SYS Research – Daily Report – Tuesday, November 26, 2024

Notice: The Daily Report is provided for informational and educational purposes only and is not intended to be used as a stock-picking service or as financial advice. The charts and accompanying research are designed to support your analysis, serving as indicators rather than direct recommendations to buy or sell any security. The creator assumes no responsibility for actions taken by readers and strongly encourages individuals to fully understand the associated risks and potential outcomes before making investment decisions. Please note that any charts and/or information are intended to aid in research and should not be considered a definitive part of your personal trading strategy. Not all charts will lead to actionable buy or sell signals at any given time. Individuals should consider consulting a qualified financial advisor before making any investment decisions.

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SYS Daily Report

Markets Rise Despite Tariff Worries; Data Centers’ Energy Needs Raise Climate Concerns

The S&P 500 and Dow Jones Industrial Average closed at record highs on Tuesday, rising 0.6% and 0.3%, respectively. The Nasdaq Composite also advanced 0.6%, supported by strength in Amazon.com (AMZN), Microsoft (MSFT), and Meta Platforms (META). However, the Russell 2000 underperformed, falling 0.7% as small-cap stocks lagged. The gains in the broader indexes came despite President-elect Donald Trump’s renewed tariff threats against Canada, Mexico, and China, which could dramatically impact trade and inflation.

S&P 500 – Daily Chart

Dow Jones Industrial Average – Daily Chart

Nasdaq – Daily Chart

Russell 2000 (ETF) – Daily Chart

Treasury yields edged higher, with the 10-year Treasury yield climbing 4 basis points to 4.3% after a steep decline on Monday. In commodities, U.S. crude oil prices dipped 0.25% to $68.77 per barrel, reflecting a temporary ceasefire agreement between Israel and Lebanon.

10-Year US Treasury Yield

Data Centers Drive Energy Demand

The rapid growth of artificial intelligence and cloud computing is fueling an unprecedented surge in electricity demand, raising concerns over a near-term increase in fossil-fuel use. Utilities in the United States are responding by building new natural gas plants and delaying the retirement of older fossil-fuel facilities. For example, Dominion Energy is constructing a 1,000-MW gas plant in Virginia, while Entergy is building a 754-MW gas-fired facility in Mississippi to serve two Amazon data centers.

In Europe, reliance on fossil fuels remains significant. New data centers will partially rely on coal-fired power in Poland, where coal still accounted for over 60% of the energy mix in 2023. Similarly, Germany faces challenges as Microsoft announced a €3.2 billion expansion near the Hambach coal mine, though the company has not disclosed its energy source. In Ireland, data centers now consume over 20% of the country’s electricity. The system operator, EirGrid, is delaying the retirement of its Moneypoint coal plant until 2029, opting to burn fuel oil instead.

Globally, the reliance on natural gas as a bridge fuel is growing. NiSource plans to spend nearly half of its $19.3 billion capital expenditures on natural gas improvements through 2029, while data centers could add 3 to 6 billion cubic feet per day to U.S. natural gas demand by the end of the decade, according to S&P. The shift toward natural gas may worsen U.S. carbon emissions, with the data-center industry projected to produce 2.5 billion metric tons of CO2 equivalent globally by 2030, according to Morgan Stanley.

United States Natural Gas (ETF) – Daily Chart

TSX Dips Amid Tariff Concerns

The TSX Composite Index slipped 5.21 points (-0.02%) to 25,405.14, marking its second straight day of modest declines following Friday’s record high. The weakness came as President-elect Donald Trump vowed to impose significant tariffs on Canada, Mexico, and China, sending the Canadian dollar to a 4.5-year low against the U.S. dollar. Energy stocks led the decline, with the sector down 2.3%, reflecting weaker U.S. crude oil prices. Major industrials also struggled, including Magna International (-4.7%) and Bombardier (-9.3%). However, gains in technology (+1.1%) and financials (+0.5%) helped limit the index’s losses.

TSX – Daily Chart

Outlook and Key Data Ahead

Investors are now focused on the Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred inflation gauge, set for release Wednesday. Economists expect a 2.8% year-over-year rise, up slightly from 2.7% in September. Other key reports include durable goods orders, weekly jobless claims, and revised Q3 GDP data. Meanwhile, the Fed’s recent minutes suggest that rate cuts will proceed gradually as long as economic performance remains robust.

Tuesday’s markets reached new highs despite tariff concerns and weak breadth, with tech giants leading the charge. This underscores how breadth indicators can sometimes mislead, as skeptics of the 2023 breakout underestimated the market’s strength while the MAG 7 stocks propelled the uptrend. Meanwhile, rising energy demands from data centers continue to challenge decarbonization efforts, with fossil fuels playing a central role. Investors now turn their attention to key inflation data to assess the economy’s trajectory.

“Don’t argue with the tape. It doesn’t matter what you think; it’s what the market does that counts.” – Jesse Livermore

Now, onto the daily setups.

US Daily Setups

AAPL – Apple, Inc.

Apple is setting up near the apex of a significant multi-month ascending triangle continuation pattern. Monitor for any potential breakout signals.

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

 

AMZN – Amazon.com, Inc.

Amazon is performing a bullish flag retest of the recent breakout line after being highlighted in the unusual activity report on Friday and Monday for unusual call option activity.

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

 

FTNT – Fortinet Inc.

Fortinet is attempting to move higher from a bullish flag continuation pattern as price action moves above its upward-sloping moving average, as per system rules.

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

 

GENI – Genius Sports Limited

Genius Sports is breaking out from a bullish flag retest at the recent breakout line.

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

 

META – Meta Platforms, Inc.

Meta appears to be consolidating in a potential bullish flag retest of the recent breakout line.

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

 

MSFT – Microsoft Corp.

Microsoft is attempting to break out above the apex of a consolidation pattern and horizontal resistance.

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

 

PCT – PureCycle Technologies Inc

PureCycle continues to see positive price action from the recently highlighted bullish flag.

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

 

Canadian Daily Setups

BAM.TO – Brookfield Asset Management Ltd. Class A Limited Voting Shares

Brookfield Asset Management is attempting to move higher from a bullish flag continuation pattern supported by robust volume.

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

 

CVO.TO – Coveo Solutions Inc.

Coveo Solutions continues to see bullish price action from the potential bottoming pattern recently highlighted.

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

 

KXS.TO – Kinaxis Inc.

Kinaxis is finally starting to push above the horizontal resistance line we have been charting.

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

 

LSPD.TO – Lightspeed POS, Inc.

Lightspeed is attempting to move higher from a bullish flag as price action consolidates above the upward-sloping moving average, as per system rules.

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

 

PTK.V – POET Technologies Inc.

POET Technologies has seen continued upside momentum, supported by robust volume, from the pattern highlighted in yesterday’s daily setups report.

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

 

RUS.TO – Russel Metals, Inc.

Russel Metals continues to set up below its 52-week highs.

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

 

WELL.TO – WELL Health Technologies Corp.

WELL Health appears to be setting up below its 52-week high, supported by an interesting volume profile.

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

To conclude our report, we thank you for your engagement and insights. Your feedback is valuable, 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 – 2024-11-26

AA, AAON, AAPL, ABBV, AC, ACGL, ACLX, ACN, ADBE, ADMA, ADP, ADPT, ADT, ADUS, AEE, AEM, AEP, AER, AFL, AGIO, AGM, AGX, AIG, AIT, AIZ, AJG, ALL, ALSN, AM, AMP, AMT, AMZN, ANET, AON, AORT, APLT, APO, APOG, APP, AQST, ARCB, ARES, ARGT, ARIS, ARMK, AS, ATEN, ATI, ATO, ATYR, AVAV, AVB, AWI, AWK, AXGN, AXON, AXP, AZO, BAC, BAM, BAP, BARK, BBAR, BBSI, BCRX, BCSF, BE, BEP, BG, BK, BKNG, BL, BLFS, BMA, BN, BR, BRBR, BRK/B, BRO, BROS, BRX, BSIG, BSX, BTI, BV, BVS, BWIN, BWXT, BXP, BYRN, BZUN, CAH, CAKE, CALM, CANE, CAPR, CARG, CAT, CAVA, CB, CBL, CBOE, CBRE, CCAP, CCI, CCJ, CCL, CCRD, CDNA, CDXC, CDZI, CEG, CENX, CF, CFFI, CGBD, CHEF, CHTR, CIBR, CIEN, CINF, CINT, CKPT, CL, CLH, CLMT, CLPT, CLS, CLX, CME, CMG, CMI, CMPO, CMS, CNA, CNO, CNP, CNX, COGT, COHR, COKE, COMP, CON, COO, COR, COST, CPAY, CPB, CPNG, CPRI, CPRT, CPRX, CPT, CR, CRAI, CRBG, CRC, CRESY, CRH, CRK, CRM, CRNT, CRS, CRTO, CRWD, CSCO, CSTL, CSX, CTAS, CTSH, CUK, CURI, CVLG, CVLT, CVX, CW, CWK, CYBN, CYBR, D, DAKT, DAVE, DCTH, DESP, DKNG, DLR, DMLP, DOC, DOCS, DORM, DOV, DPG, DPZ, DSGN, DSP, DT, DTE, DTM, DUK, DUOL, DVA, DXCM, DXPE, EA, EBAY, EBS, ECL, ED, EDN, EDR, EE, EHC, EIX, ELDN, ELMD, EME, EMR, ENLC, EPD, EQIX, EQR, ERAS, ERIC, ERIE, ERJ, ESOA, ESS, ET, ETN, ETON, ETR, EVRG, EW, EWTX, EXC, EXE, EXEL, EXFY, EXLS, EXPE, EXR, EXTR, FAST, FDP, FE, FEIM, FFIV, FHI, FI, FICO, FINV, FIX, FNKO, FOUR, FOX, FOXA, FPH, FRPT, FSFG, FSM, FTAI, FTK, FTNT, G, GBDC, GBX, GCMG, GDDY, GDYN, GE, GEL, GEN, GENI, GGAL, GILD, GL, GME, GMED, GNRC, GNSS, GPK, GPOR, GRAB, GRFS, GS, GSHD, GTES, GWRE, GWW, HACK, HBI, HBNC, HCI, HCKT, HD, HEI/A, HES, HESM, HG, HIG, HOMB, HRB, HRL, HSIC, HTD, HWKN, HWM, HYB, IAG, IBB, IBKR, IBM, ICAD, ICE, IDCC, IDT, IESC, IGIC, IGV, IHG, IHI, IKT, INCY, INFY, INGR, INSM, INTA, INVH, IRM, IRS, ISRG, IT, ITA, ITCI, ITW, IWF, J, JBHT, JBT, JCI, JFIN, JHG, JRS, KAI, KD, KEYS, KGC, KGS, KINS, KKR, KMB, KMI, KNF, KNSL, KO, KR, KRMD, KRNT, KRYS, KSCP, KTOS, L, LARK, LBTYA, LBTYK, LGND, LIN, LINC, LNG, LOAR, LOMA, LPLA, LRN, LSPD, LUCD, LX, MA, MAA, MAIN, MAMA, MAR, MATX, MCD, MCK, MCO, MCY, MDU, MDXG, MELI, MESO, MET, META, MGNI, MIRM, MKC, MLR, MMC, MMM, MMYT, MNOV, MO, MOD, MORN, MPLX, MPTI, MRBK, MRCY, MRVL, MRX, MSCI, MSFT, MSI, MTZ, MUSA, NATL, NBXG, NCLH, NCNO, NDAQ, NEE, NEXN, NFLX, NI, NMRK, NOW, NRG, NSC, NTAP, NTRA, NTRS, NUE, O, OCUL, ODFL, OFIX, OHI, OKE, OLLI, OMC, OMER, OPFI, ORCL, ORLY, PAM, PANW, PAY, PAYC, PAYO, PAYX, PBI, PCG, PCOR, PCT, PDEX, PDM, PEG, PEGA, PENN, PG, PGC, PGR, PH, PI, PKG, PLNT, PLSE, PLTR, PLXS, PM, PNC, PNR, PNTG, PNW, POST, PPIH, PPL, PRAX, PRCT, PRG, PRI, PRMW, PRTH, PRU, PSA, PSX, PTCT, PTON, PWR, QCRH, QFIN, QNST, QQQ, R, RBC, RCL, RDW, RDWR, REG, REGN, RELX, REPL, RERE, RGA, RGLD, RIGL, RJF, RKLB, RL, RLI, RMD, RNGR, RNR, ROL, ROP, ROST, RRC, RSG, RSI, RSP, RSVR, RTX, RVLV, RVMD, RVTY, RYAN, RYTM, S, SAP, SBAC, SBGI, SBRA, SCHW, SEER, SEI, SEIC, SEM, SEPN, SFM, SGHC, SGMO, SHAK, SHOP, SIEB, SILA, SJM, SKE, SKT, SKWD, SKYW, SLNO, SMTC, SNA, SNDR, SO, SPG, SPGI, SPRY, SPY, SRV, SSNC, STEP, STGW, STRL, STT, SUPN, SUPV, SYBT, SYF, SYK, TAP, TARS, TDS, TDY, TEAM, TECH, TEO, THRD, TILE, TJX, TKO, TLN, TMDX, TMUS, TOST, TPB, TPR, TRAK, TRDA, TRGP, TROW, TRUP, TRV, TSN, TT, TTMI, TTWO, TVTX, TW, TXRH, TYL, UDR, UE, UEC, UHS, UNH, UPWK, URI, USB, USFD, USLM, USM, UTHR, UTI, VCTR, VCYT, VERX, VGT, VITL, VNO, VNOM, VRNA, VRSK, VRSN, VSCO, VSEC, VST, VTR, VZ, WAB, WAT, WDAY, WDC, WDOFF, WEC, WELL, WES, WFC, WGS, WIT, WLFC, WM, WMB, WMT, WRB, WRBY, WTTR, WTW, WWD, X, XBI, XEL, XERS, XLC, XLF, XLI, XLK, XLP, XLRE, XLU, XLY, XOMA, XYF, YMM, YPF, YSG, YUM, Z, ZBRA, ZG, ZTR

 

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 – 2024-11-26

AAPL.NE, ACO/X.TO, ADEN.TO, AEM.TO, AEP.V, AI.TO, ALDE.V, ALS.TO, AMRQ.V, AMZN.NE, AND.TO, ARE.TO, ATD.TO, ATD/A.TO, ATRL.TO, AUMC.CA, BAM.TO, BBU/UN.TO, BEP/UN.TO, BN.TO, BNS.TO, BNT.TO, BRAG.TO, BRK.NE, CAS.TO, CCO.TO, CF.TO, CL.CA, CLS.TO, CNL.TO, CNO.V, COST.NE, CPX.TO, CSH/UN.TO, CSU.TO, CU.TO, CVO.TO, CWB.TO, DF.TO, DFY.TO, DND.TO, DPM.TO, DRT.TO, DSG.TO, E.TO, EFL.TO, EFR.TO, EIF.TO, ELVA.TO, EMA.TO, EMP/A.TO, ENB.TO, EQB.TO, ERE/UN.TO, EXE.TO, FC.TO, FNV.TO, FORA.TO, FVI.TO, FWZ.V, G.TO, GEI.TO, GFL.TO, GOT.V, GURU.TO, HD.NE, IAG.TO, IFC.TO, III.TO, IMG.TO, IMP.TO, K.TO, KBL.TO, KXS.TO, LGO.TO, LSPD.TO, LUG.TO, META.NE, MFC.TO, MFG.V, MI/UN.TO, MRU.TO, MSFT.NE, MTL.TO, MVRS.NE, NA.TO, NCI.V, NG.TO, NUAG.TO, NURS.V, OLA.TO, OR.TO, OVV.TO, POW.TO, PRB.TO, PRU.TO, PTK.V, QIPT.TO, QTRH.TO, RAY/A.TO, RBA.TO, RCH.TO, RUS.TO, RY.TO, SGD.V, SHOP.TO, SIA.TO, SII.TO, SIL.TO, SKE.TO, SLF.TO, SOY.TO, SPB.TO, SSL.TO, TA.TO, TD.TO, TER.CA, TFII.TO, TFPM.TO, TGH.V, TH.TO, TRZ.TO, TSL.TO, TSND.TO, URE.TO, VHI.TO, WCN.TO, WDO.TO, WELL.TO, WMT.NE, WN.TO, WPM.TO, WSP.TO, YGR.TO, ZDC.V

 

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