SYS Research – Daily Report – Thursday, November 16, 2023

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

 

Nasdaq Pauses, Gold Surges

In Thursday’s market recap, major indexes closed the session predominantly near session highs, marking a mixed performance with modest gains or losses. Investors, seemingly catching their breath after a robust November kickoff, witnessed a relatively subdued day in equities. The prevailing sentiment reflected a market grappling for direction following recent surges.

The Dow Jones Industrial Average experienced a marginal dip of approximately 45 points, or 0.1%, while the S&P 500 eked out a 0.1% gain. The Nasdaq Composite, too, posted a 0.1% increase.

Indexes

The Nasdaq Composite, in particular, faces a noteworthy challenge within the 14,149-14,446 zone, as delineated by price labels on the chart. The tech-heavy index has dedicated the past three days to a consolidation phase at the initial level. This pause could be a constructive interlude, affording our leading setups a valuable moment to regroup before potentially embarking on the next upward trajectory. As market dynamics unfold, stay tuned for insights into the broader sentiment and potential catalysts shaping these developments.

Nasdaq

In tandem with this equity dance, oil prices exhibited a decline, and Treasury yields resumed their post-CPI retreat. Bonds rose once again, contributing to a drop in the 10-year Treasury yield to 4.445%.

10-Year US Treasury Yield

Meanwhile, the SSIH mirrored the broader market’s sluggish movement, though analysts may find value in monitoring the PPO position for potential insights.

SSIH

Shifting gears to currency markets, the dollar index managed to narrow its earlier losses, settling at a flat position. Dollar weakness, in turn, buoyed gold prices, which saw a robust 1.7% surge, reaching $1,991.10 per ounce. This uptick provided a favorable backdrop for select gold miner setups, adding an element of intrigue to this corner of the market.

Gold

As we reflect on Thursday’s market performance, the narrative suggests a market in search of its next catalyst, with key indices pausing at critical levels. Investors are navigating this juncture, mindful of potential developments that may steer the course in the days ahead. As Jesse Livermore once said, ‘The stock market is never obvious. It is designed to fool most of the people, most of the time.’ Now, let’s delve into the setups.

US Daily Setups

DNN – Denison Mines Corp.

Denison Mines is breaking out from a continuation pattern recently shared in our Canadian setups.

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

 

EGO – Eldorado Gold Corp.

Eldorado Gold is currently flagging on the right side of a cup formation, positioned below its 52-week high.

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

 

GDX – VanEck Vectors Gold Miners ETF

The VanEck Vectors Gold Miners ETF is once again pushing up against the underside of its downtrend line. Monitor closely for potential breakout signals.

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

 

GDXJ – VanEck Vectors Junior Gold Miners ETF

The VanEck Vectors Junior Gold Miners ETF is setting up not too far from a horizontal trigger line. Monitor closely for signs of upside momentum, which could signal a potential breakout.

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

 

KGC – Kinross Gold Corp.

Kinross Gold is consolidating below its 52-week high. Keep a watchful eye for the potential continuation of the uptrend.

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

 

WPM – Wheaton Precious Metals Corp.

Wheaton Precious Metals appears to be breaking out from a significant consolidation/continuation pattern.

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

 

Canadian Daily Setups

DML.TO – Denison Mines Corp.

Denison Mines continues to exhibit upside strength emerging from its continuation pattern.

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

 

DPM.TO – Dundee Precious Metals, Inc.

Dundee Precious Metals is threatening to break out from a significant continuation wedge.

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

 

FCU.TO – Fission Uranium Corp.

The Fission Uranium setup shared a few days ago appears to be now breaking out.

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

 

U/UN.TO – Sprott Physical Uranium Trust

The Sprott Physical Uranium Trust is pushing to another new high, reflecting positive momentum in its current market performance.

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

 

WDO.TO – Wesdome Gold Mines Ltd.

Wesdome Gold Mines continues to work its way towards the apex of a significant bottoming base. Monitor for the potential of upside momentum that could lead to a breakout, especially if the price of gold can stay strong.

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

 

WPM.TO – Wheaton Precious Metals Corp.

Wheaton Precious Metals appears to be breaking out from a significant consolidation/continuation pattern.

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

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.

 

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.

 

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