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 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 Surges to New Heights Amid Fed Rate Cut Speculations
In a resounding display of strength, the stock market achieved new record highs in a widespread rally, defying subdued expectations for Federal Reserve rate cuts. The familiar adage of the market—strength begets strength, weakness begets weakness—resonated in Wednesday’s trading action.
While applauding a robust market is tempting, cautionary signals emerge as key indices exhibit signs of overextension. The Nasdaq stands 5.7% above its 50-day moving average, with the Nasdaq 100 surpassing that crucial level by 6%. The S&P 500, too, finds itself 5.1% above its 50-day moving average. While these indices may push further into overextension territory, the risk of a pullback looms on the horizon. So, keep working on those watchlists and be ready for when new ideas appear. A well-executed stop-loss strategy ensures a secure exit, always a good idea to safeguard against downside risk. Remember, stocks can exceed expectations and that pullback may never come, so ride the momentum while keeping an eye on potential downsides.
Closing at 4995, the S&P 500 notched its eighth record close of the year, inching closer to the significant 5000 milestone. Of the S&P 500’s 11 sectors, nine closed the day in positive territory. Simultaneously, the Dow industrials climbed 0.4%, adding 156 points and securing a new record high. The Nasdaq Composite, weighted heavily toward technology, gained 0.9%.
S&P 500 – Daily Chart
Dow Jones Industrial Average – Daily Chart
Nasdaq – Daily Chart
Amid signs of stress in the regional banking system, investors turned to ultra-safe Treasuries, resulting in a dip in yields on the 10-year Treasury to approximately 4.110% by the end of the day. Despite the decline in prices during trading, the government’s record $42 billion sale of 10-year Treasuries—a benchmark for borrowing costs across the U.S. economy—garnered robust demand from investors on Wednesday afternoon.
10-Year US Treasury Yield
Keep an eye on Bitcoin as its price action regains the 50-day moving average and surpasses horizontal resistance. Today’s setups highlight some Bitcoin-related stocks.
Bitcoin – Daily Chart
In the spirit of Jesse Livermore’s wisdom, let’s navigate the market landscape where strength defies expectations. As we ride the wave of record highs, it’s crucial to heed Livermore’s principle: ‘Never average losses.’ In today’s market, securing gains and minimizing risks remain paramount. Now, let’s delve into our daily setups, guided by the timeless insight of trading maestro Jesse Livermore.
US Daily Setups
BITB – Bitwise Bitcoin ETF
The Bitwise Bitcoin ETF setup is beginning to ascend above its trigger line.
LINK TO CHART – https://schrts.co/NdpKhZte
CLSK – CleanSpark, Inc.
CleanSpark appears poised for a breakout, tempting to emerge from a continuation wedge.
LINK TO CHART – https://schrts.co/KAuSwRgt
DKNG – DraftKings Inc
The DraftKings setup persists in grinding higher.
LINK TO CHART – https://schrts.co/KAuSwRgt
MARA – Marathon Digital Holdings Inc
Marathon Digital is forming a potential continuation wedge, retesting the breakout line after its recent ascent.
LINK TO CHART – https://schrts.co/AiKmydFp
MDB – MongoDB, Inc.
MongoDB is attempting to break out from its base pattern.
LINK TO CHART – https://schrts.co/sgAgNvHf
SNOW – Snowflake Inc.
Snowflake is consolidating below its 52-week high.
LINK TO CHART – https://schrts.co/SqeHfrNZ
Canadian Daily Setups
GLXY.TO – Galaxy Digital Holdings Ltd.
Galaxy Digital is presenting a setup suggestive of a potential continuation wedge.
LINK TO CHART – https://schrts.co/XRENiMdx
MDA.TO – MDA Ltd.
MDA seems to be setting up below its trigger line. Pay attention to the significant volume by price bar, indicating substantial accumulation during the pattern.
LINK TO CHART – https://schrts.co/TZKJVkbK
NVEI.TO – Nuvei Corporation
Nuvei is currently attempting to break out from the bottoming pattern highlighted earlier.
LINK TO CHART – https://schrts.co/GyJffwXC
SHOP.TO – Shopify Inc.
Shopify has surged to a new 52-week high, marking the continuation of its notably volatile uptrend.
LINK TO CHART – https://schrts.co/krnicJcC
U/UN.TO – Sprott Physical Uranium Trust
The Sprott Physical Uranium Trust is consolidating below its 52-week high.
LINK TO CHART – https://schrts.co/UgQCImZj
WNDR.TO – WonderFi Technologies Inc.
WonderFi Technologies has recently been flagged for insider buying. Keep a close watch for a potential breakout.
LINK TO CHART – https://schrts.co/BxzyjqEm
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 – 2024-02-07
AAL, AAON, ABBV, ABNB, ACA, ACGL, ACN, ADBE, ADEA, ADSK, AER, AFRM, AGO, AGYS, AIG, AIZ, AJG, AKAM, ALB, ALG, ALKT, ALL, ALLE, ALPN, ALSN, ALTR, AMAT, AMD, AME, AMP, AMWD, AMZN, ANET, ANF, ANSS, AOS, APAM, APG, APH, APO, APOG, APP, APPF, ARES, ARKK, ARM, ASML, ASR, ATEYY, ATI, ATR, AVDX, AVGO, AVY, AWI, AXON, AXP, AYI, AZEK, AZO, AZZ, BAC, BAESY, BALL, BBWI, BCC, BDX, BECN, BELFB, BEN, BIO, BITO, BITW, BK, BKNG, BLD, BLDR, BLK, BLOK, BPOP, BRBR, BRK/B, BRO, BRZE, BSX, BWXT, BX, BYRN, CACI, CAH, CAMT, CAT, CAVA, CBOE, CBT, CBZ, CCJ, CCOI, CDNS, CDW, CE, CEG, CELH, CHD, CHKP, CHRD, CI, CIEN, CLS, CLSK, CLX, CME, CMG, CMPR, CNA, CNM, CNO, COO, COP, COR, COST, CPA, CPLP, CPRT, CR, CRH, CRM, CRS, CRWD, CSGP, CSWI, CTAS, CTSH, CTVA, CVI, CVLG, CVLT, CVS, CW, CXT, DAC, DASH, DBX, DCBO, DCI, DDOG, DECK, DEFTF, DFIN, DFS, DGHI, DGX, DHI, DHR, DHT, DINO, DIS, DK, DKNG, DKS, DLR, DNN, DPZ, DRS, DSGR, DSGX, DT, DTE, DUOL, DV, DXCM, DY, EC, ECL, EDU, EFX, EG, EHC, ELV, EME, EMR, ENTG, EOG, EQIX, ERIE, ESTC, ETHE, ETN, EXP, EXPD, EXPE, FA, FBIN, FBP, FCFS, FDS, FDX, FERG, FI, FICO, FIVE, FIX, FLEX, FLR, FLS, FLT, FNF, FOR, FOUR, FRO, FROG, FRPT, FTV, GBDC, GBTC, GBX, GCT, GD, GDRZF, GDYN, GEOS, GFF, GGG, GL, GLD, GLOB, GM, GMS, GNRC, GNTX, GOLF, GOOG, GOOGL, GPC, GPI, GPN, GPS, GS, GSK, GTLB, GVA, GWRE, GWW, H, HAS, HAYN, HD, HDSN, HEI, HII, HLT, HMC, HNI, HQY, HRI, HTGC, HUBB, HUBS, HWM, IBKR, IBN, IBOC, IBP, ICE, ICFI, ICLR, IDR, IDXX, IESC, IEX, IFF, IHG, INFA, INSW, INTU, IOT, IPAR, IR, IREN, ISRG, ITA, ITB, ITRI, ITT, IVZ, IWF, J, JBHT, JBI, JBL, JCI, JELD, JKHY, JNJ, KAI, KBH, KEYS, KIM, KKR, KMX, KNF, KNTK, KTOS, LAUR, LDOS, LECO, LEN, LH, LHX, LII, LKQ, LLY, LMT, LNW, LOB, LOW, LPLA, LRCX, LULU, LVS, LZB, MAR, MAS, MBC, MCK, MCO, MDB, MEDP, MELI, MET, META, METV, MFC, MGM, MGRC, MHK, MKTX, MLI, MLM, MLR, MMC, MMYT, MNDY, MOD, MOH, MORN, MPC, MPLX, MPTI, MPWR, MRK, MSCI, MSFT, MTD, MTRN, MU, MUSA, MYRG, NCDL, NDAQ, NDSN, NET, NFLX, NICE, NKE, NLR, NOC, NOW, NS, NTNX, NTRA, NU, NUE, NVDA, NVO, NVT, NXE, OC, ODFL, ODP, OEC, OKTA, OLED, ONTO, ORCL, ORLY, OSG, OSIS, OSK, OTIS, PAA, PAGP, PANW, PARR, PATH, PATK, PBR/A, PCAR, PCOR, PDD, PGR, PHM, PINS, PLAB, PLD, PLMR, PLTR, PNR, PODD, POOL, POWL, PRI, PRIM, PRU, PSN, PSTG, PSX, PTC, PWR, PWSC, QCOM, QQQ, QRVO, QSR, RAMP, RBA, RBLX, REGN, REVG, REX, RGA, RHP, RIOT, RJF, ROAD, ROCK, ROK, ROL, ROP, ROST, RS, RSG, RSP, RUM, RUSHA, RYAAY, S, SAH, SAIA, SAIC, SAP, SHAK, SHEL, SHOP, SHW, SKM, SKWD, SLX, SMAR, SMCI, SMH, SN, SNA, SNOW, SNPS, SOVO, SPB, SPG, SPGI, SPOT, SPSC, SPXC, SPY, SQ, SQSP, SRUUF, SSD, STE, STLD, STNE, STNG, STRL, STX, SUM, SUN, SYK, TDG, TEX, TGLS, TJX, TKR, TM, TMHC, TMUS, TNC, TNK, TNP, TOL, TPH, TRAK, TREX, TRIP, TRMB, TRMD, TROW, TRV, TSLA, TSM, TT, TTEK, TTWO, TW, TXT, TYL, U, UAL, UBER, UEC, UGP, ULTA, UNH, UPWK, URBN, URNJ, V, VECO, VGT, VIPS, VIST, VLO, VLTO, VMC, VNT, VRSK, VRSN, VRT, VSEC, VST, WAB, WDAY, WDFC, WDOFF, WFC, WFRD, WING, WIX, WMS, WOR, WSC, WSM, WSO, WST, WTS, WTW, WWD, WY, XHB, XLB, XLF, XLI, XLK, XLV, XLY, XOP, XYL, YUM, ZBH, ZBRA, ZG, ZS, 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 – 2024-02-07
AAUC.TO, AAWH/U.CA, AEP.V, AGF/B.TO, AIM.TO, AMD.NE, AMZN.NE, AND.TO, ARE.TO, ARIS.TO, ARTG.V, ATD.TO, ATD/A.TO, ATZ.TO, BAM/A.TO, BBU/UN.TO, BEI/UN.TO, BHC.TO, BIR.TO, BK/PA.TO, BN.TO, BOS.TO, BRK.NE, CAR/UN.TO, CCL/B.TO, CCO.TO, CEU.TO, CHE/UN.TO, CIA.TO, CLS.TO, CNR.TO, COST.NE, CP.TO, CPLF.TO, CSH/UN.TO, CVO.TO, CVS.NE, DCBO.TO, DIS.NE, DML.TO, DSG.TO, EFN.TO, EMP/A.TO, EMX.V, EPRX.TO, ERF.TO, ETHC.NE, ETHH.TO, EU.V, FCR/UN.TO, FSV.TO, GIL.TO, GLO.TO, GMIN.TO, GOOG.NE, GRT/UN.TO, GTII.CA, GWO.TO, H.TO, HME.V, HMM/A.TO, HRX.TO, HTL.TO, IAG.TO, IFC.TO, IIP/UN.TO, ISO.V, JUSH.CA, KEL.TO, KMP/UN.TO, L.TO, LCS.TO, LFE.TO, LLY.NE, LNR.TO, MDA.TO, MDP.TO, MFC.TO, MMED.NE, MRE.TO, MRU.TO, MSFT.NE, MVRS.NE, NGEN.V, NPR.V, NVDA.NE, NVEI.TO, NXE.TO, OLA.TO, OR.TO, PHX.TO, POW.TO, PRL.TO, PTI/UN.TO, QSR.TO, RAY/A.TO, RBA.TO, RUS.TO, RY.TO, SAP.TO, SES.TO, SHOP.TO, SLF.TO, SPB.TO, STN.TO, TFII.TO, THNC.TO, TIH.TO, TNT/UN.TO, TOI.V, TSLA.NE, TVK.TO, U/UN.TO, UBER.NE, VHI.TO, VRNO.NE, WDO.TO, WSP.TO, X.TO, ZEN.V
