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.
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SYS Daily Report
On Thursday, the stock market spent most of the day in negative territory, driven by selling pressure in Apple and concerns over jobless claims. However, it rallied towards the end of the session, closing with prices near their session highs. Notably, the S&P 500 ended the day below its 50-day moving average, which was a departure from its attempt to hold above it just the previous day.
In an unexpected turn of events, the Labor Department reported a decline in first-time jobless claims to 216,000, contrary to expectations of a rise to 238,000, as seen in the previous week’s figure of 228,000. This surprising data indicates ongoing strength in the labor market, potentially influencing a prolonged period of elevated interest rates.
Despite early losses, the Dow Jones Industrial Average managed to eke out a modest 0.2% gain, while the S&P 500 experienced a 0.3% decline. The Nasdaq composite struggled further, with a 0.9% loss, extending its losing streak to four consecutive sessions.
$SPX – S&P 500 Large Cap Index
Traders in the bond market observed Treasury yields slipping from their recent highs as they positioned themselves ahead of next week’s $35 billion 10-year auction and $20 billion 30-year sale. The 10-year yield settled at 4.26% on Thursday, close to its 52-week high.
$TNX – CBOE 10-Year US Treasury Yield
The volatility witnessed this week serves as a stark reminder of the critical need for a well-structured trading process and strategically placed stop-loss orders. One of the keys to a successful trading plan is the entry. If you don’t get the entry right, you’ll probably get chopped to death or be wrong. This is why entering a stock with a high probability setup and a well-defined expected outcome is important. Without this, you’re likely to take a loss because the stock won’t break out, or you’ll get chopped to death before the stock has time to work. There’s an old saying in investing, “Death by a thousand papercuts,” I continue to see traders suffering that slow death even when the market is in an uptrend.
Today, I added moving averages to the charts. As one can observe, when prices are trending, moving averages can serve as effective trailing stops. Some traders find the use of the 21-exponential day and 50-simple day moving averages to be a straightforward strategy. However, it’s important to be aware of a potential drawback: the “whipsaw” situation, in which the moving averages cross back and forth without providing a clear direction. Moving averages work best when there is strong momentum, following a breakout or during a well-defined trend. Nothing in the market is a sure thing, but every little edge helps.
US Daily Setups
UGA – United States Gasoline Fund, LP
One notable theme among tonight’s setups revolves around the chart pattern unfolding within The United States Gasoline Fund ETF. Presently, the price action is in a consolidation phase, approaching the apex of a continuation pattern and trading above an upward-sloping 50-day moving average. Keep a vigilant watch for any indications of a potential breakout, as this could signify a sustained uptrend, benefiting the Valero and Phillips 66 setups, highlighted further below in the report.
LINK TO CHART – https://schrts.co/byRqHVPV
GOOGL – Alphabet Inc.
Alphabet is making an attempt to resume its upward trend, with price action rebounding in the vicinity of the recent breakout line and an upward-sloping 21-exponential moving average.
LINK TO CHART – https://schrts.co/fiXFQMwQ
MA – Mastercard
Mastercard is currently striving to establish an upward trend from a bull flag continuation pattern, with price action floating above the 21-exponential moving average.
LINK TO CHART – https://schrts.co/ygIaDSug
MPC – Marathon Petroleum Corp.
Marathon Petroleum seems to be gaining momentum as it accelerates higher from a bull flag continuation pattern.
LINK TO CHART – https://schrts.co/aHKWNDpA
ORCL – Oracle Corp.
Oracle continues to exhibit relative strength in a volatile market environment.
LINK TO CHART – https://schrts.co/uCTanvCw
PSX – Phillips 66
Phillips 66 is trending to new highs, emerging from a bull flag continuation pattern.
LINK TO CHART – https://schrts.co/fiXymEUi
TT – Trane Technologies Inc
Trane Technologies is currently configured in a continuation pattern situated just beneath new all-time highs. Be on the lookout for any signs of a potential breakout.
LINK TO CHART – https://schrts.co/VIfuwXbE
TWLO – Twilio Inc.
Twilio is positioned on the right side of a notable bottoming base. Keep a close eye on it for signs of a potential breakout, as it could signify the commencement of a new uptrend.
LINK TO CHART – https://schrts.co/TquTxRIs
VLO – Valero Energy Corp
Valero Energy is currently striving to establish an upward trend from a bullish pennant continuation pattern, positioned just below all-time highs. Be vigilant for any signs of an acceleration in upside momentum.
LINK TO CHART – https://schrts.co/iPRzIwnH
WMT – Walmart Inc.
Walmart is in the process of attempting a breakout to reach a new all-time high, with price action consistently trending above the moving averages.
LINK TO CHART – https://schrts.co/dRURAhjp
Canadian Daily Setups
CCO.TO – Cameco Corp.
Cameco is in a consolidation phase below its new 52-week highs and above the 21-exponential moving average. The relative strength has surged to new highs. Keep a close eye on it for any signs of a potential continuation of the uptrend.
LINK TO CHART – https://schrts.co/pGVIYVjw
KMP/UN.TO – Killam Apartment REIT
Killam Apartment REIT is poised within a multi-month ascending triangle base, positioned just beneath 52-week highs. Keep a vigilant watch for any potential breakout.
LINK TO CHART – https://schrts.co/sarSnEJu
NXE.TO – NexGen Energy Ltd.
NexGen Energy is currently forming a flag pattern above the recent breakout line. Keep a close watch for any signs of a potential continuation in the uptrend.
LINK TO CHART – https://schrts.co/GXebTYbV
PD.TO – Precision Drilling Corp.
Precision Drilling is making an effort to establish an upward trend from a bull flag continuation pattern, while also moving above a significant area of volume indicated by price bars.
LINK TO CHART – https://schrts.co/AtxurxxM
PKI.TO – Parkland Fuel Corp.
Parkland Fuel continues to demonstrate strength, supported by above-average bullish volume for the day.
LINK TO CHART – https://schrts.co/shRepfWf
X.TO – TMX Group Inc.
TMX Group is currently in a consolidation phase, marked by a series of higher lows, while price action positions itself just below new all-time highs. Monitor this stock for potential signs of a continuation of the uptrend.
LINK TO CHART – https://schrts.co/azKsctKn
US Scanner Results
Click on the CandleGlance chart to view it in full size, and if you find a chart that fits your criteria or interests, you can easily save it to your watchlist for further analysis and tracking.
Canadian Scanner Results
Click on the CandleGlance chart to view it in full size, and if you find a chart that fits your criteria or interests, you can easily save it to your watchlist for further analysis and tracking.