SYS Research – Daily Report – Wednesday, January 31, 2024

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 Turbulence Strikes as Stocks Plunge Post-Fed Decision

The anticipated volatility materialized this week, delivering a substantial blow to the stock market on Wednesday in the aftermath of the Federal Reserve’s decision. The Nasdaq Composite experienced its most significant decline in over a year, while the Dow Jones Industrial Average tumbled by 300 points.

The Dow Jones Industrial Average witnessed a 0.8% drop, retracting from its record close on Tuesday, and the S&P 500 followed suit with a 1.6% decline. The tech-heavy Nasdaq Composite bore the brunt, registering a 2.2% loss, marking its most substantial daily downturn since December 2022.

Dow Jones Industrial Average – Daily Chart

S&P 500 – Daily Chart

Nasdaq – Daily Chart

Earlier today, disappointing earnings reports from Microsoft and Alphabet exerted downward pressure on the tech sector. Despite the Federal Reserve maintaining steady interest rates, Chair Jerome Powell’s comment about unlikely March rate cuts added to market unease. Alphabet’s significant drop serves as a stark reminder of the risks tied to holding a stock through an earnings release. Despite Microsoft reporting strong earnings, it faced a 2.7% decline, while Google’s stock plunged 7.5% due to weak ad revenue growth. These events highlight the challenges of navigating the stock market during earnings periods.

Alphabet – Daily Chart

The 10-year yield concluded Wednesday at 3.967%, experiencing a 0.093 percentage point decrease.

10-Year US Treasury Yield

In response to Federal Reserve Chief Powell’s recent statements, the major indexes have pulled back. However, without sustaining significant damage, they currently maintain positions above the 21-day exponential moving average and recent breakout levels. While setups that seemed promising earlier in the week may now face challenges, Thursday’s focus will be on earnings, and the impending jobs report on Friday may act as a catalyst for a market rebound or continued selling. Caution is suggested, and it might be wise to await the settling dust on Friday morning before considering new purchases. Exploring the option of exiting recent entries and securing partial profits, especially for stocks with upcoming earnings, could be prudent. Despite the challenge in identifying new setup ideas today, potential opportunities may arise if the current market action holds the recent breakout levels on major indexes in the coming days. Therefore, refining watchlists and ensuring prepared exit plans are crucial, as strategically navigating the market’s unpredictable nature in this chaotic environment poses a considerable challenge.

US Daily Setups

BYRN – Byrna Technologies Inc

Byrna Technologies is setting up on the right side of a potential bottoming pattern, accompanied by a robust volume profile. Keep a close watch for potential a breakout.

LINK TO CHART – https://schrts.co/XJmAYmJC

 

CR – Crane Co

Crane is demonstrating relative strength in a weak market tape, supported by robust volume. Monitor for potential resilience and continued momentum.

LINK TO CHART – https://schrts.co/tVYQCvvh

 

NVO – Novo Nordisk A S

Novo Nordisk stands out as one of the few bright spots in the market today, breaking out with surging volume. Keep a close eye for potential sustained momentum.

LINK TO CHART – https://schrts.co/QSUENSTs

 

ROAD – Construction Partners, Inc.

Construction Partners is setting up below its 52-week high with a robust volume profile. Monitor closely for potential breakout and continuation signals.

LINK TO CHART – https://schrts.co/DRwzmYDA

 

RUM – Rumble Inc.

Rumble is experiencing a ramp in volume as price action pushes against the underside of a horizontal resistance line. Keep a watchful eye for potential breakthrough signals.

LINK TO CHART – https://schrts.co/wMRFdKXS

 

UEC – Uranium Energy Corp.

Uranium Energy is currently consolidating in the form of a bull flag, positioned just below its 52-week high. Monitor for potential breakout and continuation signals.

LINK TO CHART – https://schrts.co/BSrAQIYm

 

Canadian Daily Setups

CLS.TO – Celestica, Inc.

Celestica is exhibiting relative strength in a weak market tape, supported by robust volume. Keep a close watch for potential resilience and continued momentum.

LINK TO CHART – https://schrts.co/vpNkaNpK

 

CP.TO – Canadian Pacific Railway

Canadian Pacific Railway appears to be setting up below its all-time high, following a multi-year consolidation period. Monitor closely for signs of potential upside momentum.

LINK TO CHART – https://schrts.co/jzMnhZbV

 

CSH/UN.TO – Chartwell Retirement Residences

Chartwell Retirement Residences is set up for a potential 52-week high breakout, backed by bullish volume. Keep a close eye for confirmation and potential continuation of the uptrend.

LINK TO CHART – https://schrts.co/jZzidMQb

 

CXB.TO – Calibre Mining Corp.

Calibre Mining appears to be set up below the upper trendline and horizontal resistance of a giant wedge or falling channel. Take note of the robust volume profile. Monitor closely for any signs of potential upside momentum.

LINK TO CHART – https://schrts.co/BTJRHKWm

 

LNF.TO – Leons Furniture Ltd.

Leons Furniture appears to be setting up below a trigger line of a multi-year consolidation pattern. Monitor closely for signs of continued upside strength.

LINK TO CHART – https://schrts.co/JqCYUMIQ

 

SGD.V – Snowline Gold Corp.

Snowline Gold appears to be set up on the right side of a significant multi-month consolidation/continuation pattern. Keep a close watch for potential developments in the trend.

LINK TO CHART – https://schrts.co/DKyapwfP

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 – 2024-01-31

ACGL, ALGN, ALPN, ASML, BA, BDX, BYRN, CACI, CAH, CBOE, CDAY, CI, CIEN, CLS, COR, CR, CVLT, CVS, EA, EAT, EDU, EG, ERIE, EW, FOX, GEOS, GIB, GLP, GM, HCA, HG, HMY, HSIC, HWM, IMCR, KOF, LMB, MCK, MHK, MMC, MMYT, MOD, MTCH, NCLH, NFLX, NOC, NVO, PBR/A, PNR, POWL, PRDO, PRI, QCOM, RCL, RGA, ROAD, RTX, RUM, SMCI, SUN, SYY, T, TDG, TNK, UEC, UNH, USLM, VIV, VRRM, WING, 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 – 2024-01-31

ABXX.NE, ACT.CA, AIF.TO, ALC.TO, ARIS.TO, ARR.TO, ARTG.V, ASE.CA, AYR/A.CA, BA.NE, BITF.TO, BNS.TO, CAS.TO, CCA.TO, CIX.TO, CLS.TO, CMG.TO, CP.TO, CPH.TO, CRON.TO, CSH/UN.TO, CURA.TO, CVS.NE, DHT/UN.TO, DIV.TO, DNG.TO, DR.TO, ECO.TO, EIF.TO, ELD.TO, EPRX.TO, ERO.TO, FSZ.TO, GFL.TO, GIB/A.TO, GMIN.TO, GTII.CA, HITI.V, IGM.TO, INO/UN.TO, JWEL.TO, LGC.V, MA.NE, MCB.TO, MG.TO, MRE.TO, MRU.TO, NOVC.TO, NPR.V, OGI.TO, OR.TO, PMZ/UN.TO, PNRL.V, PRV/UN.TO, RBA.TO, RCH.TO, REAL.TO, RUS.TO, SECU.V, SGD.V, SIS.TO, SJ.TO, SLF.TO, SVI.TO, TIH.TO, UNH.NE, VRNO.NE, WILD.TO, XTC.TO

 

SetYourStop Blog Request

Enter your name and email to be alerted with new ideas.

Please wait...

Thank you for sign up!

Scroll to Top