SYS Research – Daily Report – Tuesday, February 13, 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.

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

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SYS Daily Report

Inflation Lingers, Stocks Dip, and Bonds React

Stocks concluded in the red on Tuesday following a hotter-than-expected inflation report. The data revealed that inflation in January rose 3.1% from a year earlier, a slight cooling from December but surpassing the 2.9% increase anticipated by economists surveyed by The Wall Street Journal. The report failed to provide clear insight into the Federal Reserve’s potential rate cuts, as Chair Jerome Powell emphasizes the need for more evidence of inflation returning to the 2% target.

All three major U.S. stock indexes closed lower, with the Nasdaq experiencing the steepest declines, falling 1.8%. The Dow industrials dropped over 500 points, recording a 1.4% decline and marking its most significant one-day percentage drop since March 22, 2023. Meanwhile, the benchmark S&P 500 also fell 1.4%, dragged down by declines in all 11 of its sectors. Both the S&P 500 and Nasdaq recorded their worst days since Jan. 31 of this year. Despite these setbacks, the big three indexes were still trading higher year to date, up 1.6%, 3.8%, and 4.3%, respectively. Importantly, they all closed today above their 21-day exponential moving average.

Nasdaq – Daily Chart

Dow Jones Industrial Average – Daily Chart

S&P 500 – Daily Chart

Market breadth showed significant weakness, with losers outnumbering winners by 11-to-1 on the NYSE and nearly 5-to-1 on the Nasdaq.

The Red-Light/Green-Light Breadth System

Bond prices slid as yields rose, with the benchmark 10-year Treasury note yield settling at 4.316%, the highest since November 30. Current market expectations indicate the possibility of the first Fed rate cut in June, and investors anticipate a total of four rate cuts in 2024, although the certainty of the fourth cut remains uncertain. The chart setup we’ve been monitoring appears noteworthy, resembling a potential textbook example, as price action continues to move higher from its bull flag retest of the breakout line.

10-Year US Treasury Yield

U.S. crude oil futures rose to $77.87 a barrel, accompanied by a potentially bullish chart setup suggesting a breakout could be imminent. Meanwhile, gold futures settled at $2007.20 an ounce, marking the fourth consecutive session of decline.

Crude Oil – Weekly Chart

Gold – Weekly Chart

Bitcoin maintained its resilience, bouncing precisely as expected intraday. Keep a close eye on all Bitcoin-related names for potential signs of strength.

Bitcoin – Daily Chart

Investors are encouraged to meticulously review their positions, specifically identifying stocks that have demonstrated relative strength compared to the indexes or have rebounded from intraday lows. Pay attention to those that closed above their moving averages. It is imperative to have well-defined exit strategies in place, aligned with individual trading plans or stop-loss strategies. This approach eradicates guesswork and shields from distractions created by market pundits. Customize your strategy according to your personal goals, taking into account factors like risk tolerance, trading style, and tax strategies. Keep in mind that this pullback can present new buying opportunities, underscoring the importance of consistently updating your watchlists. Valuable setups often materialize when others are skeptical about the market’s upward potential.

US Daily Setups

BITB – Bitwise Bitcoin ETF

The Bitwise Bitcoin ETF might be worth keeping a close watch on as the price of Bitcoin bounced exactly where it should intraday.

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

 

DIS – Walt Disney Co.

Walt Disney is showing relative strength in the current market conditions. Price action is consolidating in the form of a flagging pattern. Monitor for any signs of upside strength.

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

 

EMR – Emerson Electric Co.

Emerson Electric has consolidated with bullish volume following its earnings gap. Keep an eye out for any signs of upside strength.

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

 

MPC – Marathon Petroleum Corp.

Marathon Petroleum continues to consolidate below its 52-week high and all-time high. Monitor for any signs of the continuation of the uptrend.

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

 

NU – Nu Holdings Ltd.

Nu Holdings is another stock demonstrating relative strength on this volatile day as price action touched a new 52-week high with an increase in volume.

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

 

WGMI – Valkyrie Bitcoin Miners ETF

Monitor Valkyrie Bitcoin Miners ETF and the Bitcoin miners for any signs of upside strength, especially if the price of Bitcoin continues to trend higher.

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

 

Canadian Daily Setups

BDT.TO – Bird Construction Inc.

Bird Construction is positioned below its 52-week high with bullish volume.

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

 

BITF.TO – Bitfarms Ltd.

Bitfarms is consolidating below its recent high and a level of resistance. Keep an eye out for any signs of upside strength, especially if the price of Bitcoin continues to trend higher.

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

 

DCM.TO – DATA Communications Management Corp

DATA Communications Management is set up for a potential breakout, supported by increased volume.

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

 

SEI.V – Sintana Energy Inc.

Sintana Energy continues to trade sideways with increased volume, and the price action appears to be setting up, especially considering crude oil had a strong day.

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

 

TIXT.TO – TELUS International Inc.

TELUS International is showing relative strength in a volatile market today, accompanied by increased volume.

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

 

WNDR.TO – WonderFi Technologies Inc.

WonderFi Technologies continues to consolidate, displaying what appears to be a continuation pattern. Keep an eye out for any signs of upside strength, especially as the company released more news today.

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

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 – 2024-02-13

ACGL, AGO, AIG, AIR, AMD, AME, AMR, ANF, APO, ARES, ASND, AVGO, AVY, AWI, AXON, AZEK, AZO, BALL, BITO, BKNG, BSX, BYRN, CBOE, CELH, CHKP, CI, CLH, CLSK, CME, CMG, CNM, CRWD, CTLT, CVLT, CW, DAL, DASH, DECK, DIS, DKS, DOV, DVA, EA, ECL, EHC, ELV, EME, EMR, ENTG, EPAC, ESAB, ETN, EVR, EW, FCFS, FCNCA, FLEX, FLS, FTDR, FTNT, FTV, GBDC, GBTC, GBX, GCT, GE, GGG, GLP, GNTX, GPN, GTLB, GWRE, GWW, HAYN, HEI, HESM, HII, HOOD, HRB, HSY, HTGC, HWKN, HWM, IBKR, IBN, ICE, ICLR, IR, IREN, ITGR, IWF, JBHT, JBL, KLAC, KOF, LBRT, LDOS, LLY, LPLA, LRCX, LUV, LVS, LW, MA, MANH, MAS, MCK, MEDP, MHK, MLM, MMYT, MNDY, MNST, MOD, MOH, MPC, MTSI, NU, NVDA, NVO, NXT, ODFL, ORLY, PANW, PCAR, PH, PLD, PR, PSX, QQQ, RL, ROL, ROST, RPM, RSG, RWAY, SAIA, SKWD, SMCI, SPG, SPOT, STE, TDG, TGS, TJX, TM, TPR, TRGP, TRIP, TRMB, TSCO, TT, TW, UBER, ULTA, USO, V, VECO, VMC, VNOM, VRT, VST, VTRS, WAB, WDAY, WFRD, WING, WM, WYNN, XLC, XYL, YPF, YUM

 

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 – 2024-02-13

AAWH/U.CA, AEP.V, AMD.NE, ATD.TO, ATD/A.TO, BDT.TO, BHC.TO, BLN.TO, CDR.TO, CLP/UN.TO, CLS.TO, CSH/UN.TO, CVO.TO, DCM.TO, DNG.TO, DRX.TO, FFN/PA.TO, GAU.TO, GFL.TO, GIB/A.TO, GTII.CA, HME.V, HMM/A.TO, HPS/A.TO, IPCO.TO, IVN.TO, MDA.TO, MEG.TO, NVDA.NE, QBTC.TO, RUS.TO, SES.TO, SFTC.TO, SJ.TO, SYZ.TO, TFII.TO, TIXT.TO, TKO.TO, TRI.TO, TSU.TO, WCN.TO, X.TO

 

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