SYS Research – Daily Report – Wednesday, April 17, 2024

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: 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.

Sample Trading System

The following trading system is presented as an educational example and should not be interpreted as financial advice. Past performance does not guarantee future results, and trading involves inherent risks. Please consult with a qualified financial advisor before implementing any trading strategies.

SYS Daily Report

Market Volatility Persists as Earnings Season Commences: Morning Report

The stock market commenced the morning with a modest uptick, only to face a swift descent, marking its fourth consecutive day of losses. Earnings season has kicked off with a somewhat disquieting tone, as numerous companies reported earnings surpassing expectations, only to witness their stocks decline in value due to cautious guidance. The Dow Jones Industrial Average slipped by 0.1%, reaching its lowest levels since late January. Meanwhile, the S&P 500 index relinquished 0.6%, and the Nasdaq composite suffered a 1.15% setback, marking their lowest points in two months. Additionally, the small-cap Russell 2000 tumbled by 1%, hitting a fresh two-month low and breaching potential support levels.

Dow Jones Industrial Average – Daily Chart

S&P 500 – Daily Chart

Nasdaq – Daily Chart

Russell 2000 (ETF) – Daily Chart

Navigating the market during a downturn can be challenging, particularly when crafting nightly reports. While it may seem prudent to advise inaction, which is often the wisest course, most breakout opportunities or potential buy signals have faltered or outright collapsed. Despite this, daily setups will continue to be shared to help create watchlists; however, it is imperative for traders to exercise caution in this choppy market environment. Although indicators suggest the market may be poised for a rebound given its oversold conditions, such a resurgence is not guaranteed to materialize immediately, nor is it assured to be sustained, especially if any upward momentum is met with resistance at the 50-day moving average.

In bond markets, the 10-year Treasury yield experienced a notable decline of 7 basis points, settling at 4.58%. However, it remains elevated by 38 basis points for the month of April alone.

10-Year US Treasury Yield

As we delve into the daily setups, it’s worth recalling the timeless wisdom of Sir John Templeton: “The four most dangerous words in investing are: ‘This time it’s different.'”

US Daily Setups

DRS – Leonardo DRS, Inc.

Leonardo DRS is now beginning to push above the upper trendline of the recently highlighted pattern.

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

 

FSLR – First Solar Inc.

First Solar is currently retesting the breakout of the bottoming pattern, forming what appears to be a bullish flag. This retest could provide an opportunity to confirm the breakout and signal potential upward momentum. Monitoring price action closely during this phase is suggested to identify potential trading opportunities aligned with this bullish pattern.

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

 

JETS – US Global Jets ETF

With airline stocks showing activity on the scanner today, it might be worthwhile to keep an eye on the US Global Jets ETF for potential further upside momentum.

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

 

ONON – On Holding AG

On Holding has consolidated into a bullish flag pattern, currently attempting to trend higher from the 50-day moving average.

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

 

REX – Rex American Resources Corp.

Rex American Resources seems to be setting up in the form of a potential bullish flag pattern.

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

 

USAP – Universal Stainless & Alloy Products, Inc.

Universal Stainless & Alloy Products is currently attempting to move higher from a bullish flag continuation pattern.

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

 

Canadian Daily Setups

AEP.V – Atlas Engineered Products Ltd.

Atlas Engineered Products continues to demonstrate resilience amidst a weak market tape.

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

 

BIR.TO – Birchcliff Energy Limited

Birchcliff Energy demonstrated a day of positive price action amidst an overall weak market environment.

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

 

GSY.TO – goeasy Ltd.

goeasy continues to consolidate near its 52-week highs while bucking the market trend.

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

 

LIF.TO – Labrador Iron Ore Royalty Corp.

Labrador Iron Ore Royalty is appearing on momentum scans as its price action approaches the apex of a significant multi-year consolidation pattern. Notably, a large volume by price bar on the left side of the chart aligns with the horizontal resistance/trigger line.

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

 

PRMW.TO – Primo Water Corporation

Primo Water is currently attempting to trend higher from a bullish flag continuation pattern. This pattern typically indicates a temporary pause in an uptrend before resuming upward momentum. Monitoring price action closely could provide confirmation of this bullish pattern.

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

 

TMG.V – Thermal Energy Intl, Inc.

Thermal Energy is consolidating as it approaches the apex of a continuation pattern. It’s worth noting that the company is scheduled to report earnings on April 25th. Monitoring the price action leading up to this event could provide insights into potential market sentiment and trading opportunities following the earnings announcement. Remember, holding a stock through an earnings report is always akin to gambling.

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

To bring our report to a close, we thank you for your engagement and insights. Your feedback is of great value, and we encourage you to share your recommendations. Stay attentive to the Daily Setups, the Workspace, and the Watchlists for emerging opportunities. Additionally, be sure to explore the scanner result PDFs provided below. Until next time, happy trading!

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.

EXPORT – US Watchlist Scan – 2024-04-17

AAL, AEM, AGYS, AOS, AU, BAESY, BG, CAG, CL, CMS, CNP, COAL, CPB, CSWC, D, DAL, DB, DOCU, DTM, ED, ENV, ES, ETR, FSLR, GBDC, GDX, GIS, GNRC, GS, HMY, HTGC, HUM, IAG, INSW, JETS, K, KDP, KGC, KHC, KMB, KSPI, LEVI, LPG, LUV, MAIN, MAMA, MCD, METC, MKC, MSOS, MTB, MUSA, NEE, NEM, NI, ONON, OR, PEG, PEP, PG, PGR, PLMR, PM, REX, RSG, SA, SBUX, SN, SNX, SO, TFPM, TNET, TORXF, TSN, UAL, URG, USAP, USLM, WDOFF, WFC, WPM, XLU

 

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.

EXPORT – Canadian Scanner Results – 2024-04-17

AAV.TO, AAWH/U.CA, AC.TO, ACT.CA, AEM.TO, AEP.V, AFM.V, AKG.TO, ALA.TO, AMRQ.V, ARIS.TO, ARR.TO, ASCU.TO, ATZ.TO, AX/UN.TO, AYR/A.CA, BIR.TO, BLN.TO, BPF/UN.TO, CCL/B.TO, CF.TO, CG.TO, CJT.TO, CL.CA, CMG.TO, CRRX.TO, CSH/UN.TO, CSU.TO, CURA.TO, CVE.TO, DNG.TO, DOL.TO, DPM.TO, DRX.TO, E.TO, EIT/UN.TO, ENGH.TO, FDR.V, FFH.TO, FIL.TO, FNV.TO, FOM.TO, FORA.TO, GAU.TO, GIB/A.TO, GMIN.TO, GOOG.NE, GSY.TO, IMG.TO, ITR.V, IVN.TO, K.TO, KRR.TO, L.TO, LAAC.TO, LIF.TO, LUG.TO, LUN.TO, MAG.TO, MDI.TO, MKO.V, MSA.TO, NGT.TO, NVA.TO, OR.TO, OSK.TO, PKI.TO, PRMW.TO, PTM.TO, RUP.TO, SDE.TO, SEA.TO, SIL.TO, SJ.TO, SSL.TO, SU.TO, TA.TO, TFPM.TO, TRUL.CA, TXG.TO, VHI.TO, VLE.TO, VRNO.NE, WDO.TO, WED.V, WPM.TO

 

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