SYS Research – Daily Report – Thursday, October 26, 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

On Thursday, the market indexes concluded near their session lows, closing significantly in the red. A pullback in mega-cap technology, often referred to as the ‘magnificent 7’ stocks, deepened on Thursday, exerting a downward force on the Nasdaq Composite, which experienced its most substantial two-day decline of the year. This decline was largely attributed to the subdued tech earnings season, which overshadowed a GDP report that exceeded expectations.

Nasdaq

The tech-heavy index witnessed a decline of 1.8%, while the S&P 500 shed 1.2%. The Dow Jones Industrial Average saw a decrease of approximately 250 points, equivalent to a 0.8% decline.

Indexes

The SSIH continues to signal caution, and the scanner results remain quiet as the indexes persistently fall below their support lines. In situations where the SSI demonstrates weakness and the market drifts beneath its moving averages, it is wise to err on the side of caution and remain on the sidelines rather than making new investments. This is especially relevant when the scanner provides minimal results. Maintaining a low exposure in challenging market conditions and avoiding significant drawdowns can lead to market outperformance. The core principle is to invest in stocks when their prices are moving higher rather than when they are on the decline.

SSIH

US Daily Setups

FTAI – FTAI Aviation Ltd.

FTAI Aviation is setting up just below the trigger line of a continuation pattern, displaying outperformance compared to the S&P 500 as relative strength breaks out to a 52-week high.

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

 

LPG – Dorian LPG Ltd.

Dorian LPG continues to trend to another new 52-week high.

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

 

NOW – ServiceNow, Inc.

ServiceNow is reacting positively to earnings with a surge in volume. Watch for the potential continuation of the uptrend.

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

 

POWW – AMMO, Inc.

AMMO is currently set up in the form of a bull flag continuation pattern.

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

 

RGR – Sturm Ruger & Co., Inc.

Sturm Ruger has successfully retested the recent breakout in the form of a bull flag continuation pattern.

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

 

SWBI – Smith & Wesson Brands, Inc.

Smith & Wesson Brands is accelerating higher from its bull flag continuation pattern.

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

 

Canadian Daily Setups

CIA.TO – Champion Iron Ltd.

Champion Iron is making an attempt to break out from a falling wedge continuation pattern.

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

 

DOL.TO – Dollarama Inc.

Dollarama is currently setting up below new all-time highs.

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

 

FOM.TO – Foran Mining Corp.

Foran Mining is still consolidating below the trigger line of an ascending triangle continuation pattern.

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

 

NGD.TO – New Gold Inc.

New Gold is currently attempting to break out from a continuation wedge pattern.

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

 

NVA.TO – NuVista Energy Ltd.

NuVista Energy continues to consolidate around the upper trendline of a significant consolidation/continuation pattern. Monitor for potential upside momentum.

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

 

TOU.TO – Tourmaline Oil Corp.

Tourmaline Oil is consolidating, hinting at a prolonged breakout from a significant consolidation/continuation pattern. Keep a close watch for the potential continuation of upside momentum.

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

 

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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