SYS Research – Daily Report – Tuesday, November 7, 2023

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

 

The Stock Market Extends Winning Streak

Stocks displayed more resilience on Tuesday, as the S&P 500 and Nasdaq continued their impressive winning streaks, marking their most sustained run since 2021. The Nasdaq Composite, specifically, extended its winning streak to an astonishing eighth consecutive day, driven primarily by the resurgence of technology stocks.

Notably, Microsoft’s stock achieved an all-time closing high, capitalizing on a continuation pattern breakout that we previously highlighted. This milestone underscores the strength of the technology sector in the current market environment.

The Dow Jones Industrial Average saw a gain of approximately 57 points, representing a 0.2% increase, while the S&P 500 posted a 0.3% gain. The Nasdaq Composite, known for its tech-heavy composition, outshone its counterparts with a remarkable 0.9% rise.

Concurrently, Treasuries continued their upward trajectory, potentially further fueling the tech stock rally. The yield on 10-year Treasury notes declined to 4.57%, down from 4.662% on the previous trading day and a significant reduction from the 5% yield observed just last month. It’s important to note that yields move inversely to bond prices, and the retreat in the 10-year yield has significantly contributed to the robust recovery of the stock market.

While the current market enthusiasm persists, it’s worth considering the possibility of a temporary pause. While this pause may not be imminent, it could be a prudent and constructive development. A modest, low-volume pause or pullback in the market would allow the recent surge to catch its breath and potentially form a bull flag retest pattern, a phenomenon that we frequently highlight in our analyses. This pause could ultimately contribute to the sustainability of the ongoing market rally, especially when we take into account that the indexes have not yet managed to recapture their horizontal resistance line and the 100-day moving average.

The SSIH closed with minimal changes today.

US Daily Setups

AAPL – Apple, Inc.

Apple is starting to break out from the continuation pattern that we’ve been monitoring.

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

 

COIN – Coinbase Global Inc.

Coinbase continues to perform well as the PPO attempts to accelerate higher from the zero line.

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

 

NKE – Nike Inc.

Nike is attempting to break out from a large falling channel pattern.

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

 

UBER – Uber Technologies, Inc.

Uber is starting to break out from a continuation pattern after a positive earnings report.

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

 

XLK – Technology Select Sector SPDR Fund

The Technology Select Sector SPDR Fund ETF continues to rise from its continuation pattern. Monitor for further potential upside.

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

 

ZS – Zscaler, Inc.

Zscaler is forming a setup on the right side of a cup base. Keep an eye on it for potential developments.

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

 

Canadian Daily Setups

AAPL.NE – Apple Inc – Canadian Depository Receipt

Apple is starting to break out from the continuation pattern that we’ve been monitoring.

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

 

AMD.NE – Advanced Micro Devices Inc. – Canadian Depository Receipt

The price action on AMD is currently hovering just above the recent breakout line. Keep a close watch on it for potential signs of continued upside momentum.

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

 

BTCC.TO – Purpose Bitcoin ETF

The Purpose Bitcoin ETF appears to be attempting to trend higher as it moves away from its consolidation area.

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

 

GLXY.TO – Galaxy Digital Holdings Ltd.

Galaxy Digital is demonstrating continued upside strength following the breakout from its bottoming base.

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

 

NKE.NE – Nike, Inc. – Canadian Depository Receipt

Nike is attempting to break out from a large falling channel pattern.

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

 

UBER.NE – Uber Technologies Inc – Canadian Depository Receipt

Uber is starting to break out from a continuation pattern after a positive earnings report.

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

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.

 

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.

 

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