SYS Research – Daily Report – Tuesday, October 31, 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.

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SYS Daily Report

 

October’s Rollercoaster: Stocks Recover but Still Suffer Third Consecutive Monthly Decline

Stocks rebounded on Tuesday, clawing back earlier losses to conclude the final day of October on a positive note, mitigating the S&P 500’s worst monthly performance since 2020. However, this late rally wasn’t sufficient to break the trend of a third consecutive monthly decline. The three-month decline in stock markets has coincided with a three-month hiatus in interest rate hikes, marking the lengthiest period without such increases since the Federal Reserve initiated its campaign to raise borrowing costs in March 2022 as a means to combat inflation.

The S&P 500 now faces the challenge of overhead resistance, a former support level it had recently breached.

S&P 500

Conversely, the Nasdaq exhibited robust performance, extending its gains for the third consecutive session and reclaiming its position above the 200-day moving average, a level it had briefly dipped below four sessions ago.

Nasdaq

The S&P 500 made a strong showing on Tuesday, surging by 0.6%, yet still concluding October with a 2.2% overall decrease. Meanwhile, the tech-centric Nasdaq Composite advanced by 0.5%, and the Dow Jones Industrial Average recorded an uptick of 0.4%, equivalent to a 124-point gain. However, when examining the full month, the Nasdaq and the Dow registered losses of 2.8% and 1.4%, respectively.

Indexes

The SSIH appears to be leveling off, showing indications of a potential upward turn. Stay tuned for further developments.

SSIH

Looking ahead, market participants should brace for more turbulence as they focus on Wednesday’s decision regarding interest rates by the Federal Reserve. While it is widely anticipated that the Fed will maintain current interest rates, the influence of Chairman Jerome Powell’s comments cannot be understated, as they are poised to shape the trajectory of the market and, consequently, impact bond yields. Additionally, the release of the October jobs report on Friday represents another significant event that could substantially influence market dynamics in the coming days.

US Daily Setups

AR – Antero Resources Corp.

Antero Resources continues to set up on the right side of a significant bottom base. Keep a vigilant watch for a potential breakout.

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

 

CCJ – Cameco Corp.

Cameco is attempting to break out from a continuation pattern with significant volume.

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

 

MSTR – MicroStrategy Inc.

MicroStrategy is consolidating in the form of a flagging pattern. Keep an eye on this pattern for the potential of upside momentum.

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

 

RTX – Raytheon Technologies Corp.

The Raytheon Technologies setup is now beginning to break out above the gap resistance. This is an interesting development to watch.

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

 

URA – Global X Uranium ETF

The Global X Uranium ETF is set up to break out from a bullish continuation pattern. Keep a close watch for a potential breakout.

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

 

WING – Wingstop Inc.

Wingstop continues to consolidate below a trigger line. Monitor for the potential of upside momentum that may lead to a breakout.

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

 

Canadian Daily Setups

CCO.TO – Cameco Corp.

Cameco is attempting to break out from a continuation pattern with significant volume.

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

 

DML.TO – Denison Mines Corp.

Denison Mines is pushing against the underside of a continuation pattern trigger line. Keep a close watch for a potential breakout.

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

 

EFR.TO – Energy Fuels, Inc.

Energy Fuels is currently set up at the apex of a continuation pattern. Keep an eye on this setup for the potential of upside momentum.

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

 

NXE.TO – NexGen Energy Ltd.

NexGen Energy is poised to break out from a significant continuation pattern. Keep an eye out for a potential breakout.

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

 

RBA.TO – Ritchie Bros. Auctioneers Inc.

Ritchie Bros is setting up below its 52-week highs. Watch for the continuation of upside strength that could potentially lead to a breakout.

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

 

SES.TO – Secure Energy Services Inc.

The Secure Energy Services setup is now beginning to break out from the previously highlighted continuation pattern.

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

 

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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