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 Zoom meeting to address your specific requirements and provide you with the guidance you need.

SYS Daily Report

The trading day kicked off with uncertainty as the stock market rally seemed to stumble shortly after the opening bell. However, it swiftly regained its composure and concluded the session on a high note, marking an impressive comeback. Notably, the major indexes surged past their 50-day moving averages, signaling a promising resurgence.

In equities, the Dow Jones Industrial Average stole the spotlight with a remarkable gain, rising by nearly 1%. Following suit, the S&P 500 index and Nasdaq composite demonstrated their resilience, each posting a noteworthy 0.8% climb. Meanwhile, the small-cap Russell 2000 displayed exceptional strength, surging by 1.4%. While it managed to regain its position above the 200-day moving average.

Turning our attention to the commodities arena, U.S. crude oil prices achieved a significant milestone by reaching a 10-month high, recording a 1.85% increase and closing at an impressive $90.16 per barrel.

Furthermore, the U.S. dollar showcased its strength by firmly advancing to hit a fresh high for 2023. On the flip side, the 10-year Treasury yield witnessed a 4 basis point uptick, reaching 4.29%. While it experienced some intraday fluctuations, it generally remained within its recent range.

One intriguing observation is the market’s ability to rally despite the uptick in Treasury yields and the strength of the U.S. dollar. One plausible explanation for this phenomenon could be the decreasing concerns regarding an impending Federal Reserve interest rate hike. Presently, market sentiment appears uncertain about the likelihood of such a move in the upcoming policy meeting. Nevertheless, it’s crucial to stay vigilant. If the 10-year Treasury yield were to climb to or surpass its 15-year high of 4.36%, it could potentially pose challenges for the market.

When we reflect upon the performance of Thursday’s market, it becomes evident that we may be witnessing the start of a continuation of the uptrend. Price action is inching closer to the upper trendline of the continuation pattern we’ve been closely monitoring. However, it’s equally vital to remain prepared for the possibility of indexes retracing their steps back toward the lower trendline. The key strategy here is to maintain a balanced approach. Should the market gain upside momentum, remain watchful for enticing opportunities and stay actively engaged with your watchlists. Conversely, in the event of adverse conditions, ensure that your stop-loss orders are strategically positioned to safeguard your positions.

As Jesse Livermore wisely put it, “Markets are filled with infinite possibilities and endless opportunities. Success lies in the ability to adapt, stay vigilant, and embrace both the rise and fall with equal enthusiasm.”

US Daily Setups

CF – CF Industries Holdings, Inc.

CF Industries is positioned above the upper trendline within a noteworthy continuation pattern. Closely monitor the market for discernible indicators of potential upward momentum.

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

COIN – Coinbase Global Inc.

Coinbase seems to be setting up below a horizontal resistance line. Keep a vigilant eye out for any potential breakout.

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

JPM – J.P. Morgan Chase & Co.

J.P. Morgan has recently conducted a successful retest of the recent breakout, forming a bull flag continuation pattern.

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

META – Meta Platforms, Inc.

Meta is currently making an attempt to trend higher from a continuation pattern.

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

TSLA – Tesla Inc.

The Tesla weekly chart displays price action positioned below a significant horizontal resistance line, also referred to as a trigger line. Keep a close watch for a potential breakout.

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

WIRE – Encore Wire Corp.

Encore Wire seems to be setting up below the upper trendline of a consolidation pattern. Monitor for any potential breakout.

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

Canadian Daily Setups

BNE.TO – Bonterra Energy Corp.

Bonterra Energy is attempting to trend above a horizontal resistance line, following its breakout from a significant falling wedge pattern.

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

CAE.TO – CAE, Inc.

CAE has recently achieved yet another 52-week high as its price embarks on an upward trend stemming from a previously established basing pattern.

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

LIF.TO – Labrador Iron Ore Royalty Corp.

Labrador Iron Ore has worked its way to the apex of a giant consolidation pattern, with price action starting to push above a horizontal volume-by-price resistance line.

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

MEG.TO – MEG Energy Corp.

MEG Energy is currently exhibiting an upward trend, emerging from a significant continuation pattern.

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

PHX.TO – PHX Energy Services Corp.

PHX Energy Services is positioned on the right side of a significant basing pattern with prices below 52-week highs.

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

TSLA.NE – Tesla Inc. – Canadian Depository Receipt

The Tesla daily chart is consolidating in the form of a continuation pattern, with prices setting up below horizontal resistance. Watch for a breakout.

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

US Scanner Results

Click on the CandleGlance chart to expand it to full size. If you discover a chart that aligns with your criteria or interests, you can effortlessly save it to your watchlist on StockCharts.com for further analysis and tracking.

SYS Research – Daily Report – Thursday, September 14, 2023