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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SYS Daily Report
Stocks Falter Beneath the 100-Day Moving Average as Powell’s Caution Derails Winning Streak
In pursuing its longest winning streak since 2004, the S&P 500 faced an unexpected roadblock at the underside of the 100-day moving average during Thursday’s trading session, as Federal Reserve Chair Jerome Powell’s warnings on the uncertain victory over inflation echoed through the market.
S&P 500
Nasdaq
The aftermath saw the S&P 500 concluding 0.8% lower, dashing hopes for what could have marked its 32nd nine-day winning streak since 1928, according to Dow Jones Market Data. Simultaneously, the Nasdaq Composite, experiencing a 0.9% decline, snapped its nine-day winning streak, while the Dow Jones Industrial Average slipped by 0.6%, equating to approximately 220 points.
The optimistic trajectory for stocks took an abrupt turn when a 30-year Treasury auction yielded 4.77%, surpassing where the prevailing 30-year Treasury yield was trading. Market sentiment pivoted following the auction’s revelation of weaker-than-anticipated demand. The 2-year yield surged to 5.03%, and the 10-year yield reached 4.62%.
US Treasury Yields
Amidst this downturn, the SSIH began to turn downward, potentially signaling a short-term peak, as the PPO indicated a potential topping out. Investors are now navigating this abrupt shift in market dynamics, prompted by the cautionary notes sounded by Powell and the unexpected Treasury market fluctuations.
SSIH
On a positive note, the prices of Bitcoin and Ethereum are signaling potential breakouts, offering an alternative avenue of optimism for investors in these uncertain times.
US Daily Setups
BITO – ProShares Bitcoin Strategy ETF
The ProShares Bitcoin Strategy ETF exhibits signs of a breakout, venturing beyond its consolidation zone. This bullish momentum suggests a potential upswing, indicative of heightened market interest in the cryptocurrency. Traders may find this development intriguing as it marks a pivotal moment for Bitcoin’s trajectory.
LINK TO CHART – https://schrts.co/hHAyehax
ETHE – Grayscale Ethereum Trust
The Grayscale Ethereum Trust appears to be breaking out in tandem with the rising price of Ethereum, indicating a positive trend for the cryptocurrency.
LINK TO CHART – https://schrts.co/QZMCYqHE
CCJ – Cameco Corp.
Cameco is showing signs of breaking out after a successful retest of a bull flag pattern, indicating a potential upward movement.
LINK TO CHART – https://schrts.co/zdaKUHWm
CDRE – Cadre Holdings Inc.
The previously highlighted Cadre setup is now accelerating higher within its uptrend, indicating a favorable trajectory for potential gains.
LINK TO CHART – https://schrts.co/KzWFTKqM
CECO – CECO Environmental Corp.
CECO Environmental shows signs of breaking out from a substantial basing pattern, propelled by a positive earnings report, hinting at potential upward momentum.
LINK TO CHART – https://schrts.co/mnREzZzy
COIN – Coinbase Global Inc.
Coinbase is making a breakout attempt, signaling a potential shift in its market dynamics.
LINK TO CHART – https://schrts.co/xXmpQXDk
Canadian Daily Setups
BTCC.TO – Purpose Bitcoin ETF
The Purpose Bitcoin ETF exhibits signs of a breakout, venturing beyond its consolidation zone. This bullish momentum suggests a potential upswing, indicative of heightened market interest in the cryptocurrency. Traders may find this development intriguing as it marks a pivotal moment for Bitcoin’s trajectory.
LINK TO CHART – https://schrts.co/zrQqNGNQ
CCO.TO – Cameco Corp.
Cameco is showing signs of breaking out after a successful retest of a bull flag pattern, indicating a potential upward movement.
LINK TO CHART – https://schrts.co/VZGNuIqC
DCBO.TO – Docebo Inc.
The Docebo setup is now below its 52-week highs. Keep a close watch for a potential breakout in the coming sessions.
LINK TO CHART – https://schrts.co/dKiWWfCs
ETHC.NE – Ether Capital Corp.
Ether Capital seems poised at the right side of a substantial bottoming base, positioned below a trigger line. Monitor closely for a potential breakout.
LINK TO CHART – https://schrts.co/NwnfXsCk
ETHX/B.TO – CI Galaxy Ethereum ETF
The CI Galaxy Ethereum ETF appears to be breaking out in tandem with the rising price of Ethereum, indicating a positive trend for the cryptocurrency.
LINK TO CHART – https://schrts.co/CScvdNVg
NXE.TO – NexGen Energy Ltd.
NexGen Energy is below its 52-week highs and positioned on the right side of a continuation pattern. Keep a close eye for potential breakout signals.
LINK TO CHART – https://schrts.co/ufaWQzBI
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.
