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.
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SYS Daily Report
Market Reactions to Fed’s Policy Standstill: Assessing Bearish Flag Signals and Trading Strategies Amidst Volatility
Stocks failed to hold onto their gains after the Federal Reserve decided to keep interest rates steady, and Chair Jerome Powell indicated that a rate hike is unlikely. The S&P 500, which had risen 1.2% at its peak, experienced its largest loss since January 9, 2023. Similarly, the Nasdaq, up 1.7% at its high, recorded its largest decline since April 21, 2022, which was triggered as Powell continued to speak during the conference. Despite the decline in interest rates, the potential bearish flag setup persists, with price action remaining below the 50-day moving average on all major indexes. Although there were concerns in the market that Powell might signal a potential interest rate increase rather than a cut, the central bank chair appeared reasonably dovish. Powell argued that monetary policy was sufficiently restrictive to bring inflation down to the central bank’s 2% target. The yield on the 2-year Treasury note fell to 4.968%, while the 10-year yield fell to 4.595%.
10-Year US Treasury Yield
The Dow Jones Industrial Average rose by 87 points, or 0.2%, while the S&P 500 and the Nasdaq Composite both declined by 0.3%.
Dow Jones Industrial Average – Daily Chart
S&P 500 – Daily Chart
Nasdaq – Daily Chart
If the market starts to break down, it’s important to understand what to expect. During an uptrend, bullish flag patterns are commonly formed, while during a downtrend, bear flag patterns emerge. If price action on the indexes fails to reclaim the 50-day moving average, the current price action typically resembles a topping structure. Initially, price action breaks below a support line, followed by a test of the underside of past support, which now acts as resistance, and finally, the formation of a bear flag. Which we just witnessed. For further insights into bearish flag patterns and their implications in market analysis, I encourage you to review our article specifically discussing bearish flags. LINK – https://www.setyourstop.com/bear-flag-continuation-pattern-the-ultimate-guide-for-traders/
Finding setups amid market volatility was challenging today, so approach daily setups with caution. Add stocks to your watchlist and trade accordingly. Remember, attempting to trade to the upside in a declining market can be difficult. Keep an eye out for potential bear flags on the indexes. The spot price of uranium increased today. The uranium sector may offer opportunities that do not always correlate with the broader market.
US Daily Setups
AMZN – Amazon.com, Inc.
Amazon is forming a potential bullish flag continuation pattern following its earnings report. Any upside strength may be contingent on the direction of the overall market. Keep an eye on both the pattern formation and broader market movements for potential trading opportunities.
LINK TO CHART – https://schrts.co/sThIFSMg
AVAV – AeroVironment Inc.
AeroVironment demonstrates relative strength versus the major indexes as price action attempts to trend higher from a continuation pattern. Keep a close watch for potential confirmation of this strength and further upward movement.
LINK TO CHART – https://schrts.co/FCPKbIjR
BEPC – Brookfield Renewable Corporation
Brookfield Renewable surged following an arrangement with Microsoft for electricity provision. Consider adding it to your watchlist to monitor for a potential bottom formation. Look for signs of continued upside strength, which could signal a trend reversal.
LINK TO CHART – https://schrts.co/yVSdaXub
GOOGL – Alphabet Inc.
Alphabet appears to be consolidating back to the recent breakout line in the form of a bullish flag continuation pattern. Monitor closely to see if price action can hold the breakout level.
LINK TO CHART – https://schrts.co/QmeKciNi
SRUUF – Sprott Physical Uranium Trust
The Sprott Physical Uranium Trust is attempting to move higher from its recent area of consolidation. Keep an eye on its price action for potential confirmation of this upward movement.
LINK TO CHART – https://schrts.co/IYcIVRBJ
URA – Global X Uranium ETF
The Global X Uranium ETF continues consolidating near the apex of a significant multi-month consolidation pattern. Keep an eye out for any upside strength, particularly if the spot price of uranium continues to rise.
LINK TO CHART – https://schrts.co/EBfmAUbn
Canadian Daily Setups
AMZN.NE – Amazon.com Inc. – Canadian Depository Receipt
Amazon is forming a potential bullish flag continuation pattern following its earnings report. Any upside strength may be contingent on the direction of the overall market. Keep an eye on both the pattern formation and broader market movements for potential trading opportunities.
LINK TO CHART – https://schrts.co/jNEsQYKt
BEPC.TO – Brookfield Renewable Corporation
Brookfield Renewable surged following an arrangement with Microsoft for electricity provision. Consider adding it to your watchlist to monitor for a potential bottom formation. Look for signs of continued upside strength, which could signal a trend reversal.
LINK TO CHART – https://schrts.co/WtVRZAqQ
DML.TO – Denison Mines Corp.
Denison Mines continues to consolidate above the recent breakout line. Monitor closely for any signs of a continuation of the uptrend, especially as the spot price of uranium continues to trend upward.
LINK TO CHART – https://schrts.co/aYPceTIp
GOOG.NE – Alphabet Inc – Canadian Depository Receipt
Alphabet appears to be consolidating back to the recent breakout line in the form of a bullish flag continuation pattern. Monitor closely to see if price action can hold the breakout level.
LINK TO CHART – https://schrts.co/bejGtAKC
U/UN.TO – Sprott Physical Uranium Trust
The Sprott Physical Uranium Trust is attempting to move higher from its recent area of consolidation. Keep an eye on its price action for potential confirmation of this upward movement.
LINK TO CHART – https://schrts.co/WUUefufa
URE.TO – Ur-Energy, Inc.
Ur-Energy appears to be attempting to break out from its multi-month consolidation pattern. Keep a close watch for confirmation of this breakout, which could signal a potential uptrend continuation.
LINK TO CHART – https://schrts.co/vBIjSWwXk
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 – 2024-05-01
AAON, ABCB, ACGL, AEE, AEL, AEM, AEP, AES, AFL, AGM, AIG, AJG, ALKT, ALL, ALRM, ALV, AMAL, AMCR, AMGN, AMT, ANIP, APOG, APPF, ASND, ATO, ATR, AU, AVAV, AVDX, AWK, AX, AZN, BABA, BAESY, BAND, BCSF, BJ, BLD, BLX, BMA, BPOP, BRO, BRP, BSX, BUR, BYRN, CACI, CB, CBT, CCAP, CCI, CDLX, CDRE, CENT, CENTA, CFG, CGBD, CHCO, CI, CINF, CLH, CMS, CNA, CNM, CNO, CNP, COLL, COOP, CRAI, CRBG, CRS, CRVL, CSWC, CSWI, CTAS, CTLT, CVNA, CW, D, DD, DEFTF, DHR, DOC, DOCU, DSGX, DTE, DUK, DVA, EA, EAT, ED, EIX, ELMD, ENSG, EQH, ERIE, ERJ, ERO, ES, ESTC, ETR, EVRG, EWBC, EXC, EZPW, FBP, FE, FITB, FLUT, FNF, FOX, FRT, FSLR, FTAI, GIII, GL, GLP, GLRE, GLW, GMS, GRBK, GRMN, GS, HBAN, HEAR, HEI, HLNE, HOLX, HON, HOV, HQY, HRB, HTGC, HUM, IBCP, IBKR, IBOC, IBP, IDT, IGIC, IIPR, ING, INSP, IOT, IRM, ITA, ITCI, JNJ, KALU, KBH, KEY, KNTNF, KO, KRE, KTOS, L, LAUR, LDOS, LINC, LMAT, LMB, LNT, LWAY, MAA, MAG, MAIN, MAMA, MBIN, MBWM, MCY, MDT, MEDP, MET, MFC, MKTX, MLI, MLR, MMM, MMYT, MO, MOG/A, MRNA, MS, MTB, MTD, MTH, NBIX, NCNO, NDSN, NEE, NHC, NI, NMIH, NOC, NRG, NTB, NTRA, NVEI, NVO, NVS, O, OBDC, OFG, OMC, OSG, OTTR, OZK, PAY, PCG, PEG, PEGA, PFBC, PFE, PG, PGR, PHM, PINS, PIPR, PLTR, PM, PNC, PNTG, PNW, PPG, PPL, PRCT, PRDO, PRMW, PRU, PUBM, QFIN, RBC, RDNT, RDY, REGN, REVG, RF, RGA, RMD, ROL, RYAN, S, SA, SANM, SCHW, SIGI, SII, SKWD, SO, SOUN, SPOT, SPSC, SRE, SRUUF, SWK, T, TDG, TDY, TECH, TFC, TFPM, TFX, THC, TIPT, TK, TKO, TMDX, TMO, TMUS, TOL, TPG, TPH, TTD, TW, UFPT, UNM, USAP, USLM, VITL, VLTO, VMC, VRSK, VRTX, VST, VTRS, VTSI, WABC, WAL, WAT, WES, WEST, WMG, WPM, WRB, WSO, WWD, XLU, XLV, XYL, YPF
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 – 2024-05-01
AC.TO, ACO/X.TO, ACQ.TO, AD/UN.TO, AEM.TO, AGI.TO, AIF.TO, AKG.TO, AND.TO, AQN.TO, ARIS.TO, ARTG.V, AX/UN.TO, BAM/A.TO, BAMR.TO, BB.TO, BBD/B.TO, BCE.TO, BDT.TO, BEP/UN.TO, BEPC.TO, BIP/UN.TO, BLX.TO, BN.TO, BNRE.TO, BYD.TO, CAE.TO, CCL/B.TO, CFX.TO, CGX.TO, CHE/UN.TO, CIX.TO, CLS.TO, CRDL.TO, CSW/A.TO, CU.TO, CWB.TO, CXB.TO, DC/A.TO, DFN.TO, DFN/PA.TO, DFY.TO, DIR/UN.TO, DNG.TO, DOL.TO, DPM.TO, DRM.TO, DSG.TO, E.TO, EDR.TO, EFX.TO, ENB.TO, ERO.TO, EU.V, EXE.TO, FFH.TO, FNV.TO, FTN.TO, FTS.TO, FVI.TO, GAU.TO, GSY.TO, GTWO.TO, GWO.TO, H.TO, IAG.TO, IFC.TO, IFP.TO, IGM.TO, IMCC.CA, INE.TO, KXS.TO, L.TO, LABZ.NE, LB.TO, MAG.TO, MAU.V, MDA.TO, MFC.TO, MKO.V, MSA.TO, MX.TO, NA.TO, NG.TO, NGD.TO, NGEX.TO, NPI.TO, NVEI.TO, NWH/UN.TO, OGC.TO, OLA.TO, OSK.TO, PAAS.TO, PFE.NE, PIF.TO, PMET.TO, PMZ/UN.TO, POW.TO, PRMW.TO, PSI.TO, RCH.TO, RY.TO, SEA.TO, SGR/UN.TO, SIA.TO, SII.TO, SIL.TO, SIS.TO, SJ.TO, SKE.TO, SLF.TO, SLI.V, SPB.TO, SSL.TO, STN.TO, TF.TO, TFPM.TO, TNT/UN.TO, TSU.TO, U/U.TO, U/UN.TO, URE.TO, VHI.TO, WDO.TO, WIFI.CA, WN.TO, WPK.TO, WPM.TO, ZDC.V