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 Zoom meeting to address your specific requirements and provide you with the guidance you need.
SYS Daily Report
Navigating the Markets: Simple Strategies and the Pitfalls of Overthinking
Today, we’re releasing our Daily Setups ahead of schedule, yet there’s little need for verbosity or action. The charts themselves are eloquent narrators – the moving average strategy steadfastly underscores its value, presenting a clear “red light, green light” scenario. As the time-tested adage suggests, the trend remains our steadfast ally until it decides otherwise, and our moving average eloquently illustrates how erstwhile support can swiftly metamorphose into formidable resistance.
This systematic approach acts as our shield against the cacophony of media opinions. Many self-proclaimed experts may frown at this methodology because they yearn to monopolize wisdom. They’ll attempt to persuade you to subscribe to their message of having all the answers, asserting their exclusive grasp of knowledge, and even propose managing your finances, for they perpetually lay claim to infallibility. But, as we’ve witnessed, their track record is often more flawed than flawless, with many failing to surpass the returns of a simple, passive index fund.
Our moving average serves as a sobering reminder of the pitfalls of preempting signals. Just as the example showcased in our recent weekly newsletter with the gold chart elucidated, endeavoring to anticipate technical signals or transgress resistance levels due to the occasional “I can’t help it” impulses frequently culminates in failure, precisely where it should – at the formidable underside of resistance.
As for the broader market, major indexes are grappling with tumultuous times as bond yields continue their meteoric ascent. The 10-year Treasury yield has surged, reaching a 16-year pinnacle on Tuesday amidst the ongoing bond market sell-off. Hawkish commentary from Federal Reserve policymakers on Monday served as a stark admonition – the maintenance of elevated borrowing costs for an extended duration is imperative to bolster the resilience of the U.S. economy. Notably, according to the CME’s FedWatch tool, traders are now assigning a 29% probability that the Fed will enact rate hikes in November.
In the realm of economic data this week, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) report emerged at 10 a.m. Notably, job openings surged to 9.6 million, defying expectations of a decline to 8.75 million in August, compared to 8.827 million in July.
US Daily Setups
CDRE – Cadre Holdings Inc.
Cadre continues to consolidate below a breakout line. Keep an eye out for upside momentum.
LINK TO CHART – https://schrts.co/aACECbmf
DSGR – Distribution Solutions Group, Inc.
Distribution Solutions is setting up above the upper trendline of a continuation wedge and below horizontal resistance. Monitor for a continuation of the uptrend.
LINK TO CHART – https://schrts.co/nfBAddnG
HQY – HealthEquity, Inc.
HealthEquity is currently consolidating in the form of a bull flag continuation pattern.
LINK TO CHART – https://schrts.co/eJkyfWbR
MCK – McKesson Corp.
McKesson is currently consolidating in the form of a bull flag continuation pattern, positioned just below its all-time high.
LINK TO CHART – https://schrts.co/mnqbGvmw
Canadian Daily Setups
ATD.TO – Alimentation Couche-Tard, Inc.
Alimentation Couche-Tard is consolidating in the form of a bull flag continuation pattern.
LINK TO CHART – https://schrts.co/piJAHrNI
PKI.TO – Parkland Fuel Corp.
Parkland Fuel continues to demonstrate relative strength as price action consolidates below a breakout line. Keep an eye out for upside momentum.
LINK TO CHART – https://schrts.co/wpqWHkxm
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.
