SYS Research – Daily Report – Thursday, October 12, 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

 

Market Resilience Tested: S&P 500 and Nasdaq at Key Inflection Points

On Thursday, the major stock market indices showcased resilience by rebounding from session lows. However, they ultimately closed with considerable losses, and a discerning eye on the S&P 500 revealed an ominous development. The index encountered significant resistance precisely at the underside of the triangle pattern we’ve been diligently tracking, forming a distinct bearish flag. This event reinforces the age-old adage in market analysis: “What was once support becomes resistance,” and it was evident in today’s trading. Additionally, the well-worn maxim that I frequently reiterate, “Expect the expected,” held true as prices faltered right at the underside of the resistance line that had once served as dependable support.

On the other hand, the Nasdaq stands at a pivotal juncture, facing a crucial resistance test represented by its 50-day moving average. A decisive breakthrough at this juncture would serve as a bullish indicator for the ongoing uptrend. Conversely, any further weakness would necessitate a prudent reduction in exposure to manage risk effectively.

The Dow Jones Industrial Average registered a 0.5% decline in numerical performance, while the S&P 500 mirrored this trend with a 0.6% loss. The technology-heavy Nasdaq composite also retreated by 0.6%, and the small-cap Russell 2000 experienced a more pronounced decline, plummeting by 2.2%.

US Daily Setups

AVGO – Broadcom Inc.

Broadcom is currently pushing against the underside of the trigger line, potentially leading to new highs. Keep a vigilant watch for a potential breakout.

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

 

FANG – Diamondback Energy, Inc.

Diamondback Energy is making efforts to trend higher from a significant consolidation/continuation pattern.

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

 

HEES – H&E Equipment Services Inc.

H&E Equipment Services has positioned itself just below the upper trendline of a falling channel. Be on the lookout for a potential breakout.

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

 

INSW – International Seaways, Inc.

International Seaways is positioned on the right side of a significant basing pattern. Stay watchful for any potential breakout.

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

 

LNG – Cheniere Energy, Inc.

Cheniere Energy is attempting to break out from a significant consolidation/continuation pattern.

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

 

VECO – Veeco Instruments, Inc.

Veeco Instruments is attempting to trend higher from a bull flag continuation pattern.

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

 

Canadian Daily Setups

CNQ.TO – Canadian Natural Resources Ltd.

Canadian Natural Resources seems to be setting up just below new highs. Keep a watchful eye for any potential breakout.

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

 

CVO.TO – Coveo Solutions Inc.

Coveo Solutions continues to display strength in this volatile market.

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

 

DCBO.TO – Docebo Inc.

Docebo remains on the momentum scanner. Given its artificial intelligence theme, it might be worth adding this chart to your watchlist and monitoring for potential upside momentum.

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

 

DRX.TO – ADF Group, Inc.

ADF Group is currently setting up just below recent highs. Watch for a continuation of the uptrend.

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

 

NFI.TO – New Flyer Industries Inc.

New Flyer Industries continues to exhibit strength, notably accompanied by substantial volume.

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

 

SHLE.TO – Source Energy Services Ltd.

Source Energy Services is making an attempt to break out from a continuation wedge pattern.

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

 

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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