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
Market Analysis Summary:
The stock market faced a substantial correction on Thursday, marked by significant losses. This downturn was triggered by a rapid surge in 10-year Treasury yields, reacting strongly to the recent Federal Reserve meeting. The abrupt escalation in bond yields, reaching levels not witnessed in over a decade, initiated another wave of selling across the stock market. The prevailing sentiment on Wall Street suggests that we may be entering a sustained period of elevated interest rates.
The 10-year Treasury yield
Market Performance:
- The S&P 500 index breached the lower boundary of its triangular pattern.
- The Dow Jones Industrial Average retreated by 1.1%.
- The S&P 500 index saw a decline of 1.6%.
- The Nasdaq composite experienced a substantial drop of 1.8%.
- Significantly, the S&P 500 descended below its August lows, marking its lowest point in nearly three months.
- Concurrently, the Nasdaq recorded its weakest closing performance since early June, while the Dow posted its lowest finish in over two months.
S&P 500 Large Cap Index
Market Breadth: Market breadth, which had been lackluster for an extended period, reached dismal levels on Thursday. Losers and fresh lows dominated the market, with almost no stocks registering on scan results.
Treasury Yield Surge: The 10-year Treasury yield exhibited a notable jump of 13 basis points, reaching 4.48%. This is the highest yield observed since October 2007.
Investor Strategy: In light of the substantial selling pressure witnessed in recent days and weeks, coupled with the activation of stop-loss orders as prices dipped below moving averages, the importance of adopting a cautious approach becomes evident. Many investors should be positioned with a significant portion of their portfolios in cash as their stop-loss orders were triggered amidst the heavy selling. While market conditions may eventually lead to a rebound, it’s vital not to fixate on short-term gains. In the present scenario, the primary focus remains on building watchlists. While some stocks remain resilient, it’s noteworthy that numerous market leaders have experienced substantial setbacks and will require time for recovery.
US Daily Setups
CNC – Centene Corp.
Centene is currently displaying a potential bottoming base formation setting up on its right side, coinciding with an acceleration of the PPO momentum indicator above the zero line. Monitor for a potential breakout.
LINK TO CHART – https://schrts.co/gQuxXRMt
FRO – Frontline Ltd.
Frontline is currently making an upward move, aiming to reach 52-week highs from a well-defined basing pattern.
LINK TO CHART – https://schrts.co/EvxWDNAA
KOP – Koppers Holdings Inc.
Koppers is currently in a consolidation phase, trading above the breakout line. Monitor the stock for potential continuation of the uptrend.
LINK TO CHART – https://schrts.co/mRHyREwJ
LPG – Dorian LPG Ltd.
Dorian is presently consolidating just below its 52-week highs, showcasing relative strength amid market volatility. Keep a close watch for a potential breakout.
LINK TO CHART – https://schrts.co/IWUpTVBN
TRMD – Torm Plc
Torm is attempting an upward trend, pushing above a significant volume-by-price bar area and from a continuation pattern.
LINK TO CHART – https://schrts.co/bCnADivz
UNH – Unitedhealth Group, Inc.
UnitedHealth has appeared in scan results, with its price action positioning just below the upper trendline of a significant consolidation pattern. Keep a close eye on the stock for a potential breakout.
LINK TO CHART – https://schrts.co/VWDyPHVu
Canadian Daily Setups
FWZ.V – Fireweed Metals Corp.
Fireweed Metals seems to be forming a potential bull flag continuation pattern. Watch for a potential breakout.
LINK TO CHART – https://schrts.co/nCVuCNPu
PKI.TO – Parkland Fuel Corp.
Parkland Fuel is currently consolidating just below newly established 52-week highs. Keep watch for a continuation of the uptrend.
LINK TO CHART – https://schrts.co/UCRKhzYG
PSLV.TO – Sprott Physical Silver Trust
Sprott Physical Silver Trust is presently consolidating along the lower trendline of a substantial continuation triangle. Watch for any indications of upside momentum.
LINK TO CHART – https://schrts.co/EihUqvwZ
UNH.NE – Unitedhealth Group Inc – Canadian Depository Receipt
UnitedHealth seems to be positioning itself just below a downtrend line. Keep a close eye out for a potential breakout.
LINK TO CHART – https://schrts.co/BSXyKdGI
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.