SYS Research – Daily Report – Tuesday, April 30, 2024

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

Late-Day Selloff Sparks Fed Meeting Anticipation

The S&P 500 dropped by 0.6% in the final 10 minutes of the day, with the Nasdaq Composite falling by 0.9%. These marked the largest declines in the last 10 minutes since at least December 20, 2023, as far back as Dow Jones Market Data tracks. The cause of the late-day selloff remains unclear, though it’s noteworthy that price action was rejected today by the underside of the 50-day moving average, as anticipated. Now, all eyes turn to the Federal Reserve and their statements at tomorrow’s meeting. This gathering assumes heightened significance not only due to the technical positioning of major indexes but also following this morning’s spike in bond yields, driven by a higher-than-expected rise in the employment cost index. Additionally, the consumer confidence index fell more than economists had predicted, while the Chicago Business Barometer dropped unexpectedly. These developments have prompted market pundits to mention the term “stagflation.” If Powell hints at reintroducing a rate hike amidst stubborn inflation, stocks could continue their monthly trend, possibly validating the ‘sell in May’ adage. Our key levels to monitor are outlined on each index chart.

S&P 500 – Daily Chart

Nasdaq – Daily Chart

Dow Jones Industrial Average – Daily Chart

10-Year US Treasury Yield

On what may be the only brighter note of the day, sometimes it’s said that it’s better to be lucky than good. Yesterday, the AdvisorShares Pure US Cannabis ETF appeared on momentum scans and was featured in the daily setup. Today, news of cannabis rescheduling spurred a breakout in price action. While it remains uncertain what price action will do tomorrow, it might be worth monitoring for any potential continuation to the upside, as there could be a short squeeze in play. Keep a close watch on these names for potential upward momentum in the cannabis sector.

As we assess the lackluster scanner results and daily setups, it’s an opportune moment to reflect on this quote from Christine Lagarde – “Central banks are not gods. They can’t simply fix everything with the monetary tools they have.”

US Daily Setups

IIPR – Innovative Industrial Properties, Inc.

Innovative Industrial Properties is receiving a bid from the reclassification of marijuana news. Monitor closely for any potential signs indicating a continuation of upward momentum.

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

 

LLY – Eli Lilly & Co.

Eli Lilly is attempting to break out from a continuation pattern following its earnings report. Keep a close watch for confirmation of this breakout.

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

 

MSOS – AdvisorShares Pure US Cannabis ETF

Sometimes, it’s better to be lucky than good, as the saying goes. Yesterday, the AdvisorShares Pure US Cannabis ETF appeared on momentum scans and was featured in the daily setup. Today, news about the rescheduling of cannabis broke price action out. While it’s uncertain what price action will do tomorrow, it might be worth monitoring for any continuation to the upside, as there could be a potential short squeeze in play.

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

 

NVO – Novo Nordisk A S

Novo Nordisk is appearing on momentum scans leading up to its earnings report on May 2nd. Keep a close eye on its price action as the earnings date approaches.

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

 

QSR – Restaurant Brands International Inc.

Restaurant Brands is attempting to break out above a horizontal resistance area following a positive earnings report. Keep a close watch for confirmation of this breakout.

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

 

VTSI – VirTra, Inc.

VirTra continues to appear on momentum scans as price action sets up near its 52-week highs. Keep a close watch on its momentum as it approaches this critical level.

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

 

Canadian Daily Setups

CJT.TO – Cargojet Inc.

Cargojet demonstrated relative strength today as the broader market sold off. Keep an eye on its resilience amid market volatility.

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

 

CPH.TO – Cipher Pharmaceuticals Inc.

Cipher Pharmaceuticals is consolidating below its 52-week high leading up to its earnings report on May 9th. Monitor closely for any potential price action developments as the earnings date approaches.

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

 

HMMJ.TO – Horizons Medical Marijuana Life Sciences ETF

The Canadian scanner results are full of cannabis names, following the rescheduling news that caused the Horizons Medical Marijuana Life Sciences ETF to attempt a bottoming base breakout. Keep a close watch on these names for the potential continuation of upward momentum in the cannabis sector.

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

 

QSR.TO – Restaurant Brands International Inc.

Restaurant Brands is attempting to break out above a horizontal resistance area following a positive earnings report. Keep a close watch for confirmation of this breakout.

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

 

TD.TO – Toronto-Dominion Bank

Toronto-Dominion Bank has been showing up on momentum scans recently as price action sets up near the apex of a significant multi-year consolidation/continuation pattern. Keep a keen eye on any potential breakout signals as the pattern reaches its apex.

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

 

WTE.TO – Westshore Terminals Investment Corp.

Westshore Terminals is showing up on momentum scans as price action appears to be consolidating towards the apex of a significant multi-consolidation pattern. They report earnings on May 2nd. Keep a close watch on potential price action developments as the earnings date approaches.

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

To bring our report to a close, we thank you for your engagement and insights. Your feedback is of great value, and we encourage you to share your recommendations. Stay attentive to the Daily Setups, the Workspace, and the Watchlists for emerging opportunities. Additionally, be sure to explore the scanner result PDFs provided below. Until next time, happy trading!

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.

EXPORT – US Watchlist Scan – 2024-04-30

AAON, ACGL, ACIW, AES, ALL, AMAL, ANIP, APG, ARLO, ATI, AVAV, BCSF, BDX, BMA, CAVA, CBOE, CHD, CL, CMS, CNA, CPB, CRS, CVLT, DPZ, DVA, EAT, ECL, ED, ELMD, ES, FRT, FWRG, GIS, GLW, HRL, HSY, IIPR, KMB, LDOS, LINC, LLY, LSEA, MAMA, MBIN, MELI, MMM, MSOS, NVO, OSG, PEG, PG, PGR, PNTG, PRCT, QSR, QUIK, REVG, RPAY, RUM, SWIN, SWK, THC, TT, TTEK, TXRH, UHS, USLM, VEL, VSEC, VTSI, WDC, WWD, YPF

 

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.

EXPORT – Canadian Scanner Results – 2024-04-30

AAWH/U.CA, AC.TO, ACB.TO, AFM.V, AIDX.TO, ATZ.TO, AYR/A.CA, BFM.V, CJT.TO, CL.CA, CMG.TO, CPH.TO, CPLF.TO, CPX.TO, CRDL.TO, CRON.TO, CSW/A.TO, CURA.TO, DR.TO, DRDR.TO, ETG.TO, EU.V, FIH/U.TO, FN.TO, GRIN.CA, GTII.CA, GURU.TO, GWO.TO, H.TO, HITI.V, IMCC.CA, JUSH.CA, KSI.TO, LABZ.NE, LLY.NE, MAU.V, MDNA.TO, MKO.V, NGEN.V, NOVC.TO, NWH/UN.TO, OGI.TO, PLTH.CA, PRMW.TO, PRQ.TO, QSR.TO, SWP.TO, T.TO, TD.TO, TER.CA, TIXT.TO, TLRY.TO, TRP.TO, TRUL.CA, TSND.TO, VRNO.NE, WEED.TO, WTE.TO

 

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