SYS Research – Daily Report – Tuesday, September 19, 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 Zoom meeting to address your specific requirements and provide you with the guidance you need.

 

SYS Daily Report

As we end another trading day, the market continues its sideways chop. The question on everyone’s mind is, ‘What’s next?’ as we eagerly await the conclusion of tomorrow’s Fed meeting. It’s days like today that test our patience and remind us that sometimes, the best course of action is to sit tight and let the market reveal its intentions. As I’d like to say, it’s a day to sit on our hands, grab a bucket of popcorn, and watch everyone else try to predict volatility.

Navigating this market turbulence can be akin to trying to predict the weather. Just as we can’t control the whims of Mother Nature, we can’t control the twists and turns of the market. However, we can prepare and make informed decisions based on the available data.

The 10-year Treasury yield

The 10-year Treasury yield finished at 4.365%, its highest level since 2007, putting pressure on stocks.

Both the S&P 500 index and the Nasdaq Composite dipped by 0.2%. However, they rebounded from session lows as bulls stepped in right when the bears began to pound their chest. The Dow Jones Industrial Average fell 0.3%.

S&P 500 Large Cap Index

The S&P 500 continues to consolidate in the form of a triangle. This pattern will persist until the moment it doesn’t. The PPO momentum indicator is still above the zero line, albeit hanging by a thread.

As a stock analyst, my daily routine includes posting content regularly, but some days present unique challenges. On days like today and possibly tomorrow, leading up to the conclusion of the Fed meeting, market activity is relatively quiet. So, as a reminder for those following my daily posts, not every chart I share is necessarily actionable. Most days, when I post charts, I’m simply sharing my daily analysis as I seek to do the homework for you and find charts that can be added to a watchlist.

US Daily Setups

CB – Chubb Ltd.

The setup for Chubb is currently making an effort to trend above the next level of resistance.

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

 

CF – CF Industries Holdings, Inc.

CF Industries is maintaining its consolidation above the upper trendline of a continuation pattern. Keep a close eye on any indications of upside momentum.

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

 

COST – Costco Wholesale Corp.

Costco is still poised for a potential breakout from its significant triangle base.

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

 

MOS – Mosaic Co.

Mosaic is showing up on momentum scans, although there isn’t a clear technical signal at this moment. However, it might be worth considering for your watchlist.

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

 

UBER – Uber Technologies, Inc.

The Uber setup is currently consolidating in the form of a continuation triangle. Keep an eye on it for a potential continuation of the uptrend.

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

 

WIRE – Encore Wire Corp.

Encore Wire is making an attempt to trend higher from the consolidation pattern that was previously highlighted. Keep an eye on its progress.

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

Canadian Daily Setups

COST.NE – Costco Wholesale Corp – Canadian Depository Receipt

Costco is currently consolidating just below its 52-week highs. It’s worth keeping a close watch for any potential breakout in the near future.

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

 

FFH.TO – Fairfax Financial Holdings Ltd.

Fairfax Financial is currently showing signs of attempting to trend towards new highs.

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

 

IAG.TO – Industrial-Alliance Life Insurance Co.

Industrial-Alliance is currently testing a resistance line after a successful 200-day moving average test. Keep a close eye on the stock for a potential continuation of the uptrend.

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

 

MFC.TO – Manulife Financial Corp.

Manulife Financial is persistently attempting to establish an upward trend from the pattern we previously highlighted.

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

 

MVRS.NE – Meta Platforms Inc – Canadian Depository Receipt

Meta Platforms is currently consolidating within a continuation pattern. Keep an eye out for a potential breakout.

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

 

TSLA.NE – Tesla Inc. – Canadian Depository Receipt

Tesla is presently in a consolidation phase above the moving averages, with price action forming a continuation triangle pattern. Keep a close watch on the stock for potential developments.

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

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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