SYS Research – Daily Report – Tuesday, March 5, 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: 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

Market Pullback Intensifies, Dow Drops Over 400 Points

As the trading day concluded, the Dow Jones Industrial Average recorded a significant decline, shedding more than 400 points in the midst of a pronounced market pullback. All members of the “Magnificent Seven,” representing mega-cap technology stocks, witnessed declines in the technology sector, underscoring the broader market downturn.

When this was written, the Dow was down by 436 points, translating to a 1.1% decrease. This downturn was noteworthy as the price action dipped below its 21-exponential day moving average. Reflecting the broader market sentiment, the S&P 500 registered a 1.1% decline, while the Nasdaq Composite experienced a more substantial 1.8% drop. It’s pertinent to observe that both the S&P 500 and Nasdaq Composite managed to maintain positions above their respective 21-exponential day moving averages, at least for the current period.

Dow Jones Industrial Average – Daily Chart

S&P 500 – Daily Chart

Nasdaq – Daily Chart

In the bond market, the 10-year Treasury yield contracted to 4.137%.

10-Year US Treasury Yield

Despite achieving record levels just last week, the three major indexes ended the day on a downward trajectory. The market was influenced by recent tepid economic data, contributing to investor unease. Notably, there is anticipation and anxiety surrounding Federal Reserve Chair Jerome Powell’s upcoming testimony before Congress on Wednesday and Thursday. Additionally, market participants are keenly awaiting the release of a pivotal jobs report scheduled for Friday.

Shifting the focus to the cryptocurrency realm, Bitcoin made waves by reaching a record high, briefly trading at an impressive $69,244 before experiencing a pullback, coinciding with an increase in trading volume. The cryptocurrency market continues to exhibit dynamic behavior, with notable price fluctuations capturing investors’ attention.

Bitcoin – Daily Chart

As we delve into daily setups, consider the wisdom of Paul Tudor Jones: “The most important rule of trading is to play great defense, not great offense.” This concise advice emphasizes the significance of prudent risk management. Strategic decision-making, coupled with implementing a well-placed stop-loss, becomes a tremendous defensive playbook for navigating the market’s uncertainties. Keeping Jones’s perspective in mind, we fortify our approach to not only seek gains but to safeguard against potential losses, fostering a resilient strategy for successful trades.

US Daily Setups

DRI – Darden Restaurants, Inc.

Darden Restaurants is attempting a 52-week high breakout, suggesting potential upward momentum. Keep a close watch on its performance for confirmation and any indications of sustained strength in the upward movement.

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

 

EAT – Brinker Intl, Inc.

Brinker is attempting a 52-week high breakout, suggesting potential upward momentum. Watch its performance closely for confirmation and any indications of sustained strength in the upward movement.

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

 

ODD – Oddity Tech Ltd.

Oddity Tech appears to be set up below a trigger line. As the pattern unfolds, keep a close eye on its price action for potential signs of breakout signals.

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

 

PPC – Pilgrims Pride Corp.

Pilgrims Pride appears to be set up below a trigger line. Keep a close eye on its price action for potential signs of breakout signals as the pattern unfolds.

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

 

SMR – NuScale Power Corporation

NuScale Power is pushing up against the underside of a trigger line with a two-day surge in volume. As this setup develops, monitor closely for any signs of potential breakout signals.

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

 

TMUS – T-Mobile US, Inc.

T-Mobile is attempting a new all-time high breakout from a continuation pattern, indicating potential strength in its upward movement. Watch its performance closely for confirmation and any signs of sustained momentum.

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

 

Canadian Daily Setups

ARX.TO – ARC Resources Ltd.

ARC Resources is attempting a 52-week high breakout, indicating potential upward momentum. Keep a close watch on its performance for confirmation and any indications of sustained strength in the upward movement.

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

 

BNS.TO – The Bank of Nova Scotia

The Bank of Nova Scotia exhibits relative strength in a weak market tape. This resilience could provide insights into its performance amid broader market conditions.

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

 

CM.TO – Canadian Imperial Bank Of Commerce

CIBC is showing relative strength as it attempts to continue its uptrend. Monitor its performance for potential confirmation and any signs of sustained strength in the upward movement.

 

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

 

GMIN.TO – G Mining Ventures Corp.

G Mining Ventures attempts to break out from a bull flag continuation pattern. Monitor its price closely for potential confirmation and further development in this upward trend.

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

 

QSR.TO – Restaurant Brands International Inc.

Restaurant Brands is attempting a new all-time high breakout, indicating potential strength in its upward movement. Watch its performance closely for confirmation and any signs of sustained momentum.

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

 

SU.TO – Suncor Energy, Inc.

Suncor Energy is acting well following its breakout of the consolidation pattern. Monitor closely for signs of a continuation of the uptrend.

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

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 – 2024-03-05

A, ABBV, ABNB, ACGL, AEL, AEM, AEO, AER, AFL, AGM, AGO, AIG, AIZ, AJG, ALL, ALPN, ALV, AM, AMCR, AMK, AMP, AMT, ANF, APAM, ARCH, AROC, ASND, ASR, ATI, ATR, AVAV, AVY, AYI, AZO, BAC, BAM, BEN, BF/B, BK, BKR, BLBD, BPOP, BRBR, BTU, BURL, BXP, C, CAH, CASH, CCEP, CDRE, CEG, CEIX, CF, CFG, CGBD, CHCO, CHD, CHRD, CIVI, CLH, CM, CMA, CMI, CMS, CNA, CNO, CNX, COF, COKE, COOP, COP, CPA, CR, CRBG, CRSP, CSTM, CTRA, CTVA, CUBI, CXT, DAL, DB, DEFTF, DFS, DG, DHI, DHT, DIS, DKS, DLO, DLTR, DOV, DOW, DRI, DTE, DTM, DUK, DVA, DVN, DY, E, EAT, EBAY, EGO, EGY, EL, EME, ENLC, ENPH, ENSG, EPD, ESOA, ESQ, ESS, ET, ETRN, EVR, EWBC, EZPW, FANG, FBP, FCNCA, FDS, FIS, FITB, FIVE, FLEX, FLS, FLT, FMC, FNF, FRT, FSLR, FTI, GBDC, GEL, GILD, GIS, GL, GLP, GMS, GNTX, GPC, GPK, GPS, GRVY, GS, GSK, GWW, H, HAS, HBAN, HCA, HCC, HES, HESM, HIG, HLT, HLX, HMY, HPE, HPQ, HSBC, HWM, IBOC, ICE, ICLR, IDT, IESC, IMO, ING, INSW, IP, IPG, ITA, ITW, IVZ, J, JBL, JCI, JPM, KB, KBH, KEY, KIM, KMI, KMX, KNSL, KNTK, KOP, KR, KRE, KVUE, L, LAD, LAUR, LBRT, LEN, LIN, LKQ, LOB, LOW, LPG, LUV, LW, LYB, LZB, MAA, MAIN, MAMA, MAR, MBIN, MBWM, MCD, MEDP, MET, MFC, MHK, MKC, MLM, MMM, MORN, MPC, MPLX, MS, MTB, MTD, MTDR, NCLH, NDAQ, NEE, NGS, NHC, NMIH, NR, NRG, NS, NTB, NTRS, NXT, OBDC, ODD, OFG, OKE, OMC, OSG, OXY, OZK, PAA, PAGP, PAY, PBA, PCAR, PEG, PFBC, PFG, PG, PGR, PHM, PIPR, PLNT, PM, PNC, PNTG, POOL, PPC, PR, PRI, PRU, PSX, PXD, QCRH, QSR, QTRX, RCL, RDNT, RF, RGA, RJF, RL, ROAD, RRC, RTX, RUSHA, RYAN, SAIA, SCHW, SKX, SM, SMR, SNA, SOVO, SPB, STER, STLA, STNG, STZ, SUN, SWK, SWN, SYF, SYY, T, TAP, TFC, TGT, THC, TJX, TM, TMO, TMUS, TPG, TPR, TRGP, TRMD, TROW, TRV, TS, TSN, TTEK, TXRH, TXT, UBS, UHS, ULTA, UNP, UPBD, UPS, URBN, USAC, USB, USFD, VIST, VITL, VLO, VNOM, VNT, VST, VTOL, VVV, VZ, WABC, WAL, WBS, WCN, WDOFF, WES, WEX, WFC, WFRD, WMB, WMT, WRB, WRK, WSM, WTFC, WYNN, XLE, XLF, XLP, XOM, XOP, XRAY, ZION

 

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 – 2024-03-05

AAV.TO, ACT.CA, AD/UN.TO, AEM.TO, ALA.TO, ALS.TO, ARTG.V, ARX.TO, ATD.TO, ATD/A.TO, ATH.TO, ATRL.TO, ATX.V, BAM.TO, BAM/A.TO, BBD/B.TO, BDT.TO, BK/PA.TO, BN.TO, BNE.TO, BNS.TO, CCL/B.TO, CEE.TO, CIA.TO, CJ.TO, CM.TO, CNL.TO, CNQ.TO, CNX.V, CP.TO, CPG.TO, CR.TO, CRR/UN.TO, CU.TO, CVE.TO, CXB.TO, DBM.TO, DFN/PA.TO, DFY.TO, DOL.TO, DPM.TO, EDV.TO, ELD.TO, EMA.TO, ENB.TO, ERF.TO, FC.TO, FDR.V, FFH.TO, FFN.TO, FM.TO, FNV.TO, FTN.TO, GEI.TO, GMIN.TO, GOLD.TO, GOLD.V, GRA.TO, GRT/UN.TO, GTII.CA, GWO.TO, H.TO, HWX.TO, IAG.TO, IFP.TO, IIP/UN.TO, IMG.TO, IMO.TO, JPM.NE, KEY.TO, LB.TO, LFE.TO, LGO.TO, MATR.TO, MDA.TO, MEG.TO, MFC.TO, MKO.V, MRU.TO, NA.TO, NGD.TO, NVA.TO, NVDA.NE, OGC.TO, ONEX.TO, OSK.TO, OVV.TO, PAY.TO, PD.TO, PEY.TO, PNG.V, POU.TO, POW.TO, PPL.TO, PSK.TO, QSR.TO, RML.V, RY.TO, SDE.TO, SFTC.TO, SHOW.CA, SKE.TO, SLF.TO, SPB.TO, STEP.TO, SU.TO, TFII.TO, TFPM.TO, THNC.TO, TOU.TO, TPZ.TO, TRP.TO, TRUL.CA, TVE.TO, TXG.TO, VET.TO, VZ.NE, WCP.TO, WDO.TO, WMT.NE, WSP.TO, XRX.CA, XTG.TO

 

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