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: 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.
Sample Trading System
The following trading system is presented as an educational example and should not be interpreted as financial advice. Past performance does not guarantee future results, and trading involves inherent risks. Please consult with a qualified financial advisor before implementing any trading strategies.
SYS Daily Report
Stock Market Edges Higher Despite Economic Worries
The stock market closed higher on a choppy Tuesday, marked by economic concerns leading to lackluster scanner results. Despite the challenges in finding new investment ideas, major stock indexes closed near their highs for the third consecutive session. However, small-cap stocks took another hit, and several growth stocks struggled beneath the surface. A potential bright spot is a possible breakout in the price of Bitcoin, as chart setups appear promising.
Bitcoin – Daily Chart
Stocks were mixed throughout the day as traders reacted to a subdued Job Openings and Labor Turnover Survey following a weak ISM report on Monday. The S&P 500 was down 0.5% at its lowest point but closed higher for the third straight session after falling at least 0.4% intraday. The Dow Jones Industrial Average rose 140 points, or 0.4%, while the S&P 500 and the Nasdaq Composite were up 0.2%, with both indexes potentially forming a bullish flag continuation pattern.
Dow Jones Industrial Average – Daily Chart
S&P 500 – Daily Chart
Nasdaq – Daily Chart
Treasury yields declined, with the 2-year note falling to 4.758% and the 10-year yield dropping as low as 4.314%, their lowest levels since April 4.
10-Year US Treasury Yield
In commodities, following system rules proved beneficial, especially sticking to stop-losses at key moving averages, which could have saved investors from big losses. Mining, coal, and energy stocks had a tough day. The metal ores mining group was one of the worst, dropping 4.1%. Southern Copper fell nearly 5% on heavy trading, slipping below its 50-day moving average. Teck Resources and Freeport-McMoRan also performed poorly. Gold stocks like Agnico Eagle Mines and Wheaton Precious Metals dropped sharply, hitting their 50-day moving averages. Tidewater, a former oil and gas leader, continued to fall heavily, cutting through its 50-day moving average. The field services sector, down almost 3%, was among the hardest hit, following a 4.6% drop on Monday. This trend matches the poor performance of oil and gas stocks mentioned in the weekend report. As Ed Seykota wisely said, “If you can’t take a small loss, sooner or later you will take the mother of all losses,” emphasizing the importance of setting a proper stop-loss. Now, onto the daily setups.
US Daily Setups
BITB – Bitwise Bitcoin ETF
Bitwise Bitcoin ETF is setting up for a potential breakout, moving in tandem with Bitcoin’s price. Monitor for any signs of upward momentum that could confirm this breakout.
LINK TO CHART – https://schrts.co/eSMydAff
COIN – Coinbase Global Inc.
Coinbase is attempting to break out from a bullish flag continuation pattern. Monitor closely for signs of upward momentum that could confirm this breakout.
LINK TO CHART – https://schrts.co/bHeqVwTf
IREN – Iris Energy Ltd.
Iris Energy appears to be setting up on the right side of a significant multi-year consolidation pattern. Monitor closely for any potential breakout signals.
LINK TO CHART – https://schrts.co/HjhNCBNK
LLY – Eli Lilly & Co.
Eli Lilly continues to trade above its moving average, indicating sustained upward momentum. Keep monitoring for any significant changes in this trend.
LINK TO CHART – https://schrts.co/CDtBqDxd
MSTR – MicroStrategy Inc.
MicroStrategy continues to set up below the upper trendline of a potential continuation pattern. Monitor for any signs of a breakout that could signal the continuation of the uptrend.
LINK TO CHART – https://schrts.co/iEgvMuRk
NVO – Novo Nordisk A S
Novo Nordisk is experiencing increased momentum as it reaches another new high. Keep an eye on this trend for further signs of upward movement.
LINK TO CHART – https://schrts.co/KQxmEWrr
Canadian Daily Setups
AIDX.TO – Healwell AI Inc.
Healwell AI continues to deliver strong performance as its price steadily advances above its moving averages. Monitor this trend for sustained upward momentum.
LINK TO CHART – https://schrts.co/zQTuIjAd
ALA.TO – AltaGas Ltd.
AltaGas is pushing to a new 52-week high with increased volume. Keep an eye on this development for further signs of sustained momentum.
LINK TO CHART – https://schrts.co/fNYJqnkF
BCE.TO – BCE, Inc.
BCE is set up for a potential breakout from a bottoming pattern. Monitor closely for any signs of upward momentum that could confirm this breakout.
LINK TO CHART – https://schrts.co/CshdIHYv
GLXY.TO – Galaxy Digital Holdings Ltd.
Galaxy Digital continues to trade above its moving average, indicating sustained upward momentum.
LINK TO CHART – https://schrts.co/wAjDQEvF
NFI.TO – New Flyer Industries Inc.
New Flyer Industries experienced another positive day, with price action setting up for a potential breakout. Monitor closely for signs of continued upward momentum.
LINK TO CHART – https://schrts.co/wcVurRRV
NPI.TO – Northland Power Inc.
Northland Power appears to be setting up on the right side of a bottoming pattern. Monitor for any signs of upside momentum that could lead to a breakout.
LINK TO CHART – https://schrts.co/VrNHZpnQ
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 – 2024-06-04
ABBV, ABNB, ADSK, ADUS, AEP, AFRM, AI, AJG, ALTR, AM, AMSC, AMT, ANIP, APAM, APG, ARCO, ASTH, ATO, ATR, AVB, AVY, AWK, AXP, AZN, AZO, BAH, BBY, BIIB, BITO, BITQ, BITW, BKNG, BLK, BLOK, BR, BRBR, BRO, BROS, BSX, BWIN, BWMX, CACI, CARG, CAVA, CBZ, CCB, CCEP, CCI, CCL, CHD, CL, CMPR, CMS, CNP, COIN, COKE, COR, COST, CPRT, CPT, CRAI, CSWC, CTAS, CTLT, CVLT, CVS, DE, DEFTF, DGX, DHR, DIS, DLR, DOCN, DRS, DTE, DTM, DUK, EA, EAT, EBAY, ECL, EFX, EHC, EIX, ELMD, ENLC, ENPH, ENSG, EQR, ERJ, ES, ESS, ETHE, EVRG, EXC, EXPD, EXR, FCN, FDIG, FE, FICO, FLUT, FNF, FRT, GBTC, GEN, GEO, GFL, GILD, GOOG, GOOGL, GRVY, GS, HEI, HII, HIMS, HLT, HOLX, HON, HPQ, HRB, HSY, ICE, ICFI, IDCC, IFF, IHG, IHI, INVH, IPG, IREN, IRM, ISRG, IT, ITA, IWF, J, K, KDP, KHC, KMB, KMI, KO, LH, LHX, LMT, LNT, LOGI, MA, MAA, MARA, MCK, MCO, MDLZ, MDT, MEDP, METV, MMC, MNST, MO, MORN, MPC, MPLX, MRK, MSCI, MSI, MSTR, MTD, NCLH, NHC, NI, NMM, NSSC, NVDA, NVO, NVS, O, OLED, ORLY, OTIS, PAYX, PCG, PEP, PFE, PG, PGR, PLMR, PLTR, PM, PNTG, PNW, PODD, POST, PPL, PRCT, PRMW, PSA, PSTG, QQQ, RCL, REGN, RELX, RMD, ROL, ROP, RPM, RSG, RTX, RYAAY, SHW, SO, SOUN, SPB, SPG, SPGI, SPOT, SPY, SRE, SSNC, STE, STEP, STN, STRA, SYK, T, TDG, TDS, TDY, TFII, TJX, TMUS, TRGP, TRI, TTD, TTWO, TW, TWST, TYL, UBER, UDR, UNH, V, VERX, VGT, VLTO, VRSK, VRSN, VRTX, VTR, VZ, WCN, WEC, WELL, WES, WGMI, WING, WMB, WMT, WRB, WTW, XEL, XLC, XLK, XLP, XLRE, XLV, 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 – 2024-06-04
ADEN.TO, AGF/B.TO, AIDX.TO, AIF.TO, AIM.TO, ALA.TO, AND.TO, ATD.TO, ATD/A.TO, ATZ.TO, AX/UN.TO, AYR/A.CA, BCE.TO, BDGI.TO, BDT.TO, BEPC.TO, BFM.V, BIPC.TO, BITF.TO, BLX.TO, BNS.TO, BTB/UN.TO, CCL/B.TO, CF.TO, CHR.TO, CMG.TO, COST.NE, CPH.TO, CSH/UN.TO, CTC/A.TO, CU.TO, CVS.NE, D/UN.TO, DCBO.TO, DEFI.NE, DF.TO, DNTL.TO, DOL.TO, E.TO, EIF.TO, ENGH.TO, ERE/UN.TO, ETHH.TO, EXE.TO, FTS.TO, GCL.TO, GDV.TO, GFL.TO, GLXY.TO, GOOG.NE, GRIN.CA, GRT/UN.TO, GTII.CA, GWO.TO, H.TO, HIVE.V, HR/UN.TO, HUT.TO, IAG.TO, IFC.TO, IGM.TO, INE.TO, JWEL.TO, KSI.TO, L.TO, LEV.TO, LIFT.CA, LIFT.V, LRA.V, MA.NE, MI/UN.TO, MRU.TO, NA.TO, NFI.TO, NPI.TO, NVDA.NE, NWC.TO, ONEX.TO, OSI.V, PFE.NE, PIF.TO, POW.TO, PRMW.TO, PRV/UN.TO, PSI.TO, QBR/B.TO, QBTC.TO, RBN/UN.TO, RCH.TO, RCK.V, RML.V, RUS.TO, SAP.TO, SEI.V, SES.TO, SGR/UN.TO, SIA.TO, SIS.TO, SJ.TO, SLF.TO, STN.TO, SYZ.TO, T.TO, TD.TO, TFII.TO, TINY.V, TRI.TO, TRP.TO, UBER.NE, UNH.NE, VISA.NE, WCN.TO, WE.V, WJX.TO, WMT.NE, WN.TO, WPK.TO, WPRT.TO, WSP.TO, X.TO, ZDC.V, ZTL.NE
