SYS Research – Daily Report – Thursday, October 19, 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

 

Is Something Going to Break? Navigating Uncertain Markets

As my 9-year-old nephew might put it, these current market conditions are ‘dog water.’ The indices persistently fall below their 50-day moving averages, and Treasury yields are reaching unprecedented heights. These are not solely my thoughts and feelings; it’s my firm belief that something fundamental needs to give before we can hope for improvement. It seems like either the bond market has to break or the bond market has to break something.

Fortunately, we have technical analysis tools at our disposal, allowing us to find guidance in the charts. So it doesn’t matter what I think and feel. However, in these times of heightened unpredictability, it is paramount that we remain cautious. To that end, keeping our stop-loss orders tightly set and maintaining our agility in response to market shifts is prudent.

The S&P 500 experienced a 0.8% decline, and 10 out of its 11 sectors ended the day in negative territory. The Nasdaq Composite, which is weighted towards technology stocks, saw a 1% drop, while the Dow industrials slipped by 0.7%.

The momentum scan results for today have been dishearteningly lackluster, a clear indication of the underlying weakness in the broader market. This raises concerns about the overall breadth of the market and suggests that caution is the order of the day.

Amidst these challenges, there are pockets of potential strength worth monitoring. Notably, uranium, energy, Bitcoin, and gold have displayed promise. Although gold has been on an impressive upward trajectory, the same cannot be said for the performance of gold miners. Furthermore, the price of silver is showing signs of setting up near the apex as highlighted in the weekend reports.

US Daily Setups

AVAV – AeroVironment Inc.

AeroVironment is still consolidating near its new 52-week highs. Monitor for signs of continued upside momentum.

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

 

BITO – ProShares Bitcoin Strategy ETF

The ProShares Bitcoin Strategy ETF is consolidating on the right side of a cup base. Keep a close watch for the potential of upside momentum that could drive the price towards its 52-week high and a potential breakout.

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

 

CCJ – Cameco Corp.

Cameco is in the setup phase, forming a bull flag continuation pattern.

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

 

CPG – Crescent Point Energy Corp.

Crescent Point Energy is consolidating below recent highs. Monitor for the potential of upside momentum that may lead to a breakout.

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

 

EOG – EOG Resources, Inc.

EOG Resources is still setting up above the upper trendline of a significant consolidation/continuation pattern. Keep a close watch for the potential of upside momentum.

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

 

GBTC – Grayscale Bitcoin Trust

The Grayscale Bitcoin Trust is consolidating below its 52-week high as it awaits SEC ETF conversion approval. Keep a close eye on this chart, as it could experience a significant surge in upside momentum upon approval.

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

 

NATR – Nature’s Sunshine Products, Inc.

Nature’s Sunshine Products is breaking out from a continuation pattern with a substantial increase in volume.

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

 

Canadian Daily Setups

BTCC.TO – Purpose Bitcoin ETF

The Purpose Bitcoin ETF is consolidating on the right side of a cup base. Watch for the potential of upside momentum that could drive the price toward its 52-week high and a potential breakout.

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

 

CCO.TO – Cameco Corp.

Cameco is in the setup phase, forming a bull flag continuation pattern.

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

 

CPG.TO – Crescent Point Energy Corp.

Crescent Point Energy is consolidating below recent highs. Monitor for the potential of upside momentum that may lead to a breakout.

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

 

STEP.TO – STEP Energy Services Ltd.

STEP Energy Services is making an attempt to break out from a bullish pennant continuation pattern. Keep a close eye on this potential breakout.

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

 

TOU.TO – Tourmaline Oil Corp.

The Tourmaline Oil setup maintains strong bullish volume as it breaks out. Monitor for the continuation of upside momentum.

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

 

U/UN.TO – Sprott Physical Uranium Trust

The Sprott Physical Uranium Trust setup we highlighted last night continues to accelerate higher.

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

 

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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