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
Commodities Rally as Nasdaq Pulls Back
The stock market saw significant shifts on Thursday, with the S&P 500 and Nasdaq initially reaching new all-time highs before retreating, largely due to Nvidia’s reversal. In contrast, the Dow Jones Industrial Average had a strong session, aligning with Tuesday’s projections of a potential rotation into commodities and the Dow if the Nasdaq began to pull back.
During the Juneteenth holiday, Canadian scanner results identified potential trades in precious metals and suggested a broader shift into commodities, which indeed materialized today. Oil futures surged as the EIA reported a 2.5 million barrel decrease in U.S. crude oil stocks and a surprising 2.3 million barrel drawdown in gasoline inventories—the first in four weeks. This price action confirmed the breakout from the weekly bullish flag noted in our weekend report.
Crude Oil – Weekly Chart
Our Slack Workspace traders, led by Bulltrend, Mark, and the team, have been actively engaged in the oil trade and are executing it with precision. Today’s daily setups prominently feature the XLE ETF. Silver began to break out from its bullish flag pattern, gold miners saw widespread gains, and the copper miner ETF broke above a downtrend line, further signaling a shift into commodities.
Silver – Daily Chart
This rotation coincided with the Nasdaq Composite failing to set a fresh record close for the first time in over a week. This movement might be influenced by the expiration of the upcoming options or the significant rebalancing of the Technology Select Sector SPDR Fund (XLK). The rebalancing will increase Nvidia’s allocation from roughly 5% to over 20% while reducing Apple’s from about 21% to 5%, reflecting Nvidia’s recent rise in market capitalization, now surpassing Apple’s.
The rebalancing is expected to exert upward pressure on Nvidia’s stock and downward pressure on Apple’s. Currently, the Nasdaq stands 7.1% above its 50-day moving average, down from 8.2% on Tuesday, yet it remains somewhat extended. This is largely driven by substantial gains in AI giants, particularly Nvidia. Ideally, the Nasdaq would stabilize or pull back modestly over the coming days or weeks to allow its 50-day moving average to catch up. Investors should watch closely how prices react if they approach the 21-day exponential moving average.
The Dow Jones Industrial Average was the standout performer, rising 300 points, or 0.8%, outperforming both the S&P and Nasdaq for the first time since June 6. The Nasdaq fell 0.8%, ending its seven consecutive record closes streak. The S&P 500 also closed down 0.3%, failing to maintain its record close from Tuesday after briefly touching 5500 earlier in the session. The yield on the 10-year U.S. Treasury note, a key benchmark for borrowing costs, increased to 4.254% from 4.216% on Tuesday.
Dow Jones Industrial Average – Daily Chart
Nasdaq – Daily Chart
S&P 500 – Daily Chart
10-Year US Treasury Yield
In summary, today’s market movements highlight a significant shift into commodities, driven by strong performances in oil, precious metals, and related ETFs. The Dow’s robust performance amidst the Nasdaq’s pullback underscores the evolving market dynamics as investors adapt to sectoral rebalancing and emerging opportunities. Now, onto the daily setups.
US Daily Setups
AMD – Advanced Micro Devices, Inc.
AMD is potentially setting up below a horizontal line of resistance. Monitor for any signs of upside momentum, possibly leading to a breakout.
LINK TO CHART – https://schrts.co/qprwzgjq
COPX – Global X Copper Miners ETF
The Global X Copper Miners ETF is popping above the upper trendline of a falling wedge. Monitor for continued upside momentum to see if the price action can break out above the horizontal resistance line.
LINK TO CHART – https://schrts.co/vXSGMiQj
GDX – VanEck Vectors Gold Miners ETF
The VanEck Vectors Gold Miners ETF is set up in the form of a potential bullish flag continuation pattern. Monitor closely for any signs of a breakout.
LINK TO CHART – https://schrts.co/ZSzXjYHk
GDXJ – VanEck Vectors Junior Gold Miners ETF
The VanEck Vectors Junior Gold Miners ETF is set up in the form of a potential bullish flag continuation pattern. Monitor closely for any signs of a breakout.
LINK TO CHART – https://schrts.co/qkcbiceR
JPM – J.P. Morgan Chase & Co.
J.P. Morgan appears to be setting up below a horizontal line of resistance. Take note of the large volume-by-price bar on the left side of the chart. Monitor closely for any potential breakout signals.
LINK TO CHART – https://schrts.co/iXgsSHnr
OXY – Occidental Petroleum Corp.
Occidental Petroleum is attempting to break out from a bottoming wedge. To confirm this breakout, monitor for signs of sustained upward momentum.
LINK TO CHART – https://schrts.co/DZanMEHS
PAAS – Pan American Silver Corp.
Pan American Silver is set up in the form of a potential bullish flag continuation pattern. Monitor closely for any signs of a breakout that could confirm this upward move.
LINK TO CHART – https://schrts.co/dpqpazpR
SLV – iShares Silver Trust
The iShares Silver Trust ETF appears to be breaking out from a bullish flag continuation pattern. Monitor for signs of sustained upward momentum to confirm this breakout.
LINK TO CHART – https://schrts.co/MSEtztsn
XLE – Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund is rebounding off the 200-day moving average. Monitor closely for any potential signs of continued upside momentum, which could lead to a breakout from the falling channel.
LINK TO CHART – https://schrts.co/hJQDXgGf
ZIM – Zim Integrated Shipping Services Ltd.
Zim Integrated is attempting to move higher from a flagging pattern. Monitor closely for signs of sustained upward momentum to confirm this breakout.
LINK TO CHART – https://schrts.co/fjSpbYXp
Canadian Daily Setups
AEM.TO – Agnico-Eagle Mines Ltd.
Agnico-Eagle Mines is set up in the form of a potential bullish flag continuation pattern. Monitor closely for any signs of a breakout that could confirm this upward move.
LINK TO CHART – https://schrts.co/xUTpsKHH
CP.TO – Canadian Pacific Railway
Canadian Pacific Railway is set up in the form of a potential bottoming wedge. Monitor closely for any signs of a breakout that could confirm a reversal of the trend.
LINK TO CHART – https://schrts.co/pTKTAFMg
ERO.TO – Ero Copper Corporation
Ero Copper is attempting to move higher from a flagging pattern. Take note of the large cluster of volume-by-price bars located on the left side of the chart. Monitor closely for any signs of upside momentum, which may break the price out above that level.
LINK TO CHART – https://schrts.co/mwJfVUmI
PAAS.TO – Pan American Silver Corp.
Pan American Silver is set up in the form of a potential bullish flag continuation pattern. Monitor closely for any signs of a breakout that could confirm this upward move.
LINK TO CHART – https://schrts.co/uCUkrsJq
SIL.TO – SilverCrest Metals Inc.
SilverCrest Metals is set up in the form of a potential bullish flag continuation pattern. Monitor closely for any signs of a breakout that could confirm this upward move.
LINK TO CHART – https://schrts.co/uxvZDryq
TCL/A.TO – Transcontinental Inc.
Transcontinental appears to be setting up for a potential breakout from a consolidation pattern, which could lead to a new 52-week high.
LINK TO CHART – https://schrts.co/aRrSbjGi
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 – 2024-06-20
A, AAON, ABBV, ABNB, ABR, ABT, ACGL, ACIW, ACM, ACN, ADBE, ADM, ADP, AEE, AEM, AFL, AGI, AGO, AGYS, AIZ, AJG, AKAM, ALL, AM, AMAL, AMD, AMGN, AMP, AMT, AMZN, ANSS, APAM, APO, ARIS, ARLO, ARLP, ATO, AU, AX, AXP, AXS, AZO, BAH, BBVA, BCO, BDX, BIIB, BIRK, BITQ, BK, BKR, BLOK, BR, BRBR, BRK/B, BRO, BSX, BTDR, BURL, BX, BZ, CAH, CAKE, CASH, CAT, CB, CBOE, CBRE, CCAP, CCEP, CCL, CDW, CECO, CEG, CF, CGBD, CHRD, CHRW, CHTR, CI, CINF, CIVI, CLBT, CMCSA, CME, CMI, CMRE, CNA, CNO, CNP, CNQ, COF, COP, COPX, CPAY, CRBG, CRM, CTSH, CVLT, CVX, CXT, CYBR, CZR, DB, DFS, DHT, DINO, DIS, DK, DKS, DLTR, DMLP, DOCU, DORM, DOV, DRI, DTM, DVN, E, EAT, ECL, EG, EGO, EGY, ELV, EME, ENLC, ENVA, EOG, EPAC, EPAM, EPD, EQH, EQR, ERO, ESAB, ET, ETHE, EW, EXPD, FANG, FAST, FBP, FCNCA, FCX, FDIG, FDX, FG, FI, FIHL, FLS, FLUT, FNF, FOX, FRO, FRT, FTI, GD, GDRZF, GDX, GDXJ, GE, GEHC, GEL, GFI, GIL, GILD, GLD, GM, GOLF, GOOG, GOOGL, GPC, GS, GSL, GWRE, HALO, HCC, HES, HESM, HIG, HLT, HMY, HOLX, HON, HTGC, HUM, IAG, IBM, IBN, ICE, IEX, IFF, IHG, IHI, IIPR, IMO, INCY, INSW, INTU, IP, IRM, IT, ITA, ITCI, IVZ, J, JKHY, JNJ, JPM, KB, KBH, KD, KGC, KIM, KMI, KNTK, KNTNF, L, LDOS, LH, LHX, LIN, LKQ, LMT, LNC, LNG, LNT, LNW, LPLA, LYV, MA, MAG, MAIN, MAR, MARA, MATX, MBWM, MCK, MCO, MCY, MET, META, MFC, MGM, MLR, MMC, MMM, MO, MOG/A, MOH, MORN, MOS, MPC, MPLX, MRK, MRO, MSA, MSI, MTB, MTDR, MUSA, NDAQ, NEM, NI, NMIH, NMM, NOW, NRG, NSC, NTB, NU, NVO, NVS, OBDC, ODD, ODFL, OFG, OIH, OII, OKE, ORLY, OSK, OWL, OXY, PAA, PAAS, PAGP, PAY, PAYC, PBR/A, PEG, PFE, PFG, PGR, PIPR, PJT, PODD, PPC, PR, PRU, PSA, PSN, PSX, PTC, RACE, REG, REGN, RELX, RGA, RL, RMD, RNR, RSP, RYAN, SA, SAP, SBLK, SCCO, SEIC, SF, SHEL, SHW, SII, SIL, SILJ, SKWD, SLB, SLM, SLV, SM, SO, SPGI, SPOT, SPXC, SRE, SRPT, SSNC, STEP, STLD, SUN, SWBI, SYF, T, TAP, TEVA, TFC, TJX, TNK, TOST, TPG, TRGP, TRIN, TRMB, TRMD, TRN, TROW, TRV, TSN, TTEK, TW, TXT, TYL, UBS, UFPT, UNM, UNP, UPS, USO, UTHR, V, VLO, VRN, VRRM, VRSN, VSEC, VST, VZ, WCN, WDOFF, WEC, WES, WEST, WFRD, WGMI, WM, WMB, WMT, WPM, WRB, WRK, WS, WTW, XLB, XLC, XLE, XLF, XLI, XLV, XLY, XME, XOM, ZIM
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 – 2024-06-20
AAV.TO, ABBV.NE, ABRA.V, ABX.TO, AD/UN.TO, ADBE.NE, AEM.TO, AGF/B.TO, AGI.TO, AIF.TO, AIM.TO, AKG.TO, AMD.NE, AMZN.NE, AND.TO, AOI.TO, ARIS.TO, ARTG.V, ASM.TO, AX/UN.TO, BDGI.TO, BDI.TO, BHC.TO, BIPC.TO, BIR.TO, BITF.TO, BLN.TO, BTO.TO, CCO.TO, CEF.TO, CEU.TO, CG.TO, CGG.TO, CHE/UN.TO, CHR.TO, CMG.TO, CP.TO, CRM.NE, CS.TO, DFN/PA.TO, DGS.TO, DHT/UN.TO, DPM.TO, DRM.TO, DSV.TO, EDR.TO, EDV.TO, EFN.TO, EFX.TO, EIF.TO, ELD.TO, EMP/A.TO, EMX.V, EQX.TO, ERO.TO, ETHC.NE, FCD/UN.TO, FNV.TO, FTN.TO, GAU.TO, GCL.TO, GGD.TO, GH.TO, GIL.TO, GLXY.TO, GMIN.TO, GOOG.NE, GTE.TO, HBM.TO, HIVE.V, HME.V, HMR.V, HUT.TO, HWX.TO, IAU.TO, IBM.NE, IGM.TO, IIP/UN.TO, IMG.TO, IMO.TO, IPCO.TO, ITR.V, JAG.TO, JPM.NE, K.TO, KBL.TO, KEL.TO, KITS.TO, KNT.TO, KRR.TO, KSI.TO, KTN.V, LGO.TO, LIF.TO, LUG.TO, LUN.TO, MAG.TO, MATR.TO, META.NE, MFC.TO, MFG.V, MNT.TO, MOGO.TO, MTA.V, MVRS.NE, NGD.TO, NGT.TO, NNRG.NE, NTR.TO, NUAG.TO, NWC.TO, OBE.TO, OGC.TO, OGI.TO, OTEX.TO, OVV.TO, PAAS.TO, PALI.V, PBH.TO, PD.TO, PFE.NE, PHYS.TO, PPL.TO, PRU.TO, PRYM.TO, PSD.TO, PSLV.TO, PTM.TO, PXT.TO, RBY.TO, REAL.TO, RECO.V, RX.V, SAP.TO, SHLE.TO, SIA.TO, SII.TO, SIL.TO, SJ.TO, SKE.TO, SOIL.TO, SU.TO, SVM.TO, SXP.TO, TCL/A.TO, TECK/B.TO, THNC.TO, TIH.TO, TIXT.TO, TPZ.TO, TRUL.CA, TXG.TO, VET.TO, VGCX.TO, VRN.TO, VRNO.NE, WCN.TO, WDO.TO, WED.V, WMT.NE, WPM.TO, X.TO, XTD.TO
