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
Economic Strength Curbs Hopes for Aggressive Fed Action; Stocks Falter
Stocks retreated amidst growing pessimism over potential rate cuts as robust economic indicators surpassed expectations, dashing hopes for swift Federal Reserve intervention. On Wednesday, released data revealed a seasonally adjusted 0.6% increase in retail sales for December, surpassing economists’ projections. This display of economic vigor diminishes the likelihood of central bank officials implementing interest rate cuts to the extent anticipated by the markets.
The Dow Jones Industrial Average experienced its third consecutive day in negative territory, slipping 94 points or 0.3%. Simultaneously, the S&P 500 and the Nasdaq each declined by 0.6%, marking the second consecutive day of setbacks. Year-to-date, the S&P 500 is down 0.6%, with the Dow and Nasdaq trailing at 1.1% and 1%, respectively.
Dow Jones Industrial Average
S&P 500
Nasdaq
In tandem with the stock market downturn, the yield on the benchmark U.S. Treasury 10-year bond surged for a second consecutive session, concluding at 4.106%, up by 4 basis points. This 15-basis-point increase over two days propelled the 10-year note to its highest close since December 12.
10-Year US Treasury Yield
Increased yields typically act as a drag on stock prices, leading to the observed inverse correlation. Investors often turn to higher-yield options, such as Treasury securities, for returns with comparatively lower risk than the stock market. Higher rates not only reduce the value of companies’ future cash flows in commonly used valuation calculations but also make fixed-income investments more appealing relative to stocks in volatile times.
The market breadth indicator continues to weaken as it showcases widespread declines, with all 11 sectors of the S&P 500 trading lower. Navigating a range-bound market has proved to be challenging, with limited favorable trading setups. One can anticipate increased opportunities during an upswing or a green-light cross. Stay actively engaged in monitoring the breadth indicator for signals to guide your decisions.
The Red-Light/Green-Light Breadth System
To navigate the market effectively, look for stocks resilient in the face of challenges, holding steady at key support levels. A temporary pause in market activity allows leaders to regroup, while stocks establishing a base or trending upward gain relative strength. Maintain updated watchlists and avoid letting a bullish or bearish bias hinder reactions to real-time market dynamics. Always adhere to your strategy or plan and set stops accordingly.
US Daily Setups
BIRK – Birkenstock Holding Ltd.
Birkenstock is set up in the form of a bull flag continuation pattern with earnings coming out earlier on Thursday.
LINK TO CHART – https://schrts.co/TrmIMaJy
DDOG – Datadog Inc.
Datadog is attempting to trend higher from an area of consolidation to new heights.
LINK TO CHART – https://schrts.co/EEQjGmDY
DKNG – DraftKings Inc
DraftKings is attempting to break out from a falling channel, with the PPO momentum indicator signaling a bullish cross.
LINK TO CHART – https://schrts.co/HdpwrJwf
ELTK – Eltek Ltd.
Eltek is resuming its uptrend as price action breaks out from a continuation pattern to a new 52-week high.
LINK TO CHART – https://schrts.co/TsDEDWTQ
NOA – North American Construction Group Ltd.
North American Construction appears to be breaking out from the rounded bottom pattern, as recently highlighted in the Canadian setups section.
LINK TO CHART – https://schrts.co/ECpQPHMQ
VIST – Vista Oil & Gas SAB
Vista Oil continues to set up below new highs.
LINK TO CHART – https://schrts.co/JTJzaazQ
Canadian Daily Setups
AFN.TO – Ag Growth International Inc.
Ag Growth experienced another day of upside strength.
LINK TO CHART – https://schrts.co/aDDQautu
DML.TO – Denison Mines Corp.
Denison Mines appears to be consolidating in the form of a potential continuation pattern.
LINK TO CHART – https://schrts.co/BKXJebNd
ECN.TO – ECN Capital Corp.
ECN Capital is set up in the form of a bull flag continuation pattern, located just below the recently highlighted trigger line.
LINK TO CHART – https://schrts.co/HBntHTQU
GXU.V – GoviEx Uranium Inc.
The GoviEx Uranium setup experienced another day of strong volume as price action started to break out above a major horizontal resistance line, going back many years.
LINK TO CHART – https://schrts.co/yisYsmGu
NOA.TO – North American Construction Group Ltd
North American Construction appears to be breaking out from the recently highlighted rounded bottom pattern.
LINK TO CHART – https://schrts.co/gUCrseeC
VERS.NE – VERSES Technologies Inc.
The VERSES Technologies setup experienced another surge in volume today as price action started to break out above the trigger line.
LINK TO CHART – https://schrts.co/rrMVuskn
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 – 2024-01-17
ABBV, ABT, ACGL, ACN, AEO, AFL, AFYA, AGO, AIZ, AJG, ALL, ALTR, AMD, AMGN, AMPH, AMR, AMWD, ANF, APO, APP, ARCH, ARCO, ASML, AVY, AXON, BAESY, BCC, BECN, BELFB, BLBD, BSX, CAG, CARG, CAVA, CB, CBOE, CHD, CHKP, CI, CIEN, CINF, CL, CLX, CME, CMG, CNA, COLL, COST, CPB, CR, CRH, CRM, CSL, CSWC, CTAS, CW, CXT, DAC, DDOG, DECK, DFIN, DHT, DKNG, DV, DXCM, ELTK, ELV, ERIE, FCFS, FFIV, FI, FICO, FIX, FRO, FTAI, FTI, FWRG, GBDC, GCT, GILD, GMS, GNTX, GSHD, GTLB, H, HCC, HCI, HEI, HESM, HLNE, HLT, HOLX, HSY, HURN, IBCP, IBKR, IDT, IESC, IMCR, INCY, INSW, IT, KHC, KMB, KO, KR, KRT, LEU, LIN, LPLA, LRN, LW, LWAY, MAMA, MANH, MAR, MCD, MDLZ, META, MMC, MOH, MSI, NBIX, NECB, NEU, NOA, NOW, NRG, NTNX, NVO, NVS, ORLY, OSG, OTTR, PAM, PAYX, PCAR, PFGC, PG, PGR, PLMR, PNTG, PODD, PRI, PRIM, PSN, PTC, PWSC, QLYS, RELX, RHP, ROAD, RPM, RS, RSG, SAIC, SAP, SFM, SHW, SIGI, SJM, SKX, SNOW, SPGI, SPLK, STNG, TAP, TDG, TDW, TGLS, TGS, TMHC, TMUS, TNET, TNK, TNP, TRI, TRMD, TRV, TSCO, TSM, TYL, UEC, UGP, URG, USAC, USFD, V, VECO, VERX, VIST, VRRM, VST, WDAY, WDC, WING, WM, WMS, WRB, WSM, WTW
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 – 2024-01-17
AFN.TO, AMD.NE, AMX.V, ATD.TO, ATD/A.TO, ATZ.TO, AYA.TO, AYR/A.CA, CAS.TO, CRDL.TO, CTC/A.TO, DFN/PA.TO, DII/B.TO, DML.TO, DOL.TO, DOO.TO, DSG.TO, DXT.TO, ECN.TO, ECO.TO, EQ.V, ET.TO, ETG.TO, FAR.TO, FC.TO, FCU.TO, FFH.TO, FFN/PA.TO, FISH.V, GMIN.TO, GOOS.TO, HITI.V, HPS/A.TO, KBL.TO, KXS.TO, LBS.TO, MDA.TO, MFI.TO, MHYB.NE, MVRS.NE, NBLY.TO, NOA.TO, ONEX.TO, OSI.V, PET.TO, PHX.TO, PKI.TO, PRYM.TO, PTO/UN.TO, QSR.TO, RAY/A.TO, RBA.TO, RBY.TO, SAP.TO, SES.TO, STEP.TO, TCW.TO, TINY.V, TOT.TO, TRI.TO, TWM.TO, TXG.TO, URC.TO, VERS.NE, VGCX.TO, VLE.TO, WCN.TO, WE.V, WELL.TO, WUC.CA
