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
Market Grinch Casts Shadow, But Christmas Rally May Still Shine Through
The stock market witnessed a retreat on Wednesday in a plot twist that mirrored a Grinch-like presence. While Christmas itself may be safe, the S&P 500 took a step back from its recent high, the Nasdaq Composite snapped a nine-day winning streak, and The Dow Jones Industrial Average paused in its rally to record highs.
Adding to the drama, the SSIF, a faster-moving indicator compared to the SSIH, experienced a significant dip today, stopping just short of the 50-line, at least for now.
SSIF
The S&P 500 experienced its most substantial one-day percentage drop since September, declining by 1.5%. The Dow industrials followed suit, shedding approximately 476 points or 1.3%, while the Nasdaq Composite eased by 1.5%. These marked the worst performances for all three indexes since October. What began as a positive trajectory for all three indexes on Wednesday afternoon took an unexpected turn as they sold off, concluding the session on a less optimistic note.
Indexes
In the realm of Fedspeak, a slightly more hawkish tone emerged. Despite this, Treasury yields fell as the market steadfastly believed that interest cuts were imminent and would be swift. The CME’s FedWatch tool reflects an increase in the likelihood of a January cut, rising from 8% to 12% in just one day. Additionally, there is a 71% probability of a 25-basis point cut in March. Meanwhile, the 10-year Treasury yield dropped by 0.045 percentage points to 3.876%, and the two-year yield fell by 0.070 percentage points to 4.367%. The market seems determined to dance to its own rhythm, unfazed by the nuances of Fed messaging.
10-Year US Treasury Yield
As the Grinch-like presence loomed over the stock market on Wednesday, a sentiment echoed by Dr. Seuss resonates: ‘And the Grinch, with his Grinch-feet ice cold in the snow, stood puzzling and puzzling, how could it be so? It came without ribbons. It came without tags. It came without packages, boxes, or bags.’ Much like the Grinch’s perplexity, the market took a step back from its festive trajectory. Now, let’s unravel the mystery in our setups section with a sprinkle of Bitcoin-related stocks.
US Daily Setups
ARBK – Argo Blockchain Plc
Argo Blockchain is attempting to break out from a bottoming pattern.
LINK TO CHART – https://schrts.co/NzHZyRCv
BYRN – Byrna Technologies Inc
Byrna Technologies is setting up for a potential bottoming pattern breakout with increasing volume.
LINK TO CHART – https://schrts.co/yakxPryr
GOOGL – Alphabet Inc.
Alphabet is now attempting to break out from its continuation pattern.
LINK TO CHART – https://schrts.co/vbvFgbYp
HIVE – HIVE Digital Technologies Ltd.
HIVE is attempting to break out from a rounded bottom pattern with a surge in volume.
LINK TO CHART – https://schrts.co/fRwvzEfP
YELP – Yelp Inc.
Yelp is attempting to trend higher from a multi-month consolidation pattern.
LINK TO CHART – https://schrts.co/BMgYgkhB
YPF – YPF Sociedad Anonima
YPF Sociedad Anonima is getting tight on the right of a flagging pattern located below 52-week highs. Monitor for a potential breakout.
LINK TO CHART – https://schrts.co/KvUqZQQi
Canadian Daily Setups
GLXY.TO – Galaxy Digital Holdings Ltd.
Galaxy Digital continues to act well in a weak market.
LINK TO CHART – https://schrts.co/udRdAmnA
GOOG.NE – Alphabet Inc – Canadian Depository Receipt
Alphabet is now attempting to break out from its continuation pattern.
LINK TO CHART – https://schrts.co/zgCtNQcS
HIVE.V – HIVE Blockchain Technologies Ltd.
HIVE is attempting to break out from a rounded bottom pattern with a surge in volume.
LINK TO CHART – https://schrts.co/TmQUZZAG
HUT.TO – Hut 8 Mining Corp
Hut 8 Mining continues to see bullish volume. Monitor for a breakout.
LINK TO CHART – https://schrts.co/DFMGDUVp
NGEX.V – NGEx Minerals Ltd
NGEx Minerals appears to be setting up on the right side of a significant basing pattern. Monitor for a potential breakout.
LINK TO CHART – https://schrts.co/BrSskWHq
THNC.TO – Thinkific Labs Inc.
Thinkific Labs is attempting to move higher from a bull flag continuation pattern.
LINK TO CHART – https://schrts.co/pZEZquyu
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 – 2023-12-20
ALLE, ALTR, ARBK, ARCB, ATI, AVY, AYI, BAESY, BCC, BITO, BTBT, BVN, BYRN, CAPL, CCAP, CCI, CI, CLSK, CLW, COIN, CVLG, CVS, CXT, DB, DFH, DINO, DLTR, DMLP, EPAC, FDS, FICO, FWRG, GBTC, GEL, GHC, GOOG, GOOGL, HCC, HIVE, HLX, HMC, HNI, HURN, HUT, IBCP, JCI, JHX, LFMD, LOPE, LPG, MAMA, MARA, METC, MLR, MSM, MSTR, NS, NVO, ODFL, OEC, OTTR, PAGP, PBA, PGTI, PRDO, PSX, RMD, RUSHA, RUSHB, SAIA, SCS, SLV, SQSP, STRL, SUN, SWBI, SXC, TDW, TEAM, TGS, THR, TNP, TRAK, TREX, TRI, TRMD, TTEK, UEC, USAC, VIST, VLGEA, VTRS, WFRD, WGMI, WIX, YELP, YHGJ, YPF, ZBH
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 – 2023-12-20
AAV.TO, ACT.CA, ADEN.TO, AIF.TO, AMX.V, ASCU.TO, ATH.TO, ATZ.TO, BDT.TO, BK.TO, CAD.V, CEE.TO, CFX.TO, CGG.TO, CGO.TO, CM.TO, CVS.NE, DBM.TO, DRX.TO, ELO.TO, ENGH.TO, ETHH.TO, FAR.TO, FC.TO, FSZ.TO, FTN.TO, GOOG.NE, GUD.TO, HDI.TO, HIVE.V, HR/UN.TO, HRX.TO, HUT.TO, ILLM.TO, IPCO.TO, L.TO, LMN.V, MDP.TO, MTL.TO, NEXT.TO, NGEX.V, NTMC.CA, NVEI.TO, NWC.TO, OGC.TO, PINK.V, PPL.TO, PRV/UN.TO, PSLV.TO, PXT.TO, QBTC.TO, QTIP.NE, RAY/A.TO, RCI/B.TO, SASK.CA, SES.TO, SGML.V, SKE.TO, SXP.TO, THNC.TO, TOY.TO, U/UN.TO, VERS.NE, VZLA.V, WED.V, WUC.CA, ZTL.NE, ZZZ.TO