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
Stocks Tread Lightly Amidst META’s Misstep
Stocks wrapped up Wednesday’s trading session with slight gains, except for the Dow, which saw a dip. However, futures are indicating a down following META’s significant miss. Throughout Wednesday, the stock market experienced fluctuations, oscillating between gains and losses. Notably, durable goods data, the sole notable economic release, exceeded estimates marginally, with minimal impact on projections for first-quarter gross domestic product, slated for release on Thursday. The Dow Jones Industrial Average concluded down 43 points, marking a 0.1% decrease. The S&P 500 remained unchanged, with less than 0.1% gains. Conversely, the tech-centric Nasdaq Composite closed 0.1% higher.
Dow Jones Industrial Average – Daily Chart
S&P 500 – Daily Chart
Nasdaq – Daily Chart
As discussed in our previous analysis, the market has displayed initial signs of recovery over the first three days of this week. However, it’s important to note that a few of positive days do not necessarily indicate a significant trend reversal. The key factor to watch is whether the market can maintain its upward momentum and confirm a new uptrend with a confirmation day by breaking out above overhead resistance. The rally’s sustainability hinges on major indexes refraining from undercutting recent lows, regardless of the potential formation of a bear flag pattern, as depicted on the charts and discussed last night.
However, META’s recent earnings report caused a significant 15% drop in its stock during overnight trading, potentially signaling the formation of a bearish flag pattern that our analysis is hinting at. Monitoring the chart levels highlighted on each chart can provide valuable strategic insights. If a bearish flag does materialize, investors should be prepared for its implications.
Meta Platforms Overnight Drop
Conversely, a confirmation day may be imminent if the current bounce initiated on Monday manages to surpass the overhead resistance levels outlined on the chart. A simple strategy involves keeping an eye on the 21-day exponential moving average, which can serve as a red-light/green-light indicator. Caution is suggested if the price remains below this average until proven otherwise. Even if it’s just used as a tool to keep one out of trouble.
21-Day Exponential Moving Average Rule
For active investors eager to re-enter the market after a brief upturn, exercising restraint is suggested. Thursday’s market activity could serve as a reality check. Until a confirmation day confirms a new uptrend, it’s prudent to maintain a predominantly cash position. Engaging in swing trades or taking initial positions during a rally attempt is acceptable, provided one is prepared to exit promptly if necessary. Adhering to the 21-day exponential moving average rule can serve as a safeguard and help define risks effectively.
Amidst this pivotal juncture in the market, recalling Charles Darwin’s wisdom is apt: “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.” As we navigate today’s market setup, adaptability remains paramount.
US Daily Setups
AAON – AAON, Inc.
AAON is currently consolidating near its new all-time high.
LINK TO CHART – https://schrts.co/tcXUXKcX
BAND – Bandwidth, Inc.
Bandwidth is attempting to ascend from a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/KBUtEFub
COST – Costco Wholesale Corp.
Costco appears to be consolidating in the form of a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/HWuKSRap
DRS – Leonardo DRS, Inc.
Leonardo DRS appears to be continuing to set up along its recent breakout line. It’s noteworthy that they report earnings on May 1st.
LINK TO CHART – https://schrts.co/QRjHCEZU
OTTR – Otter Tail Power Co.
Otter Tail Power is set up below a horizontal resistance/trigger line.
LINK TO CHART – https://schrts.co/vdjpeEYM
XLP – Consumer Staples Select Sector SPDR Fund
Staple stocks within the Consumer Staples Select Sector SPDR Fund ETF continue to appear in scanner results, with the ETF setting up near the right side of a significant multi-consolidation pattern. If the market persists in selling off, staples may continue to attract buying interest.
LINK TO CHART – https://schrts.co/EIYwgBMc
Canadian Daily Setups
BDT.TO – Bird Construction Inc.
Bird Construction appears to be setting up near its all-time high.
LINK TO CHART – https://schrts.co/UphgJWKt
CMG.TO – Computer Modelling Group Ltd.
Computer Modelling Group continues to develop on the right side of a significant multi-month consolidation pattern.
LINK TO CHART – https://schrts.co/CAbVqpQT
COST.NE – Costco Wholesale Corp – Canadian Depository Receipt
Costco appears to be consolidating in the form of a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/WvuYaHKf
FDR.V – Founders Metals Inc.
Founders Metals continues to appear in scan results as price action progresses towards the apex of a consolidation pattern.
LINK TO CHART – https://schrts.co/jKtxbSeD
L.TO – Loblaw Companies Ltd.
Loblaw is attempting to trend higher from a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/FXcgATSH
TSU.TO – Trisura Group Ltd.
Trisura continues to climb higher from a bullish flag continuation pattern. Keep in mind that they report earnings on May 2nd.
LINK TO CHART – https://schrts.co/DQFzRrrV
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 – 2024-04-24
AAON, AAPL, ACM, ADBE, AEE, AEM, AEP, AES, AFL, AGI, AIG, AIZ, ALGN, AM, AMAL, APLS, APOG, ARIS, ASR, ATO, ATR, AVB, AX, AXP, BABA, BAND, BBW, BBWI, BCML, BCSF, BJ, BK, BPOP, BRC, BSY, BVN, BWA, BWMX, BXP, CAG, CAPL, CASH, CASY, CBOE, CBT, CBZ, CCEP, CCJ, CECO, CFB, CFG, CFLT, CGBD, CHCO, CHD, CHRD, CIVI, CL, CLX, CMA, CMS, CNA, CNC, CNO, CNP, CNX, COF, COOP, COR, COST, CPAY, CPB, CPNG, CPRT, CPT, CR, CSWC, CTRA, CVX, D, DD, DDOG, DDS, DECK, DGX, DLR, DMLP, DOC, DOCU, DPZ, DRI, DRS, DSGX, DTE, DTM, DUK, DXCM, ED, EDR, EFX, EHC, ELMD, ELV, ENLC, EOG, EPAC, EPD, EQR, EQT, ERJ, ES, ESS, ETRN, EVRG, EW, EXC, EXPE, EXR, EZPW, F, FANG, FAST, FBP, FCN, FCNCA, FE, FFIV, FINMY, FITB, FOX, FRT, FTAI, FUTU, FWRG, GBX, GDRZF, GEHC, GEL, GIII, GIS, GNRC, GNTX, GOOG, GOOGL, GPI, GPK, GPN, GPOR, GTES, HAL, HAS, HBAN, HCC, HCP, HES, HESM, HIBB, HPQ, HRB, HRI, HRL, HTGC, HWKN, IBKR, IBM, IBOC, IDCC, IESC, IGIC, IIPR, IMO, INTU, INVH, IOT, IPG, IQV, IR, IRM, IT, ITGR, ITT, JPM, K, KDP, KEY, KGC, KHC, KMB, KMI, KNTK, KO, KOF, KR, KRE, L, LAUR, LDOS, LHX, LINC, LMB, LNT, LOB, LWAY, MAA, MAIN, MBIN, MBLY, MCK, MDLZ, MET, MKC, MLI, MNDY, MNST, MO, MORN, MPLX, MPTI, MPWR, MRK, MS, MSA, MTB, MTSI, MUSA, NDAQ, NEE, NEM, NI, NICE, NMM, NRG, NSSC, NTB, NTRS, NVEI, O, OBDC, OFG, OKE, OMC, OSCR, OSK, OTTR, OWL, OZK, PAA, PAAS, PAGP, PAY, PAYX, PBA, PCAR, PCG, PEG, PEP, PFG, PG, PLAB, PM, PNC, PNR, PNW, POOL, POST, POWL, PPC, PPL, PRDO, PRMW, PRU, PUBM, PXD, PYPL, QCRH, QRVO, QUIK, RCL, REVG, RF, RGA, RJF, ROL, RRC, RSG, RSP, RUM, S, SA, SAH, SANM, SFM, SHEL, SKT, SM, SN, SNA, SNX, SO, SPB, SRE, SSNC, STEP, STNG, SWAV, SWN, SYF, SYY, TFPM, TJX, TK, TKO, TM, TMUS, TNK, TRGP, TRIN, TSCO, TSN, TTEK, TTWO, TW, UDR, UHS, UMBF, UNM, USB, VITL, VLGEA, VRTS, VSEC, VST, VTRS, VVV, WAB, WABC, WDOFF, WEC, WELL, WES, WFRD, WM, WMB, WMT, WPM, WRK, WSO, WTFC, WTW, XLE, XLP, XLU, XOM, XOP, YUM, ZBRA, ZTS
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 – 2024-04-24
AAPL.NE, ACO/X.TO, ACT.CA, ADBE.NE, AEM.TO, AGF/B.TO, AGI.TO, AIM.TO, ALA.TO, AMX.V, AQN.TO, ATX.V, AVGO.NE, BAM/A.TO, BDT.TO, BN.TO, BTE.TO, CCO.TO, CGX.TO, CHE/UN.TO, CIA.TO, CJ.TO, CL.CA, CMG.TO, COST.NE, CPG.TO, CRON.TO, CTS.TO, CVE.TO, D/UN.TO, DFY.TO, DOL.TO, DSG.TO, EDR.TO, ELO.TO, ENB.TO, EQB.TO, ERF.TO, EU.V, FDR.V, FEC.TO, FFN/PA.TO, FM.TO, FRU.TO, FSV.TO, FTN.TO, FTS.TO, GIL.TO, GOOG.NE, GRA.TO, GTWO.TO, HBM.TO, HMM/A.TO, HPS/A.TO, IAU.TO, IDG.TO, IFC.TO, IMO.TO, IPCO.TO, JOY.TO, K.TO, L.TO, MARI.TO, MDNA.TO, MDP.TO, MGRO.CA, MRU.TO, NA.TO, NB.TO, NGEX.TO, NGT.TO, NVA.TO, NVEI.TO, NWC.TO, OBE.TO, OVV.TO, PAAS.TO, PET.TO, PEY.TO, PKI.TO, PNG.V, POU.TO, POW.TO, PPL.TO, PRMW.TO, PRQ.TO, PTK.V, PXT.TO, PYPL.NE, SEA.TO, SEI.V, SFTC.TO, SHLE.TO, SIL.TO, SJ.TO, SLF.TO, SLI.V, SLS.TO, SOY.TO, SSL.TO, STEP.TO, SU.TO, SYZ.TO, TA.TO, TCL/A.TO, TFPM.TO, TIXT.TO, TNT/UN.TO, TOU.TO, TSU.TO, TVK.TO, VGCX.TO, VOXR.TO, WCP.TO, WDO.TO, WN.TO, WPK.TO, WPM.TO, ZDC.V
