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
Stocks Slide Amid Middle East Tensions, Oil and Gold Prices Surge
U.S. stocks experienced a broad sell-off on Tuesday, driven by escalating geopolitical tensions in the Middle East, disappointing economic data, and weakness in key sectors like technology and semiconductors. The Dow Jones Industrial Average declined by 0.4%, the S&P 500 fell 0.9%, and the tech-heavy Nasdaq Composite dropped 1.5%. Crude oil prices climbed on concerns over global energy supplies following Iran’s missile attack on Israel, pushing WTI oil futures up by 2%. Amid the rising geopolitical tensions, defense stocks outperformed, with Northrop Grumman climbing 3% in heavier trading. L3Harris Technologies also gained nearly 3%. AeroVironment rose 5.3% after attempting to clear a technical breakout point earlier in the day.
Dow Jones Industrial Average – Daily Chart
S&P 500 – Daily Chart
Nasdaq – Daily Chart
Iran’s missile barrage against Israel raised fears of a broader conflict, creating uncertainty in global markets. As tensions escalated, safe-haven assets like gold saw a strong bid, with futures rising 1.1% to $2,667.30 per ounce, just shy of last week’s record high. Meanwhile, the CBOE Volatility Index (VIX), often referred to as the market’s “fear gauge,” spiked 13% to 19, reflecting the growing anxiety among investors.
Economic data added to the market’s woes, with U.S. manufacturing activity continuing to show signs of contraction. The latest reports revealed ongoing softness in this key sector, while a port strike on the East Coast further clouded the economic outlook. Additionally, concerns over Apple’s iPhone demand weighed heavily on tech stocks, dragging Apple down 2.9%, following reports of reduced production targets for the iPhone 16.
The energy sector bucked the broader market trend, benefiting from rising oil prices as geopolitical risks raised fears of supply disruptions. Robert Yawger, an energy analyst at Mizuho, commented on the potential for a naval blockade on Iran, which could impact the country’s ability to export oil. The November WTI contract closed at $69.83 a barrel after initially spiking 5% on news of the attack before losing some momentum. Oil majors such as ConocoPhillips, Marathon Oil, and Occidental Petroleum saw gains between 3% and 4%, though these stocks remain in technical downtrends.
Crude Oil – Weekly Chart
Canada’s TSX Composite Index reached a new all-time high on Tuesday, closing up 33.62 points, or 0.1%, at 24,033.99. The rally was fueled by gains in resource sectors, as surging oil and gold prices helped offset weakness in technology stocks. The energy sector jumped 3.4%, following the rise in crude oil prices, while materials, including metal miners and fertilizer producers, climbed 1%. Greg Taylor, a portfolio manager at Purpose Investments, noted that the TSX outperformed its global peers due to strength in commodities. However, other major sectors, including technology and industrials, ended the day lower.
The TSX climbed 9.7% in the third quarter, its best quarterly performance in four years, driven by lower borrowing costs and strong demand for precious metals. Canada’s manufacturing sector also showed improvement, with the S&P Global Canada Manufacturing Purchasing Managers’ Index rising to 50.4 in September, indicating a slight expansion after several months of contraction.
TSX – Daily Chart
Semiconductor stocks were among the hardest hit in the U.S. market, with Arm Holdings falling nearly 5% and Nvidia losing 3.7%. The Nasdaq’s downturn, which came despite a midday recovery attempt, highlighted continued weakness in the tech sector. The index’s sixth distribution day since late August signals increasing pressure, though it remains above key support levels.
In the semiconductor space, Nvidia’s slide came as it hovered near its 50-day moving average, raising concerns about further downside risk. Meanwhile, Apple’s supply chain woes added to the selling pressure in technology, as Barclays analysts reported that the company had cut production estimates for the iPhone 16 by 3 million units for the December quarter.
As stock markets wavered, investors flocked to safe-haven assets. Gold futures surged 1.2% to $2,690.30 per ounce, approaching a record high, while the GLD SPDR Gold shares ETF also gained 1.2%. Worsening geopolitical tensions and uncertainty over the Federal Reserve’s next move have created tailwinds for gold. Without these supportive factors, gold could have been vulnerable to profit-taking, potentially bringing it down to the $2,500 to $2,600 range. But for now, price action continues to hold above its upward-sloping moving average per system rules, taking out any thinking or guessing. The GLD SPDR Gold shares ETF also appears in today’s Unusual Activity report.
Gold – Daily Chart
The stock market’s current volatility highlights the importance of closely monitoring geopolitical developments while managing downside risk, particularly with the Middle East. While the market remains resilient, with major indexes holding critical support levels, the potential for further escalation in the region could trigger an additional downside. Investors are suggested to focus on sectors benefiting from the current environment, such as energy and defense while exercising caution in the technology space, where headwinds persist.
Tesla is also set to report third-quarter deliveries, which could further influence market sentiment. Early estimates suggest a record-breaking quarter, but investors will closely watch for any signs of weakness in global demand, especially given the recent challenges in China and Europe.
“Momentum trading is about being in tune with the market’s rhythm, but risk management is the key to staying in the game.” – Michael Marcus
Now, onto the daily setups.
US Daily Setups
BJ – BJ’s Wholesale Club Holdings, Inc.
BJ’s Wholesale Club appears to be setting up below a horizontal resistance line. Monitor to see if price action can break through. Also, take note of how the PPO momentum indicator is pushing against the underside of the zero line. A breakout in the PPO could suggest a potential breakout above horizontal resistance.
LINK TO CHART – https://schrts.co/EAgKPTXQ
BMY – Bristol Myers Squibb Co.
Bristol Myers Squibb is seeing strong follow-through today from its bottoming pattern.
LINK TO CHART – https://schrts.co/DbyAyyfZ
FXI – iShares China Large-Cap ETF
iShares China Large-Cap ETF and many Chinese stocks are lighting up the top of scanner results as volume continues to flow into the ETF.
LINK TO CHART – https://schrts.co/FaYPgCrk
GLNG – Golar LNG Ltd
Golar LNG appears to be breaking out from a continuation pattern.
LINK TO CHART – https://schrts.co/cZCiIyKX
HIMS – Hims & Hers Health, Inc.
Hims & Hers Health continues to see positive upside price action as it moves higher from its continuation wedge, following system rules by trending above its upward-sloping moving average.
LINK TO CHART – https://schrts.co/GEEaRJTH
VERX – Vertex Inc.
Vertex is consolidating in the form of a potential continuation pattern, positioned just below its 52-week high. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/FRiImRpw
Canadian Daily Setups
ABX.TO – Barrick Gold Corp.
Barrick Gold is consolidating in the form of a potential flagging pattern. Monitor for any directional breakout.
LINK TO CHART – https://schrts.co/TNHJNYBi
IFP.TO – Interfor Corp.
Interfor continues to see positive price action as most lumber stocks gradually move higher.
LINK TO CHART – https://schrts.co/mbTaYZAS
NTR.TO – Nutrien Ltd.
Nutrien might be worth adding to a watchlist as price action appears to be attempting a breakout from a bottoming pattern.
LINK TO CHART – https://schrts.co/UPZxKunF
PTK.V – POET Technologies Inc.
POET Technologies appears to be setting up in the form of a potential bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/DRsecKWq
QSR.TO – Restaurant Brands International Inc.
Restaurant Brands appears to be set up below the upper trendline of a significant consolidation/continuation wedge, supported by substantial volume over the past four months.
LINK TO CHART – https://schrts.co/FgiuUNuY
U/UN.TO – Sprott Physical Uranium Trust
Sprott Physical Uranium Trust is now setting up below the next horizontal resistance level. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/diwbdcYB
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 – 2024-10-01
AA, ABBNY, ACGL, ADP, AEE, AEM, AES, AFL, AGI, AIT, AIZ, AJG, ALL, ALNY, ALSN, AM, AMP, AMRK, AON, APA, APO, APP, AR, ARES, ARGT, ARGX, ARLP, AROC, ATAT, ATO, AVAV, AWI, AXS, AYI, AZO, BABA, BAM, BAP, BCC, BDX, BGNE, BIDU, BILI, BJ, BKR, BLDR, BMA, BMY, BRO, BSX, BYRN, BZ, BZFD, BZUN, CACI, CAG, CAH, CAKE, CASY, CAT, CB, CBOE, CCI, CCJ, CDRE, CEG, CENX, CF, CHTR, CHWY, CINF, CLX, CME, CMI, CMS, CNA, CNP, CNQ, CNX, COLL, COP, COPX, CORT, CPAY, CPRT, CPRX, CRAI, CVNA, CW, D, DAC, DAKT, DAVE, DHI, DHT, DRS, DTE, DTM, DUK, DVN, EAT, EBAY, EBS, ED, EG, EGO, EGY, EIX, ENLC, EOG, EPD, ERO, ESOA, ET, ETR, EXC, EXEL, EXK, EZPW, F, FCN, FCX, FE, FI, FIHL, FLS, FOX, FRHC, FTI, FUTU, FXI, GCT, GD, GDS, GDX, GDXJ, GEL, GEV, GILD, GIS, GLD, GLNG, GOLD, GOOG, GOOGL, GPK, GSHD, GVA, GWW, HAL, HAS, HD, HEI, HERO, HES, HIG, HII, HIMS, HLI, HMY, HSY, HWM, IAG, ICE, IDCC, IDR, IGIC, IMO, INCY, INFL, INTA, IP, IQ, ITA, ITB, J, JD, JEF, JKHY, KGC, KGS, KHC, KMI, KMX, KNSL, KNTK, KNTNF, KTOS, KVYO, KWEB, L, LBRDK, LDOS, LEN, LEU, LGND, LHX, LMT, LNG, LNT, LOPE, LOW, LPX, LUV, LVS, LYV, MA, MAG, MAMA, MCY, MELI, META, MHO, MIRM, MKC, MMM, MNSO, MPLX, MPTI, MRK, MRO, MS, MTH, NDAQ, NEE, NEM, NGS, NI, NIO, NMRK, NOC, NRG, NRP, NTES, NTRA, OIH, OII, OKE, OKLO, OR, ORLY, OWL, OXY, PAAS, PAM, PARAA, PATK, PAYX, PBA, PCG, PDD, PEG, PEP, PGR, PHM, PLNT, PNW, PODD, POST, POWL, PPC, PPL, PRI, PSN, PWP, QFIN, QSR, RBC, RDDT, RDY, RGLD, RJF, RKT, RNR, RS, RTX, RYAN, SA, SBAC, SCCO, SE, SEIC, SFM, SHOO, SII, SIL, SILJ, SJM, SKWD, SLB, SLV, SMR, SO, SPG, SPOT, SRE, SRUUF, STEP, STLD, T, TBBB, TCOM, TDG, TDS, TDY, TGLS, TIGR, TK, TLN, TLT, TME, TMHC, TOL, TOST, TPG, TPH, TPL, TPX, TRGP, TRV, TSCO, TSN, TW, TXRH, URA, USAP, USFD, USO, V, VERX, VIRT, VITL, VNET, VNOM, VRSK, VRTX, VST, VTR, VZ, WEC, WHD, WING, WLDN, WLY, WM, WMB, WMT, WPM, WRB, WSO, WTW, WYNN, XEL, XLC, XLE, XLI, XLU, XME, XOM, XOP, XPEV, Z, ZG, ZTO
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 – 2024-10-01
AAUC.TO, AAV.TO, ABRA.V, ABX.TO, ACO/X.TO, ACX.TO, AD/UN.TO, AEM.TO, AFM.V, AFN.TO, AG.TO, AGF/B.TO, AGI.TO, AIDX.TO, AKT/A.TO, ALDE.V, AP/UN.TO, APM.V, ARE.TO, ARG.TO, ARIS.TO, ARTG.V, ARX.TO, ATH.TO, ATRL.TO, ATX.V, AYA.TO, BAM.TO, BDGI.TO, BEPC.TO, BHC.TO, BIR.TO, BLN.TO, BMO.TO, BNE.TO, BRM.V, BTB/UN.TO, BTE.TO, BTO.TO, BYD.TO, CAS.TO, CCA.TO, CCO.TO, CEU.TO, CF.TO, CFP.TO, CG.TO, CHE/UN.TO, CHP/UN.TO, CIX.TO, CJ.TO, CNO.V, CNQ.TO, CPX.TO, CRR/UN.TO, CRT/UN.TO, CS.TO, CTZ.V, CU.TO, CVE.TO, CWB.TO, DBM.TO, DC/A.TO, DPM.TO, DRDR.TO, DV.V, E.TO, EDR.TO, EDV.TO, EFX.TO, EIF.TO, ELD.TO, ENB.TO, ENS.TO, EQX.TO, ERO.TO, ETG.TO, FAR.TO, FDR.V, FFH.TO, FFN/PA.TO, FIL.TO, FM.TO, FMT.V, FN.TO, FNV.TO, FRU.TO, FSZ.TO, FTS.TO, FTT.TO, FWZ.V, GDI.TO, GEI.TO, GOLD.TO, GOOG.NE, GRT/UN.TO, HBM.TO, HITI.V, HME.V, HPS/A.TO, HR/UN.TO, HWX.TO, IAG.TO, IFC.TO, IFP.TO, IGM.TO, ILLM.TO, IMG.TO, IMO.TO, INE.TO, IPO.TO, IVN.TO, JAG.TO, JOY.TO, K.TO, KEL.TO, KEY.TO, KNT.TO, LB.TO, LCS.TO, LFE.TO, LIF.TO, LUG.TO, LUN.TO, MAG.TO, MAU.V, MCB.TO, MDA.TO, MDNA.TO, MEG.TO, META.NE, MNT.TO, MRU.TO, MSA.TO, MVRS.NE, NGT.TO, NNRG.NE, NOA.TO, NOU.V, NTR.TO, NVA.TO, NXR/UN.TO, OBE.TO, OLA.TO, OR.TO, OVV.TO, PAAS.TO, PEY.TO, PHX.TO, PHYS.TO, PMZ/UN.TO, PNE.TO, PNG.V, POU.TO, PPL.TO, PRQ.TO, PSK.TO, PSLV.TO, PTK.V, PTO/UN.TO, PZA.TO, QBR/B.TO, QSR.TO, RCH.TO, REI/UN.TO, RSI.TO, SAP.TO, SDE.TO, SGD.V, SGML.V, SGY.TO, SIS.TO, SJ.TO, SKE.TO, SOY.TO, SRU/UN.TO, SSL.TO, SSRM.TO, STEP.TO, STLR.TO, SU.TO, SVM.TO, SXP.TO, TA.TO, TCW.TO, TD.TO, TGH.V, TKO.TO, TOT.TO, TOU.TO, TOY.TO, TPZ.TO, TRP.TO, TSU.TO, TVE.TO, TXG.TO, U/U.TO, U/UN.TO, URC.TO, VLE.TO, VRN.TO, VZLA.V, WCP.TO, WED.V, WFG.TO, WJX.TO, WMT.NE, WRN.TO, X.TO, XAU.TO, XTG.TO
