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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SYS Daily Report
Navigating Through Market Turbulence
Stocks ended sharply lower today as the tech selloff morphed into an all-encompassing market downturn. The anticipated forceful buying of laggards and smaller companies did not materialize, as everything seemed correlated during the sell-off. All but one of the 11 sectors comprising the S&P 500 traded lower; the energy sector was the sole winner. It will be a tough day to find momentum setups, but I have identified a few to add to the watchlist.
On Thursday, there was nowhere for investors to place their money. At one point, energy stocks were lighting up scanner results with names like Marathon Oil (MRO), Occidental Petroleum (OXY), and ConocoPhillips (COP) showing promising setups. However, they succumbed to selling pressure along with the rest of the market. Ideally, if energy can regain its footing, these names will reappear in daily setup reports. Yet, caution is warranted in the commodities sector, as copper experienced a violent sell-off after failing at the underside of its 50-day moving average, and uranium saw another rough day.
Here is the Copper chart and analysis from the weekend report, followed by an updated chart from today:
Price action in copper failed at an area of horizontal resistance last week, then continued to consolidate downward in the form of a potential flagging pattern. Now, monitor if price action can hold the 21-day exponential moving average, as it was unable to stay above the 50-day moving average. This setup presents a binary event. Watch to see if price can reclaim the $4.70 level. If it can’t, this could indicate a lower high and set up for a potential head-and-shoulders top. Remember, we don’t make predictions; we react to price action.
Copper Chart From The Weekend Report
Copper Chart From Today
The S&P 500 and Nasdaq Composite extended Wednesday’s sell-offs. The tech sector remained under pressure, with chipmakers dropping over fears of stricter export curbs to China. Although the S&P closed above its 21-day exponential moving average, the Nasdaq is approaching its 50-day line. Three of the Magnificent Seven stocks are featured in the daily setups: Microsoft (MSFT), Alphabet (GOOGL), and Nvidia (NVDA) are testing or have rebounded from key levels, while Netflix (NFLX) slipped on earnings after the bell. Monitoring these levels can provide insights into potential price stability, although tech stocks could need more time before making another run. Many non-tech stocks and sectors that offered buying opportunities in recent days also appear extended.
S&P 500 – Daily Chart
Nasdaq – Daily Chart
The Dow Jones Industrial Average declined 1.3%, reversing lower after posting a record high. The small-cap Russell 2000 index dropped nearly 1.9% as broad-based selling hit the stock market. The Dow and the Russell may need time to retest their recent breakout levels or allow their moving averages to catch up.
Dow Jones Industrial Average – Daily Chart
Russell 2000 (ETF) – Daily Chart
It may not be the best time to make new purchases. Consider cutting losses if stop-loss orders haven’t already been triggered. However, this could change quickly, so keep your watchlists current and stay engaged. Be prepared for new buying or selling opportunities in the coming days. As Paul Tudor Jones wisely said, “Always understand the risk/reward of the trade as it now stands, not as it existed when you initiated the position.”
Now, onto the daily setups.
US Daily Setups
GOOGL – Alphabet Inc.
Alphabet has returned to test the recent breakout line and its upward-sloping 50-day moving average. It’s important not to try catching a falling knife, but this is a level to watch to see if the price can confirm support and rebound. Monitoring this level can provide insights into potential price stability.
LINK TO CHART – https://schrts.co/gWVcKwur
MRO – Marathon Oil
Marathon Oil is consolidating below its all-time high. At one point, intraday price action looked strong before pulling back due to overall market selling. Keep MRO on a watchlist and monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/EJskbXpd
MSFT – Microsoft Corp.
Microsoft has come back to retest its 50-day moving average and recent breakout line. Price action closed off today’s lows. Monitor to see if it can continue above the upward-sloping 50-day moving average.
LINK TO CHART – https://schrts.co/cHZxCEEZ
NVDA – NVIDIA Corp.
Nvidia showed relative strength in a weak market tape, with price action holding above its 50-day moving average. Monitor to see if it can maintain this level, as there might be a trade leading into the company’s earnings on August 28.
LINK TO CHART – https://schrts.co/YUzFucyc
PRIM – Primoris Services Corp.
Primoris Services is consolidating below its 52-week high. Monitor for any signs of upside momentum, which may suggest the continuation of the uptrend.
LINK TO CHART – https://schrts.co/ibNNdmKw
VIST – Vista Oil & Gas SAB
Vista Oil & Gas shows strength as price action consolidates below its all-time high. Monitor for any potential signs of a continuation of the uptrend.
LINK TO CHART – https://schrts.co/UpTjAqmi
XLE – Energy Select Sector SPDR Fund
Energy Select Sector SPDR Fund traded into the underside of a resistance line. Energy stocks appeared on the scanner results in the morning, but price action faded throughout the day like with the ETF. Monitor to see if price action can regain its strength. Technically speaking, the horizontal resistance line is now a good level to watch to see if price action can resume its uptrend. It would also be positive for the energy stocks appearing on the scanner.
LINK TO CHART – https://schrts.co/HIRcpjDk
Canadian Daily Setups
ADEN.TO – Adentra Inc.
Adentra is attempting to break out from a continuation wedge. Monitor to see if price action can trend above its moving averages. Breakouts from continuation wedges often signal the resumption of the prevailing trend.
LINK TO CHART – https://schrts.co/cnvKBEBD
ENB.TO – Enbridge, Inc.
Enbridge saw another day of increased volume as price action attempted to move higher from its continuation pattern. Increased volume during a breakout often confirms the move’s strength and signals the potential for continued upward momentum.
LINK TO CHART – https://schrts.co/IntSdeSe
FFH.TO – Fairfax Financial Holdings Ltd.
Fairfax Financial is attempting to move higher from a multi-month consolidation area below its all-time high.
LINK TO CHART – https://schrts.co/EgrsmETH
H.TO – Hydro One Limited
Hydro One is attempting to break out from a multi-month area of consolidation.
LINK TO CHART – https://schrts.co/iMEYijjh
SU.TO – Suncor Energy, Inc.
Suncor Energy is consolidating in the form of a potential continuation pattern. Monitor for any breakout signals. Continuation patterns often indicate the resumption of the prevailing trend after a period of consolidation.
LINK TO CHART – https://schrts.co/evDmjPAV
TRP.TO – TC Energy Corporation
TC Energy continues to show strength as price action breaks out from its multi-month base pattern. Breakouts from base patterns often signal the beginning of a new uptrend.
LINK TO CHART – https://schrts.co/aNbnHyjc
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 – 2024-07-18
ACGL, ACN, ADI, AEYE, AFL, AGYS, AIZ, ALL, ALLE, ALSN, AM, APPF, ARES, ARLP, AROC, ATR, AVB, AVGO, AVY, AWI, AXS, AZEK, BAH, BBVA, BBW, BG, BLD, BLX, BV, BX, CAL, CB, CBOE, CBZ, CHKP, CM, CMI, CNA, CNM, CNX, COKE, COLL, COO, CORT, CPB, CPT, CRBG, CRTO, CRUS, CTAS, CTRA, CTSH, CVX, CWAN, DFS, DHI, DHT, DKS, DTM, DY, ED, EFX, EG, ENLC, EPAM, EPD, EQR, ESS, ET, ETR, EZPW, F, FCN, FIHL, FTAI, FTI, GD, GDDY, GILD, GIS, GRBK, GVA, HAL, HES, HLX, HRL, HUBS, IBN, IBP, ICFI, IDT, IESC, INCY, INVH, IP, ITB, JNPR, KD, KDP, KKR, KMB, KMI, KMPR, KNTK, KR, KSPI, L, LBRT, LDOS, LEN, LINC, LNG, MAA, MAMA, MAS, MBIN, MCY, MGRC, MMYT, MOD, MPLX, MPWR, MRO, MSI, MTB, MTH, MUFG, MUSA, NOG, NR, NTRS, NVR, NWPX, NXPI, O, OC, OMC, OWL, OXY, PAA, PAGP, PBA, PCAR, PEP, PGR, PHM, PIPR, PKG, PLTR, POST, PPC, PPL, PRDO, PRIM, PWR, QRVO, RACE, RNR, ROAD, RYAN, SDRL, SKT, SKWD, SM, SMFG, SOLV, SRE, STN, SUBCY, SWKS, TDW, TMHC, TOL, TPG, TPH, TRGP, TSLA, TTE, TTEK, TW, TXN, TXT, UFPT, URI, USAP, UTI, VBNK, VIST, VLTO, VMC, VNOM, VRSK, VZ, WBD, WES, WFRD, WIX, WMB, WRB, XEL, XHB, XLE, XOM, ZBH, ZIMV
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.
AAV.TO, ACO/X.TO, ADEN.TO, ADW/A.TO, AFM.V, ALA.TO, ALS.TO, AOI.TO, ASTL.TO, ATD.TO, ATD/A.TO, ATH.TO, ATRL.TO, BCE.TO, BEI/UN.TO, BFM.V, BK.TO, BLN.TO, BNS.TO, BOIL.CA, BTB/UN.TO, CAS.TO, CCA.TO, CDR.TO, CEU.TO, CF.TO, CGX.TO, CIG.TO, CIGI.TO, CM.TO, CRR/UN.TO, CSU.TO, CTZ.V, CU.TO, DBM.TO, DF.TO, DIR/UN.TO, DOO.TO, DPM.TO, EIF.TO, EMA.TO, EMP/A.TO, ENB.TO, ENS.TO, ERE/UN.TO, ESI.TO, ETHC.NE, EXE.TO, FDR.V, FFH.TO, FIH/U.TO, FN.TO, FTS.TO, FWZ.V, GRT/UN.TO, H.TO, HDI.TO, HME.V, HTL.TO, HWX.TO, IFC.TO, ILLM.TO, IPCO.TO, KEY.TO, KRR.TO, L.TO, LB.TO, LCX.V, LGO.TO, LUG.TO, MATR.TO, MDA.TO, MKP.TO, MRU.TO, NVEI.TO, NWC.TO, NXR/UN.TO, PIF.TO, PLZ/UN.TO, PPL.TO, PRQ.TO, PSK.TO, PSU/U.TO, PTM.TO, RAY/A.TO, RCK.V, RML.V, RS.TO, RSI.TO, RY.TO, SGY.TO, SIA.TO, SJ.TO, SSL.TO, STEP.TO, STN.TO, SU.TO, SVI.TO, SYZ.TO, T.TO, TCL/A.TO, TCW.TO, TNZ.TO, TPZ.TO, TRP.TO, TRUL.CA, TSLA.NE, TVE.TO, VBNK.TO, VRNO.NE, WCP.TO, WED.V, WILD.TO, WPK.TO, X.TO, XTC.TO, ZZZ.TO
