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
Preparing for Tomorrow’s Uncertainties
Once again, we’re delivering the Daily Setups ahead of schedule. It’s one of the peculiarities of this profession; some days, the market seems to have little to offer, and the silence can be deafening. However, that doesn’t diminish our commitment to helping you identify stocks worthy of your watchlist. It’s important to clarify that nothing we discuss here constitutes financial advice or recommendations. As I commenced writing this report, the market was in the midst of a significant sell-off. However, we’ve witnessed a noteworthy rebound since then, and the market now stands firmly in positive territory. Let’s examine the charts below for further insight.
Today, the stock market faced midday losses, but it made a commendable attempt to recover from its lowest point. As of the time of publishing, the market has indeed bounced back, now residing comfortably in the green. The indexes are consolidating around critical support levels, as depicted in the charts below. All eyes were on the government’s jobless claims report at the open, a critical litmus test for the labor market. This report sets the stage for tomorrow’s eagerly anticipated monthly employment review.
In the midst of this, the S&P 500 now sits in positive territory by 0.02% as price action consolidates above its 200-day moving average.
The Nasdaq sits with a 0.9% gain as it holds above the critical 13,000 level, with price action consolidating across a support line.
Meanwhile, the Dow Jones Industrial Average rebounded from the day’s low to plus 0.6%. It’s worth noting that just a day after displaying a promising upside reversal, the small-cap Russell 2000 took a small step back intraday but is now pushing higher by 0.13% as price action attempts to trend higher from its bottoming pattern.
The bond market, as ever, plays a pivotal role. The yield on the 10-year Treasury note surged to 4.77% in response to recent data, only to ease back to 4.72% by midday.
Notably, natural gas futures reached their highest price since the heating season, as flagged early in the morning by members in the Workspace, following federal data revealing that domestic inventories last week had grown less than analysts had anticipated.
US Daily Setups
BSY – Bentley Systems, Inc.
Bentley Systems is persistently attempting a breakout from its continuation pattern.
LINK TO CHART – https://schrts.co/GyZiHabF
COR – Cencora Inc.
Cencora is currently consolidating toward the apex of a continuation pattern. Take note of the large volume by price bar on the left side of the chart. Monitor for a potential breakout.
LINK TO CHART – https://schrts.co/MsCJVzCW
DSGR – Distribution Solutions Group, Inc.
Distribution Solutions setup that was highlighted on Tuesday is now breaking out to new 52-week highs.
LINK TO CHART – https://schrts.co/uQmfjnfs
FCN – FTI Consulting, Inc.
FTI Consulting is currently consolidating toward the apex of a significant consolidation/continuation pattern while the weekly PPO momentum indicator attempts to rise higher from the zero line. Keep a close watch for a potential breakout.
LINK TO CHART – https://schrts.co/BvSVWban
FN – Fabrinet
Fabrinet is currently trending to a new all-time high. Keep watch for the potential continuation of upside momentum.
LINK TO CHART – https://schrts.co/TarsvDPQ
FRO – Frontline Ltd.
Frontline is currently setting up below its 52-week highs. Keep a watchful eye for a potential continuation of the uptrend.
LINK TO CHART – https://schrts.co/dFSrJcUR
Canadian Daily Setups
ATD.TO – Alimentation Couche-Tard, Inc.
Alimentation Couche-Tard is currently breaking out from the bull flag continuation pattern that was posted on Tuesday.
LINK TO CHART – https://schrts.co/XrsmiFJE
CLS.TO – Celestica, Inc.
Celestica continues to demonstrate remarkable resilience, defying gravity and odds as it consistently trends to new heights.
LINK TO CHART – https://schrts.co/QwzecCsi
CMG.TO – Computer Modelling Group Ltd.
Computer Modelling Group is currently breaking out from the setup that was highlighted yesterday.
LINK TO CHART – https://schrts.co/VfGRQzvN
DOL.TO – Dollarama Inc.
Dollarama is currently in consolidation, forming a bull flag continuation pattern. Keep a close watch for a potential breakout.
LINK TO CHART – https://schrts.co/dzibAppj
NWC.TO – North West Co. Inc.
North West Co is attempting to break out of a bullish pennant continuation pattern.
LINK TO CHART – https://schrts.co/CUVkmcxG
RBA.TO – Ritchie Bros. Auctioneers Inc.
The setup in Ritchie Bros, which was recently highlighted, is now breaking out from its continuation pattern.
LINK TO CHART – https://schrts.co/TbgECjYi
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.
