SYS Research – Daily Report – Thursday, November 2, 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.

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

 

Stocks Soar as Fed Hints at Rate Pause

Stocks surged on Thursday, marking their second consecutive day of gains, as the Federal Reserve hinted at a pause in its interest rate hikes. The S&P 500 recorded an impressive 1.9% increase, marking its most substantial surge since April. Simultaneously, the Dow Jones Industrial Average posted a gain of over 560 points, or 1.7%, while the Nasdaq Composite displayed a robust 1.8% uptick.

In a remarkable display of strength, all 11 sectors within the S&P 500 closed higher for the day, with notable advances seen in the energy, utilities, and consumer-discretionary segments. The real-estate sector, which is particularly sensitive to interest rates, led the charge with a remarkable 3.1% gain. Notably, mortgage rates experienced their first drop in nearly two months, further underlining the impact of the Fed’s policy stance.

The SSIH exhibited an upward acceleration today, with the PPO indicating the possibility of a breakout at the zero line.

SSIH

As the Nasdaq Composite surpassed its 21-day moving average, the S&P 500 notched a reclaiming of its 200-day and 21-day averages. Additionally, both indices are nearing their 50-day moving averages, a development that holds pivotal importance for the ongoing market rally. A rejection of the 50-day moving average would not be good as price action also approaches the underside of major resistance.

Nasdaq

S&P 500

On Wednesday, market breadth exhibited a somewhat lackluster performance, but it notably shifted to a bullish stance on Thursday. The green-light/red-light breadth system has even signaled the possibility of a green-light cross, underlining the positive sentiment in the market.

Breadth Indicator

In the bond market, yields on the benchmark 10-year Treasury note retreated, falling from 4.79% on Wednesday to 4.669% on Thursday. This dip in yields corresponds with a rise in bond prices, further affirming the market’s reaction to the Fed’s policy signals.

10-Year US Treasury Yield

Looking ahead, the financial community is eagerly anticipating Friday’s release of the October jobs report, a crucial economic indicator. Meanwhile, Apple’s stock faced a decline in after-hours trading following the release of its earnings report.

In the current environment, it would be wise for investors to keep a close watch on their watchlists. Stocks that previously exhibited weakness are now displaying renewed strength. It is prudent to maintain a comprehensive watchlist to track the broadening market leadership. However, it is equally important to focus on a select group of stocks showing strength. While new buying opportunities have emerged, it’s worth noting that some of these opportunities may come with added risks, particularly when they coincide with substantial earnings gaps.

US Daily Setups

COIN – Coinbase Global Inc.

Coinbase initiated a move above the upper trendline of the wedge pattern in the daily session. However, it is noteworthy that the stock exhibited weakness in after-hours trading following its earnings report. Remain vigilant and closely monitor the situation for potential signs of continued upside strength in the morning while keeping stop-loss orders set appropriately.

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

 

MSFT – Microsoft Corp.

Microsoft continues to set up above the upper trendline of its continuation wedge. Monitor for a potential continuation in upside strength.

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

 

PLTR – Palantir Technologies, Inc.

Palantir is pushing up against the upper trendline of a significant consolidation/continuation pattern. Watch for a potential breakout.

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

 

SYM – Symbotic Inc.

Symbotic is consolidating in the form of a continuation wedge. Monitor for the continuation of upside strength, which may lead to a potential breakout.

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

 

WFRD – Weatherford International Plc

Weatherford is threatening a new all-time high breakout. Keep a close watch on this potential development.

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

 

WGMI – Valkyrie Bitcoin Miners ETF

The Valkyrie Bitcoin Miners ETF is threatening to break out from its bull flag retest. Keep a vigilant eye on this potential breakout.

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

 

Canadian Daily Setups

CNQ.TO – Canadian Natural Resources Ltd.

Canadian Natural Resources is breaking out to new highs. This is a significant development to watch.

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

 

MEG.TO – MEG Energy Corp.

MEG Energy is setting up below 52-week highs. Monitor for the potential continuation of the uptrend.

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

 

NVA.TO – NuVista Energy Ltd.

NuVista Energy continues to threaten a break out from its significant basing pattern.

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

 

PPL.TO – Pembina Pipeline Corp.

Pembina Pipeline is setting up below the trigger line of a significant consolidation/continuation pattern. Monitor for the potential of a breakout.

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

 

SGY.TO – Surge Energy Inc.

Surge Energy is attempting to trend higher from a significant consolidation/continuation pattern.

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

 

SU.TO – Suncor Energy, Inc.

Suncor Energy is setting up below the upper trendline of a significant consolidation/continuation pattern. Monitor for a potential breakout.

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

 

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.

 

SetYourStop Blog Request

Enter your name and email to be alerted with new ideas.

Please wait...

Thank you for sign up!

Scroll to Top