO, QBR/B.TO, QSR.TO, RBA.TO, RML.V, SES.TO, SHOW.CA, SIA.TO, SOY.TO, SPB.TO, SSL.TO, STEP.TO, SU.TO, SVI.TO, TBL.TO, TECK/B.TO, TFII.TO, TKO.TO, TRI.TO, TRP.TO, TRUL.CA, TXG.TO, WCP.TO, WDO.TO, X.TO, ZEN.V, ZZZ.TO
