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
Stocks Hover in Tight Range Amid Mixed Signals
Equity markets played a cautious dance on Tuesday, oscillating between gains and losses before closing with minimal fluctuations. The S&P 500 inched down by less than one-tenth of a percentage point, while the Dow Jones Industrial Average managed to eke out a slight gain of under one-tenth of a percent. Conversely, the Nasdaq Composite posted a modest decline of 0.3%.
In terms of market breadth, optimists clearly held the upper hand as winners outnumbered losers. However, the ongoing prevalence of new lows outstripping new highs casts a shadow of uncertainty over the week’s trajectory. Notably, the index trading activity on Monday and Tuesday remained confined within the range of the recent trading session.
As we scrutinize the market breadth through the lens of the red-light-green-light system, it assumes an intriguing posture, possibly poised to flash a green-light cross. This emergence follows a notable surge in the advancing to declining volume ratio.
Treasury yields marked another remarkable milestone on Tuesday, surging to levels not seen in over a decade. Another robust economic data release spurred this ascent, fanning concerns that interest rates may linger at elevated altitudes. The benchmark 10-year bond yield surged to 4.847%, a sharp uptick from 4.709% on Monday, securing its highest closing level since July 2007.
Despite the fluctuating strength in yields, major indexes remain in familiar trading ranges. Many of our watchlist stocks seem to be setting up favorably in consolidation and continuation patterns. A breakout above the 50-day moving average on the indexes would open the door to numerous buying opportunities in our setups. Conversely, if we witness a decline below the support lines we’ve been monitoring, it’s time to sound the alarm as concerns about the sustainability of the upward trend arise. As we look ahead, next week’s pivotal earnings reports loom on the horizon. It’s wise for investors to maintain patience and readiness, heeding the age-old wisdom of the Chartered Market Technician (CMT) – trust in price reactions, not predictions.
Keeping an eye on the cryptocurrency frontier, the Securities and Exchange Commission (SEC) faced a setback as it failed to appeal the Grayscale lawsuit ruling. This development has set a ticking clock, granting the court seven calendar days from the previous Friday to issue its final mandate. The mandate holds the potential to instruct the SEC to greenlight the conversion of GBTC into a Bitcoin spot exchange-traded fund (ETF). The approval of the first spot ETF could potentially trigger a domino effect, compelling the consideration of other pending applications. A breakout from the basing pattern on the Bitcoin chart would be regarded as bullish, signaling the continuation of the upward trend initiated from the 2023 low.
Continue building those watchlists and closely monitor the best setups that exhibit relative strength. The adage holds true – the best charts often offer breakout signals before the indexes deliver a clear directive. Additionally, maintaining awareness of impending earnings dates is crucial, as there’s always a gap risk associated with holding a stock through these announcements.
As we venture into our daily setups, it’s vital to remember the enduring wisdom of John Maynard Keynes: ‘Markets can remain irrational longer than you can remain solvent.’
US Daily Setups
AGI – Alamos Gold Inc.
Alamos Gold is currently making an attempt to break out from a continuation pattern.
LINK TO CHART – https://schrts.co/dKVmnKwV
DKNG – DraftKings Inc
DraftKings has consolidated into a tight apex, forming a continuation pattern. Be on the lookout for a potential breakout.
LINK TO CHART – https://schrts.co/dfcUFHsF
HEES – H&E Equipment Services Inc.
H&E Equipment Services is currently making an attempt to break out from the falling channel or bull flag, as highlighted recently. Keep an eye on this potential breakout.
LINK TO CHART – https://schrts.co/GvcpMtRi
PLTR – Palantir Technologies, Inc.
Palantir Technologies is consolidating just below its 52-week highs, with price action forming an apex. Keep a watchful eye for a potential breakout.
LINK TO CHART – https://schrts.co/gHjTbysW
SMCI – Super Micro Computer, Inc
Super Micro Computer is undergoing a bull flag retest of the upper trendline following its recent breakout. Monitor for potential signs of upside momentum.
LINK TO CHART – https://schrts.co/wNZJFkwG
VRRM – Verra Mobility Corporation
Verra Mobility is showing up on momentum scans as price action begins to push above the horizontal resistance line. Keep a close watch on this development.
LINK TO CHART – https://schrts.co/uZibMsgq
Canadian Daily Setups
AGI.TO – Alamos Gold Inc.
Alamos Gold is currently making an attempt to break out from a continuation pattern.
LINK TO CHART – https://schrts.co/adprFiDn
ELD.TO – Eldorado Gold Corp.
Eldorado Gold is positioned at the upper trendline and horizontal resistance of a falling channel continuation pattern. Keep a close watch for a potential breakout.
LINK TO CHART – https://schrts.co/adprFiDn
K.TO – Kinross Gold Corp.
Kinross Gold is in the process of building a base just below its 52-week high. Keep a vigilant eye on it for a potential breakout as price action pushes higher with increased volume.
LINK TO CHART – https://schrts.co/rfrfiPsG
MEG.TO – MEG Energy Corp.
MEG Energy continues to experience robust trading volume as price action reaches yet another new high.
LINK TO CHART – https://schrts.co/sRAaNrmM
OVV.TO – Ovintiv Inc
Ovintiv seems to be breaking out from a continuation pattern. Monitor for a continuation of the uptrend.
LINK TO CHART – https://schrts.co/BbJiWuQM
WDO.TO – Wesdome Gold Mines Ltd.
Wesdome Gold Mines is currently setting up near the apex of a significant bottom base. Keep a close watch for potential upside momentum that could lead to a breakout.
LINK TO CHART – https://schrts.co/wthgfRfj
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.
