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 Retreats Despite Fed Minutes Release; Santa Rally Fizzles Out
Stocks experienced a decline on Wednesday, showing limited reaction to the Federal Reserve’s December policy meeting minutes. The anticipated Santa rally failed to materialize, with the Nasdaq Composite, S&P 500, and Russell 2000 all posting negative returns during the final five trading days of 2023 and the first two days of the new year, contrary to historical trends of positive returns during this period.
The S&P 500 opened the year with two consecutive days in the red, falling by 0.8%. Despite this decline, the benchmark index currently remains above the 21-exponential day moving average.
S&P 500
The Nasdaq Composite, with a tech-heavy focus, experienced a 1.2% drop, slipping below the 21-exponential day moving average for the first time since its recovery from the 200-day moving average.
Nasdaq
The Dow Jones Industrial Average, representing blue-chip stocks, declined by 0.8% or 285 points, with eight of the 11 sectors within the S&P 500 closing lower.
Dow Jones Industrial Average
Market breadth weakened, diverging from its relatively stable performance on Tuesday, as the breadth indicator displayed signs of increased pressure.
Breadth System
The SSIQ continued its downward trajectory.
SSIQ
The 10-year Treasury yield decreased by 4 basis points to 3.905%, rebounding from an earlier brief surge to 4.01%. Observers could monitor the support line, as price action suggests a potential bull flag retest.
10-Year US Treasury Yield
U.S. crude oil prices saw a notable 3.3% increase on the day, reaching $72.70 a barrel as price action walks across its support line.
Crude Oil
Bitcoin experienced a significant decline on Wednesday but closed the day above the 50-day moving average, accompanied by substantial trading volume. With SEC approval for spot bitcoin ETFs expected in the coming days, Bitcoin-related assets such as COIN stock, Marathon Digital, and MicroStrategy saw morning declines, though Coinbase and MARA stock rebounded from their lows later in the day. The overall trend remains intact, contingent upon the price maintaining its position above the systematic moving averages.
Bitcoin
In the words of the legendary trader Jesse Livermore, “The stock market is never obvious. It is designed to fool most of the people, most of the time.” This timeless wisdom serves as a reminder that even in challenging times, opportunities abound for those who can discern the market’s true direction. As we navigate the current market landscape, Livermore’s insight resonates, emphasizing the need for careful analysis and patience. In the face of recent setbacks, it’s crucial to adopt a resilient perspective. As Livermore wisely noted, “After spending many years in Wall Street and after making and losing millions of dollars, I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!” Keeping this in mind, let’s delve into our daily setups, staying alert for potential rebounds and hidden opportunities.
US Daily Setups
CF – CF Industries Holdings, Inc.
CF Industries is positioning itself at the apex of a noteworthy consolidation/continuation pattern, suggesting a potential breakout. Keep a close eye on possible market movement.
LINK TO CHART – https://schrts.co/QGdiDShU
ELTK – Eltek Ltd.
Eltek has established itself in the structure of a bull flag continuation pattern, situated below its 52-week highs.
LINK TO CHART – https://schrts.co/BvvNKaVx
GOOGL – Alphabet Inc.
Alphabet seems poised at the right side of a notable basing pattern. Keep a watchful eye for a potential breakout, indicating a potential continuation of the uptrend.
LINK TO CHART – https://schrts.co/jjPMitTX
LPG – Dorian LPG Ltd.
Dorian LPG is making strides to reach a new all-time high, showcasing a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/mINRwqsQ
METC – Ramaco Resources, Inc.
Ramaco Resources is surging above the upper trendline of the continuation pattern recently highlighted in the daily setups.
LINK TO CHART – https://schrts.co/FxpUvamw
XLE – Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund appears poised for a potential wedge breakout.
LINK TO CHART – https://schrts.co/QmUyawdH
Canadian Daily Setups
ATH.TO – Athabasca Oil Sands Corp.
Athabasca Oil Sands seems to be gearing up for a potential breakout to a 52-week high from a multi-month consolidation pattern.
LINK TO CHART – https://schrts.co/VMpzkWFk
BRK.NE – Berkshire Hathaway Inc. – Canadian Depository Receipt
Berkshire Hathaway is attempting to break out from a consolidation/continuation pattern.
LINK TO CHART – https://schrts.co/eigsHJCq
CNQ.TO – Canadian Natural Resources Ltd.
Canadian Natural Resources is attempting to break out near the apex of a multi-month consolidation/continuation pattern.
LINK TO CHART – https://schrts.co/bDpKJvva
CURA.TO – Curaleaf Holdings, Inc.
Curaleaf is among several US-related marijuana stocks that have consistently appeared in scan results since its end-of-summer surge in volume. Keep a close eye for signs of potential upside momentum.
LINK TO CHART – https://schrts.co/jrpPqkis
GTII.CA – Green Thumb Industries Inc.
Green Thumb Industries is another US-related marijuana stock, that consistently surfaces in scan results. Watch for a potential breakout from its sloppy consolidation/continuation pattern.
LINK TO CHART – https://schrts.co/bSrzSEYT
MEG.TO – MEG Energy Corp.
MEG Energy is positioned within a continuation wedge. Keep a watchful eye for a potential breakout.
LINK TO CHART – https://schrts.co/xaSmFHrP
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 – 2024-01-03
ABBV, AEP, AIZ, ALL, AMGN, AMP, AON, APO, ARCH, ARES, AROC, ATO, BAESY, BLX, BRK/B, BTU, C, CAH, CAPL, CEIX, CENT, CF, CHKP, CHRD, CHRW, CMS, CNP, COLL, COP, COR, CPB, CQP, CTRA, CVS, CVX, DAC, DBX, DECK, DELL, DHT, DIS, DK, DUK, DVAX, DVN, EC, ED, EGY, ELTK, ELV, ENLC, EOG, EPD, EQNR, ES, ET, ETR, ETRN, EVRG, EXPD, FANG, FE, FLEX, FRO, FTNT, GEL, GEOS, GILD, GOOG, GOOGL, HCC, HCI, HDSN, HESM, HPE, HPQ, IBKR, IBN, IMO, INCY, INSW, JNJ, JNPR, KMI, KO, KR, LLY, LMT, LPG, LPLA, MCK, METC, MMYT, MOH, MOS, MPC, MPLX, MRK, MRO, MSI, MSOS, MUSA, MVO, NBIX, NEE, NOC, NOV, NSS, NVO, NVS, OKE, PAA, PAGP, PAM, PBR, PBR/A, PDD, PEG, PEP, PGR, PGTI, PLMR, PPL, PR, PSX, PXD, REGN, RGA, RRC, RTX, SHEL, SJM, SKWD, SM, SO, SRE, STLD, STNG, SUBCY, SYY, TMUS, TNK, TNP, TRGP, TRIN, TRMD, TS, TTE, UNH, USAC, VIPS, VIST, VLO, VNOM, VZ, WEC, WMB, WMT, WRB, WTW, XEL, XLE, XLU, YUM
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 – 2024-01-03
AAV.TO, AAWH/U.CA, ACO/X.TO, ALA.TO, ARG.TO, ARTG.V, ARX.TO, ATD.TO, ATD/A.TO, ATH.TO, AYA.TO, AYR/A.CA, BCE.TO, BDI.TO, BEPC.TO, BHC.TO, BIR.TO, BRK.NE, BTE.TO, CCA.TO, CFP.TO, CGO.TO, CHP/UN.TO, CJ.TO, CNQ.TO, CPG.TO, CR.TO, CRON.TO, CSU.TO, CU.TO, CURA.TO, CVE.TO, DIS.NE, DIV.TO, DRX.TO, EFL.TO, EFN.TO, EIT/UN.TO, ELVA.TO, EMA.TO, ENB.TO, ENS.TO, ERF.TO, ETG.TO, FAP.TO, FCU.TO, FEC.TO, FFH.TO, FM.TO, FOM.TO, FRU.TO, FSZ.TO, FTS.TO, GEI.TO, GLO.TO, GMIN.V, GOOG.NE, GTII.CA, GUD.TO, IMO.TO, IPO.TO, IVN.TO, KEL.TO, LBNK.V, LBS.TO, LGO.TO, LLY.NE, MEEC.V, MEG.TO, MPCT/UN.TO, MTA.V, NNRG.NE, NOA.TO, NPR.V, NWC.TO, OVV.TO, PAY.TO, PEY.TO, PHX.TO, PLC.TO, PLZ/UN.TO, PMZ/UN.TO, POU.TO, PPL.TO, PSK.TO, PTI/UN.TO, PXT.TO, SCR.TO, SGD.V, SGY.TO, SOIL.TO, SU.TO, T.TO, TER.CA, TIH.TO, TOU.TO, TPZ.TO, TRP.TO, TSND.TO, TSU.TO, TVE.TO, VERS.NE, VET.TO, VHI.TO, VLE.TO, VNP.TO, VRNO.NE, VZ.NE, WCP.TO, WJX.TO, WPK.TO, WTE.TO, WUC.CA, XRX.CA