SYS Research – Daily Report – Thursday, September 28, 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 Zoom meeting to address your specific requirements and provide you with the guidance you need.

SYS Daily Report

 

Treasury Yield Respite Fuels Stock Surge

On Thursday, the financial landscape experienced a remarkable shift as Treasury yields, which had been on a consistent upward trajectory, took a brief respite. This pause in the yield surge played a pivotal role in propelling stock prices to impressive gains. The equities market moved higher as the 10-year yield relinquished its earlier gains, setting stocks on a triumphant path as they charged into the month’s final trading day. Notably, energy stocks remained strong after Wednesday’s impressive performance, while the tech sector also made a strong comeback.

Index Performance:

  • The Dow Jones Industrial Average recorded a commendable ascent of 116 points, marking a 0.4% increase.
  • The S&P 500 exhibited a sturdy gain of 0.6%.
  • The Nasdaq Composite demonstrated its prowess by advancing 0.8%.

The 10-year Treasury yield experienced a notable dip, descending from a 4.625% close on Wednesday to a more modest 4.597%. This retreat follows a sustained upward trajectory that began in early March when it lingered just above the 3% threshold. The stabilization of yields above 3% coincided with concerns about persistent inflation. Observers now speculate that the market is anticipating a new equilibrium in the 10-year Treasury yield and is positioning itself accordingly.

Conversely, the relentless rally of the U.S. dollar, driven by escalating Treasury yields, took a breather, ending a seven-day streak of gains. This weakening of the dollar corresponded with the easing of bond yields, underscoring the intricate interplay between these two financial benchmarks.

Sometimes, when the stock market is ripping after a period of drawdown, it can make people feel like they’re missing out if they’re not investing. This feeling is called the “Fear of Missing Out” or FOMO, and it can make people make not-so-smart decisions. But it’s important to be careful and not let this feeling control your choices. It’s crucial to closely watch how the stock market indexes behave following Friday’s PCE inflation report and the looming possibility of a government shutdown over the weekend. These events increase the risk that stocks might decline once more.

US Daily Setups

CAT – Caterpillar, Inc.

Caterpillar is currently consolidating just below its 52-week highs. Monitor for potential upside strength that could lead to a continuation of the uptrend.

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

 

CR – Crane Co

Crane has undergone consolidation, forming a continuation triangle. Keep an eye out for a potential breakout.

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

 

DBI – Designer Brands Inc.

Designer Brands is currently setting up in the form of a continuation pennant. Keep an eye out for a potential breakout.

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

 

JPM – J.P. Morgan Chase & Co.

J.P. Morgan has recently undergone a double-bottom retest of the breakout line and is forming a continuation triangle or wedge pattern. Monitor closely for a potential continuation of the uptrend.

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

 

UBER – Uber Technologies, Inc.

Uber is setting up off the lower trendline of a continuation pattern. Keep a close watch for a potential continuation of upside strength that could potentially lead to a breakout.

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

 

WING – Wingstop Inc.

Wingstop is beginning to trend higher from a significant falling wedge continuation pattern.

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

 

Canadian Daily Setups

HWX.TO – Headwater Exploration Inc.

Headwater Exploration is making an effort to trend higher from a continuation pattern, positioned below its 52-week highs.

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

 

JPM.NE – JPMorgan Chase & Co. – Canadian Depository Receipt

J.P. Morgan has recently undergone a double-bottom retest of the breakout line and is forming a continuation triangle or wedge pattern. Monitor closely for a potential continuation of the uptrend.

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

 

LIF.TO – Labrador Iron Ore Royalty Corp.

Labrador Iron Ore is positioning itself along the recent breakout line, forming a well-defined continuation pattern.

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

 

NFI.TO – New Flyer Industries Inc.

New Flyer is currently making an effort to trend higher from a bull flag continuation pattern.

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

 

UBER.NE – Uber Technologies Inc – Canadian Depository Receipt

Uber is setting up off the lower trendline of a continuation pattern. Keep a close watch for a potential continuation of upside strength that could potentially lead to a breakout.

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

 

WSP.TO – WSP Global Inc.

WSP Global is currently consolidating within the structure of a bull flag continuation pattern. Keep an eye out for the continuation of the uptrend.

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

 

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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