SYS Research – Daily Report – Wednesday, March 20, 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: 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 Hits New Heights Amid Fed’s Steady Hand

The three major indexes reached new closing records as stocks celebrated following the Federal Reserve’s remarks. Today’s market activity underscores the importance of adhering to a tested plan or trading system, preventing distraction from momentum indicators or pundits attempting to predict a market top. A market needs a “wall of worry” to sustain upward momentum, keeping cautious investors on the sidelines until they’re forced to join the rally as performance runs away. However, as the saying goes, the trend will remain a friend until the one time it doesn’t.

The Dow surged 400 points, or 1%, while the S&P 500 and Nasdaq climbed 0.9% and 1.3%, respectively. Both achieved consecutive record closes. All three indexes maintained positions above their upward-sloping 21-day exponential moving averages.

Dow Jones Industrial Average – Daily Chart

S&P 500 – Daily Chart

Nasdaq – Daily Chart

Bond yields declined, with the 10-year note falling to 4.273% from the previous day’s 4.298%, while the 2-year dropped to 4.621%.

10-Year US Treasury Yield

Federal Reserve Chair Jerome Powell’s remarks during the press conference indicated that the robust labor market or recent inflationary pressures don’t sway policymakers. Powell emphasized that strong employment figures alone wouldn’t deter rate cuts and acknowledged moderation in overall price increases. Despite ample supportive data, the absence of a hawkish stance emerged as the key takeaway from today’s meeting.

US Dollar – Weekly Chart

The depreciation of the US dollar spurred demand for commodities. Gold prices continued their upward trajectory, breaking out from a bull flag continuation pattern, while silver appeared poised to follow suit, nearing a breakout from its significant triangle pattern. Bitcoin and Ethereum also experienced upward movement, with Bitcoin rebounding from its lower Bollinger band amid a strong performance by Bitcoin miners, while Ethereum found support at its 50-day moving average.

Gold – Daily Chart

Silver – Weekly Chart

Bitcoin – Daily Chart

Ethereum – Daily Chart

With these developments in mind, let’s explore the current market setups.

US Daily Setups

ALAB – Astera Labs Inc.

Astera Labs is a new IPO name that warrants consideration for inclusion on a watchlist.

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

 

CYBR – CyberArk Software Ltd.

CyberArk Software is currently attempting to trend higher from a bullish pennant continuation pattern.

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

 

GDXJ – VanEck Vectors Junior Gold Miners ETF

The VanEck Vectors Junior Gold Miners ETF continues to set up near the apex of a significant multi-year consolidation pattern. Monitoring for signs of upside momentum is crucial, especially as the price action of gold breaks out.

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

 

GLD – SPDR Gold Shares

The SPDR Gold Shares ETF is breaking out from a bull flag continuation pattern.

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

 

GM – General Motors Co.

General Motors continues to push higher from the recently highlighted bull flag continuation pattern.

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

 

LYFT – Lyft Inc.

Lyft is attempting to break up from a continuation pattern near its 52-week high.

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

 

NUE – Nucor Corp.

Nucor continues to push higher from the recently highlighted bull flag continuation pattern, approaching a new high.

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

 

SLV – iShares Silver Trust

The iShares Silver Trust ETF is attempting to break out from its giant consolidation pattern as the price action of silver moves higher.

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

 

URA – Global X Uranium ETF

The Global X Uranium ETF continues to follow the pattern we highlighted in the weekend report. Monitor for potential breakout signals.

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

 

Canadian Daily Setups

DBM.TO – Doman Building Materials Group Ltd

Doman Building Materials is currently attempting to break out to a 52-week high.

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

 

FDR.V – Founders Metals Inc.

Founders Metals appears poised to breach a horizontal resistance line, signaling a potential breakout.

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

 

GLXY.TO – Galaxy Digital Holdings Ltd.

Galaxy Digital is currently positioned below a horizontal resistance or trigger line.

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

 

PSLV.TO – Sprott Physical Silver Trust

The Sprott Physical Silver Trust ETF is currently attempting to break out from a significant pattern we’ve been monitoring as the price action of silver surges higher.

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

 

STLC.TO – Stelco Inc.

Stelco continues to witness upside momentum as price action finally begins to break out from the pattern we’ve been monitoring.

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

 

TTNM.TO – Titanium Transportation Group Inc.

Titanium Transportation is currently positioned at the upper trendline of a significant multi-year consolidation/continuation pattern. Monitoring for any potential brake signals.

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

 

U/UN.TO – Sprott Physical Uranium Trust

Sprott Physical Uranium Trust is currently attempting to break out above the horizontal resistance line we’ve been monitoring.

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

 

WFG.TO – West Fraser Timber Co. Ltd.

West Fraser Timber is attempting to break out of a significant multi-year consolidation pattern.

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

 

WPM.TO – Wheaton Precious Metals Corp.

Wheaton Precious Metals continues to set up on the right side of a significant multi-base pattern as the price action of silver attempts to break out. Monitoring for signs of upside momentum.

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

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.

US Watchlist Scan – 2024-03-20

Today’s list is too long to sort. Please click the link above to view the tickers.

 

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 – 2024-03-20

AC.TO, ACB.TO, ACO/X.TO, ACOP.V, ACT.CA, AD/UN.TO, ADEN.TO, AEM.TO, AFN.TO, AGF/B.TO, AGI.TO, AIDX.TO, AKG.TO, ALA.TO, ALYA.TO, AMC.TO, AMX.V, AMZN.NE, AND.TO, AOI.TO, ARE.TO, ARIS.TO, ASE.CA, ASTL.TO, ATS.TO, ATX.V, ATZ.TO, AVGO.NE, AX/UN.TO, AYA.TO, BA.NE, BAM.TO, BAM/A.TO, BBD/B.TO, BDGI.TO, BHC.TO, BIP/UN.TO, BIPC.TO, BITF.TO, BK.TO, BLDP.TO, BMO.TO, BN.TO, BNE.TO, BNS.TO, BOFA.NE, BPF/UN.TO, BTE.TO, CAD.V, CAE.TO, CATR.NE, CCL/B.TO, CCO.TO, CDR.TO, CEE.TO, CF.TO, CFP.TO, CFX.TO, CG.TO, CHE/UN.TO, CHP/UN.TO, CHR.TO, CIG.TO, CIGI.TO, CITI.NE, CIX.TO, CJ.TO, CM.TO, CNC.V, CNE.TO, CNR.TO, COST.NE, CP.TO, CPH.TO, CPLF.TO, CPX.TO, CRM.NE, CRON.TO, CRR/UN.TO, CRT/UN.TO, CS.TO, CTC/A.TO, CU.TO, CVE.TO, CVS.NE, DBM.TO, DCBO.TO, DFN.TO, DGS.TO, DII/B.TO, DIS.NE, DML.TO, DND.TO, DNTL.TO, DOO.TO, DPM.TO, DR.TO, DRDR.TO, DRM.TO, DSG.TO, EDR.TO, EFN.TO, EIF.TO, EIT/UN.TO, ELD.TO, ENB.TO, ENS.TO, EQX.TO, ERE/UN.TO, ERO.TO, ETG.TO, ETHC.NE, EU.V, EXE.TO, FAR.TO, FCR/UN.TO, FCU.TO, FDR.V, FFN.TO, FIL.TO, FM.TO, FN.TO, FNV.TO, FR.TO, FRU.TO, FSV.TO, FTN.TO, FVI.TO, GAU.TO, GCL.TO, GFL.TO, GIB/A.TO, GLXY.TO, GMIN.TO, GOLD.TO, GOLD.V, GOOG.NE, GPAC.V, GRT/UN.TO, GSY.TO, GWO.TO, H.TO, HAI.TO, HBM.TO, HD.NE, HDI.TO, HITI.V, HIVE.V, IBM.NE, IFP.TO, IMG.TO, ISO.V, IVN.TO, JAG.TO, JPM.NE, K.TO, KNT.TO, KRR.TO, KXS.TO, LAAC.TO, LB.TO, LBS.TO, LCS.TO, LEV.TO, LFE.TO, LGC.V, LNR.TO, LSPD.TO, LUG.TO, LUN.TO, MA.NE, MAG.TO, MATR.TO, MDI.TO, MDNA.TO, MG.TO, MNT.TO, MSFT.NE, MTA.V, MTL.TO, MUX.TO, MVP.TO, MVRS.NE, MX.TO, NA.TO, NFG.V, NFLX.NE, NG.TO, NGD.TO, NGEX.TO, NTR.TO, NUAG.TO, NVDA.NE, NWH/UN.TO, NXE.TO, OGC.TO, OGI.TO, OR.TO, OSI.V, OSK.TO, OTEX.TO, OVV.TO, PD.TO, PEY.TO, PIF.TO, PLC.TO, PLZ/UN.TO, PNG.V, POW.TO, PRMW.TO, PRU.TO, PRV/UN.TO, PRYM.TO, PSI.TO, PSLV.TO, PYPL.NE, PZA.TO, REAL.TO, REI/UN.TO, RML.V, RTX.NE, RUS.TO, RY.TO, SCR.TO, SGD.V, SGR/UN.TO, SHOP.TO, SIA.TO, SIL.TO, SKE.TO, SLF.TO, SLI.V, SLS.TO, SPB.TO, SRU/UN.TO, SSL.TO, SSRM.TO, STC.TO, STLC.TO, STN.TO, SVM.TO, SXP.TO, TBRD.V, TECK/B.TO, TF.TO, TFII.TO, TFPM.TO, TIXT.TO, TKO.TO, TNT/UN.TO, TOT.TO, TTNM.TO, TVE.TO, TXG.TO, U/UN.TO, UBER.NE, URC.TO, URE.TO, VGCX.TO, VLE.TO, VNP.TO, VZ.NE, VZLA.V, WDO.TO, WEED.TO, WELL.TO, WFG.TO, WJX.TO, WMT.NE, WN.TO, WPK.TO, WPM.TO, WRN.TO, X.TO, XTG.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