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
Defensive Sectors Surge as Tech Titans Take a Tumble in 2024 Debut
After ringing the opening bell of 2024, the technology sector faced a tumultuous day, with the tech-centric Nasdaq Composite Index witnessing a 1.6% decline. This downturn was largely influenced by familiar giants such as Apple and Nvidia, previously instrumental in propelling the index to a remarkable 43% surge last year.
Nasdaq
Despite a positive performance in energy, healthcare, utilities, and consumer-staples stocks, the broader S&P 500 still grappled with a 0.6% dip, mainly due to the weight of technology and telecom shares. This trend aligns with the defensive theme highlighted in the “What Worked Last Week” segment of the weekend report.
S&P 500
The commencement of the year witnessed a retreat among growth tech winners, as defensive and defensive growth stocks took the lead. The crucial question remains: is this a momentary blip or the onset of a significant trend? The red-light/green-light breadth system continues to signal caution, while the SSIQ, acting as a swifter indicator, surged lower today.
Breadth System
SSIQ
On the flip side, the Dow Jones Industrial Average, having enjoyed nine consecutive weeks of gains, managed a modest 0.07% uptick, securing a record closing at 37,715.04 points.
Dow Jones Industrial Average
The recent selloff in tech stocks can be attributed to the upswing in bond yields. The yield on the benchmark 10-year U.S. Treasury note concluded Tuesday at 3.946%, a climb from Friday’s 3.860%. As prices fell, yields rose in tandem. Bouncing off of the support line highlighted in the weekend report.
10-Year US Treasury Yield
Presently, it appears prudent to adopt a wait-and-see approach, observing which stocks weather the early-January shakeouts. The burning questions include: Will the current leaders stand firm or reposition themselves? Is this a precursor to a broader sector rotation, signaling a shift from growth to value? The answers are yet to unfold. As legendary investor Peter Lynch wisely remarked, “Investing without research is like playing stud poker and never looking at the cards.” This underlines the importance of thorough research and strategic decision-making, especially during times of market uncertainty. Now, let’s delve into the daily setups.
US Daily Setups
BSX – Boston Scientific Corp.
The Boston Scientific setup exhibited resilience on a day characterized by weakness in the market.
LINK TO CHART – https://schrts.co/VvFiEMWb
CELH – Celsius Holdings Inc.
The Celsius setup is currently attempting to break out from the previously highlighted falling wedge.
LINK TO CHART – https://schrts.co/tjNAcpvt
DG – Dollar General Corp.
Dollar General is poised for a potential breakout from a bottoming pattern.
LINK TO CHART – https://schrts.co/MRFhxQRB
HDSN – Hudson Technologies, Inc.
The Hudson Technologies setup is currently attempting to trend higher from the continuation pattern highlighted in the weekend report.
LINK TO CHART – https://schrts.co/HvBUEjXu
REGN – Regeneron Pharmaceuticals, Inc.
Regeneron Pharmaceuticals is breaking out to achieve a new all-time high.
LINK TO CHART – https://schrts.co/mDMvApBi
XLU – Utilities Select Sector SPDR Fund
The Utilities Select Sector SPDR Fund is set up in the form of a falling wedge continuation pattern. Monitor for a potential breakout.
LINK TO CHART – https://schrts.co/fasWNmum
Canadian Daily Setups
ALA.TO – AltaGas Ltd.
AltaGas began the week on a positive note as price action continues to set up for a potential base breakout.
LINK TO CHART – https://schrts.co/rZrFzmGv
CIA.TO – Champion Iron Ltd.
Champion Iron is breaking out to achieve new all-time highs.
LINK TO CHART – https://schrts.co/EbrktCEW
CU.TO – Canadian Utilities Ltd.
Canadian Utilities is set up for a potential breakout from a bottoming pattern.
LINK TO CHART – https://schrts.co/MtZvDhsE
EMA.TO – Emera Inc.
Emera is set up for a potential breakout from a bottoming pattern.
LINK TO CHART – https://schrts.co/bqjKNHXD
ENB.TO – Enbridge, Inc.
Enbridge is set up for a potential breakout from a bottoming pattern.
LINK TO CHART – https://schrts.co/bXDnGQRc
TD.TO – Toronto-Dominion Bank
Toronto-Dominion Bank appears to be setting up below the trigger line of a significant consolidation/continuation pattern.
LINK TO CHART – https://schrts.co/wfCWmIsd
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 – 2024-01-02
ABBV, AEO, AEP, AFL, AIG, AIZ, AMCR, AMGN, AMT, ARCB, ARE, ATO, AWK, AXP, BAC, BAX, BBVA, BBWI, BCSF, BIIB, BITO, BITW, BK, BLX, BMI, BMY, BPOP, BRC, BRK/B, BSX, BTU, BWA, C, CACI, CAG, CAH, CAPL, CASY, CB, CBAY, CCOI, CEIX, CELH, CF, CHD, CHRD, CHRW, CI, CIEN, CINF, CL, CLW, CLX, CMCSA, CMI, CMS, CNA, CNC, CNP, COLL, COP, COR, CPB, CRSP, CVS, CXT, CZR, D, DAC, DD, DE, DG, DGX, DHR, DINO, DLR, DLTR, DMLP, DPZ, DTM, DUK, DVAX, E, EBAY, EC, ED, EG, EGY, EHC, EIX, ELV, ENLC, ENSG, EPD, EQIX, EQR, ES, ESS, ET, ETHE, ETR, ETSY, EVRG, EXR, FANG, FCNCA, FE, FIVE, FOX, FRPT, FRT, GBTC, GCT, GEL, GILD, GIS, GL, GLW, GM, GPI, GPOR, GS, HDSN, HESM, HIG, HII, HOLX, HRB, HRL, ICFI, IMO, INCY, INSW, INVH, IP, IPG, JBI, JBL, JNJ, JPM, K, KDP, KHC, KMB, KMI, KO, KR, KVUE, L, LH, LLY, LMND, LMT, LNT, LPLA, LRN, LVS, LYB, MAA, MAMA, MCD, MCK, MDLZ, METC, MGM, MKC, MMM, MNST, MO, MOH, MOS, MPC, MPTI, MRK, MRNA, MS, MSTR, MUSA, NATR, NEE, NGVC, NI, NOC, NS, NVS, NX, NXT, O, OKE, OTTR, PAA, PAGP, PARR, PBR, PBR/A, PCG, PEP, PFGC, PGR, PKG, PLUS, PM, PNC, POWL, PPL, PR, PRDO, PRG, PRI, PSA, PXD, RDY, REGN, RGA, RHP, RL, RS, RTX, RVTY, RWAY, SAIC, SFM, SHEL, SJM, SMCI, SO, SPOT, SRE, STLD, STNG, STZ, SYY, T, TAP, TGS, TGT, TMO, TMUS, TNK, TNP, TPR, TRAK, TRMD, TRV, TSCO, TSN, TTE, TTEK, TXT, UDR, UEC, UHS, UNH, UPS, USAC, USFD, VICI, VLGEA, VLO, VTR, VTRS, VZ, WBA, WBD, WEC, WELL, WHR, WIRE, WM, WMB, WMG, WMT, WRB, WRK, WYNN, XEL, XLP, XLU, XLV, XOM, XRAY
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 – 2024-01-02
ACO/X.TO, ACT.CA, ALA.TO, AQN.TO, ARE.TO, ARIS.TO, ASCU.TO, ATD.TO, ATD/A.TO, AX/UN.TO, AYA.TO, BCE.TO, BDI.TO, BEPC.TO, BIPC.TO, BLN.TO, BNE.TO, BNS.TO, BRK.NE, CCA.TO, CDR.TO, CGO.TO, CHP/UN.TO, CIA.TO, CL.CA, CM.TO, CMG.TO, CNC.V, CNQ.TO, CNR.TO, CNX.V, CP.TO, CPH.TO, CPX.TO, CRDL.TO, CRON.TO, CTC/A.TO, CU.TO, CVS.NE, DFY.TO, DLCG.TO, DNG.TO, DNTL.TO, ECN.TO, EFN.TO, EIF.TO, EMA.TO, ENB.TO, ENS.TO, ETHC.NE, ETHH.TO, EXRO.TO, FM.TO, FNV.TO, GEI.TO, GMIN.V, GRT/UN.TO, GUD.TO, HITI.V, HOM/U.TO, HR/UN.TO, IGM.TO, JPM.NE, KNT.TO, KRR.TO, L.TO, MDP.TO, MG.TO, MRE.TO, MX.TO, NEO.TO, NG.TO, NGEX.V, NOU.V, NPI.TO, NPK.TO, NTR.TO, NWC.TO, NWH/UN.TO, NXR/UN.TO, ODV.V, OGI.TO, OSK.TO, PBL.TO, PHYS.TO, PIC/A.TO, PNE.TO, PPL.TO, PRB.TO, PRMW.TO, PRV/UN.TO, PTI/UN.TO, PXT.TO, PYPL.NE, PZA.TO, QBR/B.TO, QBTC.TO, QIPT.TO, REI/UN.TO, RSI.TO, RUP.TO, SASK.CA, SCR.TO, SES.TO, SGD.V, SIA.TO, SLS.TO, SOY.TO, SU.TO, SVI.TO, SXP.TO, T.TO, TD.TO, TF.TO, TH.TO, TIXT.TO, TOT.TO, TRP.TO, TRZ.TO, U/UN.TO, UNH.NE, VBNK.TO, VERS.NE, VMC.V, VZ.NE, WCN.TO, WILD.TO, WMT.NE, WN.TO, WTE.TO, YGR.TO, ZEN.V, ZZZ.TO
