SYS Research – Daily Report – Tuesday, October 24, 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

 

Index Support Holds Strong as Bitcoin Theme Soars

The stock market displayed a resurgence today, with prices trending higher from the support levels we’ve highlighted, and the fast SSI curling higher from the lower trigger line. Notably, the S&P 500 put an end to its five-day losing streak, bolstered by the relief in bond yields and market reactions to corporate earnings. If the lower support levels on the indexes fail to hold, it’s essential to remember that buying new stocks during a clear pullback phase can be challenging. These purchases might go against the current market trend. There are exceptions to this rule, notably when investing in unrelated themes, such as Bitcoin and uranium. While new stock purchases can be profitable, their success is more likely when they align with an upward market phase, emphasizing the importance of the SSIH family.

SSI

The three major stock indexes opened in positive territory and maintained upward momentum throughout the trading day. The Dow Jones Industrial Average gained 0.6%, equivalent to a 205-point increase. The S&P 500 recorded a 0.7% climb, while the tech-centric Nasdaq Composite saw the most robust advance, rising by 0.9%.

Indexes

Of significance, the S&P 500 has managed to rally from its lower support line, and its closing above the 200-day moving average signals optimism for the bull camp. However, the challenge now lies in sustaining this upward move.

S&P 500

Meanwhile, the Nasdaq Composite continued to exhibit dominance among major indexes with a remarkable surge of 0.9%. It maintains a steadfast position at the critical 13,000 level, demonstrating unwavering resilience against potential wedge pattern reversals. While this tech-heavy index has distanced itself further from the 200-day moving average, it is important to note that it remains positioned below the 50-day moving average.

Nasdaq

In Bitcoin and uranium, the ongoing themes are unfolding precisely as anticipated in our chart analyses. Price action is breaking out from various patterns we’ve been monitoring closely, further emphasizing the evolving dynamics within these sectors.

Bitcoin

The uranium theme seems to be back on track, with price action surging higher from the bull flag continuation pattern on the ETF highlighted in our weekend report. As we mentioned, most uranium stocks were attempting to break higher from a similar bull flag pattern, and today, that analysis proves accurate. Many uranium stocks are starting to push higher. For more examples, check out the Canadian daily setups, and don’t forget to review the uranium watchlist.

Global X Uranium ETF

US Daily Setups

BRBR – Bellring Brands Inc

The Bellring Brands setup we’ve been following is now beginning to push higher from a bull flag continuation pattern, located just below recent highs.

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

 

COIN – Coinbase Global Inc.

The Coinbase setup is now in the process of breaking out from its wedge pattern. Keep an eye on this potential breakout.

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

 

INSW – International Seaways, Inc.

International Seaways is currently making an attempt to trend higher from its significant basing pattern that we’ve been highlighting.

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

 

LPG – Dorian LPG Ltd.

Dorian LPG is demonstrating strong relative strength as its price action trends toward a new 52-week high.

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

 

MSTR – MicroStrategy Inc.

The MicroStrategy setup highlighted in the weekend newsletter is surging higher from its pattern.

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

 

WGMI – Valkyrie Bitcoin Miners ETF

As highlighted last night, the Valkyrie Bitcoin Miners ETF setup is breaking out from its wedge pattern.

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

 

Canadian Daily Setups

DCBO.TO – Docebo Inc.

The Docebo setup we’ve been tracking has broken out from its wedge pattern.

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

 

DML.TO – Denison Mines Corp.

Denison Mines is currently breaking out from a bull flag continuation pattern. Monitor for potential upside momentum.

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

 

ENGH.TO – Enghouse Systems Ltd.

Enghouse Systems is now breaking out from the round bottom pattern we recently highlighted in the Canadian daily setups.

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

 

GLXY.TO – Galaxy Digital Holdings Ltd.

Galaxy Digital is now showing increased momentum as it accelerates higher from the lower trendline within the bottom base we recently highlighted. Keep a close watch for a potential breakout.

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

 

HUT.TO – Hut 8 Mining Corp

Hut 8 Mining is now breaking out from its wedge pattern with a notable increase in volume. This breakout should be closely monitored.

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

 

NXE.TO – NexGen Energy Ltd.

NexGen Energy is breaking out from a bull flag continuation pattern. Keep an eye on this breakout.

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

 

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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