SYS Research – Daily Report – Tuesday, October 10, 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.

Just a friendly reminder: We update the sector chartists every weekend. We highly recommend that you take some time to browse and create your watchlist. 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.

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SYS Daily Report

Cautious Optimism Prevails as Stocks Rally Amid Fed’s Easing Stance

Stocks surged for the third consecutive session, and the bond market enjoyed its most robust performance since August, bolstered by growing optimism that the Federal Reserve’s campaign to hike interest rates is drawing to a close. Diminishing bond yields, coupled with a further dip in the value of the U.S. dollar, powered this upward trajectory in the indexes. The S&P 500, displaying resilience, notched a 0.5% gain, while the Nasdaq Composite exhibited its tech-savvy prowess with a 0.6% increase. The venerable Dow Jones Industrial Average also joined the rally, advancing by 0.4%, equivalent to 135 points. This newfound market vigor reflects a resolute market sentiment and suggests a potential inflection point as the Fed’s tightening cycle appears to taper off.

As the trading day reached its midpoint, the Nasdaq Composite encountered formidable resistance at its 50-day moving average. For prudent investors, exercising patience and awaiting the Nasdaq’s successful breach of this key technical level before committing to additional exposure may prove a sagacious strategy. Nonetheless, once the market reclaims this moving average, the opportunity to establish significant exposure may materialize abruptly.

The S&P 500’s ascent was halted as it reached the lower boundary of the prevailing triangle pattern.

Tuesday’s trading session witnessed a flurry of buy signals emanating from numerous stocks, an evident trend since last Friday. Given these ongoing developments, it is crucial to maintain an updated watchlist and vigilantly monitor potential signals. In this dynamic market environment, a watchful eye and the ability to take swift action when the right opportunities present themselves are of paramount importance.

US Daily Setups

ACMR – ACM Research, Inc.

ACM Research is currently attempting to break out from a continuation pattern. Monitor for a potential continuation of the uptrend.

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

 

DKNG – DraftKings Inc

DraftKings has undergone consolidation, bringing it to the apex of a continuation pattern. Monitor for a potential breakout.

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

 

ONTO – Onto Innovation Inc

Onto Innovation is attempting to break out from a continuation pattern while accompanied by bullish volume. Monitor for a potential continuation of the uptrend.

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

 

RMBS – Rambus, Inc.

Rambus is attempting to trend higher as it emerges from an area of consolidation, surpassing the horizontal resistance level.

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

 

SMCI – Super Micro Computer, Inc

The setup for the Super Micro Computer is now breaking out, accompanied by a notable increase in trading volume.

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

 

UBER – Uber Technologies, Inc.

Uber currently finds itself in a consolidation phase just below its 52-week highs. Keep a watchful eye for a potential continuation of the uptrend.

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

 

Canadian Daily Setups

CVO.TO – Coveo Solutions Inc.

The Coveo setup continues to exhibit robust upside strength.

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

 

MDA.TO – MDA Ltd.

MDA is persisting in its uptrend as the price action threatens to break out to a new 52-week high, supported by a noticeable increase in trading volume.

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

 

NFI.TO – New Flyer Industries Inc.

New Flyer is currently consolidating below recent highs. Keep a vigilant eye on this stock for the potential continuation of the uptrend.

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

 

RBA.TO – Ritchie Bros. Auctioneers Inc.

Ritchie Bros breakout shows no signs of weakening, continuing to exhibit significant upside strength.

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

 

SJ.TO – Stella-Jones, Inc.

Stella-Jones is making a bold attempt to break out from its current area of consolidation.

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

 

TSLA.NE – Tesla Inc. – Canadian Depository Receipt

Tesla remains poised near the apex of a continuation triangle pattern. Monitor this setup for a potential breakout.

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

 

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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