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.
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SYS Daily Report
Fed Rattles Commodities, Nvidia Surpasses Expectations
Nvidia has defied even the loftiest projections with its first fiscal quarter results, setting an auspicious tone for the broader market. Sales skyrocketed by an impressive 262% to reach $26 billion, marking an 18% upswing from the previous quarter. Earnings surged to $6.12 per share (excluding non-cash costs), reflecting a remarkable 461% increase from a year prior and a substantial 19% jump from the preceding quarter. Under Generally Accepted Accounting Principles, earnings stood at $5.98 per share. Both figures comfortably surpassed Wall Street’s estimates, with analysts projecting sales of $24.6 billion and earnings of $5.60 per share. Furthermore, the company’s guidance for the July quarter foresees revenue hitting $28 billion, surpassing the average Wall Street forecast of $26.6 billion. In a move reflecting its confidence, Nvidia announced a 10-for-1 stock split scheduled for June 10, triggering a surge in its stock price beyond the $1,000 threshold during after-hours trading.
Nvidia – After-Hours
LINK TO CHART – https://schrts.co/uQrSRFIi
With Nvidia’s earnings now in the rearview mirror, market attention pivots to present developments. Preceding the earnings report, stocks experienced a down day, a trajectory that accelerated following the release of the latest Federal Reserve meeting minutes. These minutes rattled traders, leading to a commodities selloff from their overbought positions, as a cooling-off phase seemed inevitable. Fed officials hinted at a readiness to tighten monetary policy should inflationary pressures necessitate such action. Consequently, the S&P 500 halted its three-day winning streak. However, the market reaction might prove exaggerated, given that the meeting predates the recent influx of cooler-than-anticipated jobs and inflation data. Traders could now monitor commodity stocks closely, particularly their ability to maintain the 20-day moving average if they revert to previous levels, which seem to align with a potential retest level of support, as highlighted on the gold chart below.
Gold – Daily Chart
LINK TO CHART – https://schrts.co/DBwgWSMR
In the market’s daily movements, the Dow Jones Industrial Average receded by 201 points, or 0.5%, while the S&P 500 and the Nasdaq Composite dipped by 0.3% and 0.2%, respectively.
Dow Jones Industrial Average – Daily Chart
LINK TO CHART – https://schrts.co/WPkbcWzv
S&P 500 – Daily Chart
LINK TO CHART – https://schrts.co/TwCzEIHi
Nasdaq – Daily Chart
LINK TO CHART – https://schrts.co/PFzbRIaw
Bond markets also experienced shifts, with the yield on the 2-year Treasury note ascending to 4.886%, and the 10-year yield edging up to 4.434%.
10-Year US Treasury Yield
LINK TO CHART – https://schrts.co/QGzcKYZX
Amidst the market’s fluctuations, two recent setups demonstrated robust performance following today’s surge. Moderna surged by 22% over the week, while First Solar climbed by 27%, buoyed by optimism surrounding new tariffs on Chinese solar panels.
Moderna – Weekly Chart
LINK TO CHART – https://schrts.co/CvrSaccM
First Solar – Weekly Chart
LINK TO CHART – https://schrts.co/VefydSND
Now, attention turns to the daily setups.
US Daily Setups
COIN – Coinbase Global Inc.
Coinbase continues to set up for a potential breakout. Monitoring for any signs of increased momentum could indicate the next move.
LINK TO CHART – https://schrts.co/gMwQyxCP
IR – Ingersoll Rand Inc
Ingersoll Rand appears to be breaking out from an area of consolidation. Monitor for sustained momentum and confirmation of the breakout.
LINK TO CHART – https://schrts.co/BZIPIKdG
NTR – Nutrien Ltd.
Nutrien is showing positive price action on a quiet market day as it continues to break out from its falling wedge pattern. Monitor for sustained momentum.
LINK TO CHART – https://schrts.co/mUHeNBtt
ROAD – Construction Partners, Inc.
Construction Partners is setting up for a potential continuation of the uptrend from an area of consolidation. Monitor for signs of increasing momentum that could signal a breakout.
LINK TO CHART – https://schrts.co/JvnMqXmX
SIMO – Silicon Motion Technology Corp. ADS
Silicon Motion Technology is attempting to move higher from a continuation pattern. Monitor for any signs of upside momentum that could indicate a breakout.
LINK TO CHART – https://schrts.co/DXrBpsXw
TSM – Taiwan Semiconductor Mfg
Today, Taiwan Semiconductor witnessed unusual option activity as price action threatens to break out to a new 52-week high. Monitor for potential breakout signals that could confirm this upward movement.
LINK TO CHART – https://schrts.co/tYkRxRqu
Canadian Daily Setups
BLX.TO – Boralex, Inc.
Boralex continues to set up for a potential bottoming pattern breakout. Monitor for confirmation of a breakout, as it could signal a reversal of the current trend.
LINK TO CHART – https://schrts.co/xEfFKfuI
GLXY.TO – Galaxy Digital Holdings Ltd.
Galaxy Digital is setting up for a potential continuation pattern breakout, supported by two days of robust volume. Monitor for confirmation of a breakout, which could signal further upside momentum.
LINK TO CHART – https://schrts.co/sDJxBPee
NTR.TO – Nutrien Ltd.
Nutrien is showing positive price action on a quiet market day as it continues to break out from its falling wedge pattern. Monitor for sustained momentum.
LINK TO CHART – https://schrts.co/hvJBkYUV
NVA.TO – NuVista Energy Ltd.
NuVista Energy is set up below the upper trendline of a significant multi-consolidation pattern. Monitor for any potential breakout signals, as they could indicate a continuation of the current trend.
LINK TO CHART – https://schrts.co/uFfNZgkC
SJ.TO – Stella-Jones, Inc.
Stella-Jones is consolidating below its 52-week high. Monitor for any potential breakout signals that could indicate a continuation of the upward trend.
LINK TO CHART – https://schrts.co/WzWukjMA
TOU.TO – Tourmaline Oil Corp.
Tourmaline Oil seems to be forming below the upper trendline of a significant multi-year consolidation pattern. Look for any potential breakout signals.
LINK TO CHART – https://schrts.co/EvCDcQvV
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 – 2024-05-22
ABT, ACGL, ADI, ADM, ADP, AFL, AGYS, AIG, AIR, ALAR, AME, AMKR, AMP, APD, ARCH, ARLO, ARLP, ASND, ASPN, ASR, ATR, AVY, AXS, AXTA, BAC, BHE, BITQ, BITW, BJ, BMI, BR, BRBR, BRC, BRKR, BRO, BZ, CAMT, CASY, CAVA, CB, CBZ, CDNS, CDRE, CDW, CF, CFLT, CHD, CHKP, CHRW, CINF, CLS, CLSK, CME, CMRE, COIN, COST, CPB, CRBG, CRTO, CRUS, CRVL, CSX, CTAS, CTVA, CVNA, DAC, DEFTF, DHR, DOV, DQ, DSGX, EA, EAT, EBAY, EFX, EG, ELV, EME, EMR, ENPH, EQT, ETHE, EXR, FCN, FDIG, FIX, FLEX, FN, FORM, FOX, FSLR, FSS, FTNT, FWRG, GD, GEO, GILD, GLW, GMED, GPK, GRVY, GSK, GSL, GWW, HASI, HCC, HIG, HPE, HPQ, HQY, HUM, IDCC, IHG, IHI, INFA, IP, IPG, IR, IREN, IT, ITA, ITCI, ITGR, ITRI, JCI, JKHY, JKS, JNJ, JNPR, KDP, KEX, KHC, KLAC, KO, KRYS, KSPI, LGND, LII, LMAT, LMB, LMT, LNC, LOGI, LPG, LPLA, LW, MATX, MCHP, MCK, MCO, MDT, MET, MMC, MNDY, MO, MOS, MRK, MRNA, MSFT, MSI, NCDL, NOC, NSSC, NTAP, NTRA, NVMI, NXPI, OLED, OMC, ON, ONON, ORRF, OTIS, PAYX, PCAR, PEP, PFE, PM, POWL, PRMW, PRU, PSTG, PTC, RBA, RELX, REX, RGA, RILY, ROAD, ROP, RS, RTX, RYAN, SANM, SFM, SIMO, SNX, SPGI, STEP, STN, STX, SWIN, SYK, T, TECH, TER, TEVA, THC, THR, TMO, TMUS, TOST, TRMB, TRNS, TROW, TSM, TTEK, TX, TXN, TXT, TYL, UNM, VERX, VIPS, VLGEA, VLTO, VNT, VRNS, VRRM, VRSK, VRT, VRTX, VSEC, VTR, WELL, WGMI, WM, WMT, WRB, WRK, WTW, XLC, XLI, XLV, ZBRA
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 – 2024-05-22
AAV.TO, AEP.V, AGF/B.TO, ATD.TO, ATD/A.TO, BB.TO, BBD/A.TO, BBD/B.TO, BEP/UN.TO, BEPC.TO, BIPC.TO, BITF.TO, BK.TO, BLDP.TO, BLN.TO, BLX.TO, BMO.TO, BOIL.CA, BOS.TO, CCL/B.TO, CFW.TO, CHP/UN.TO, CLS.TO, CNR.TO, COST.NE, CRRX.TO, CU.TO, DEFI.NE, DGS.TO, DNTL.TO, DOL.TO, DSG.TO, E.TO, EMP/A.TO, ENS.TO, EPRX.TO, ETHC.NE, ETHH.TO, EXE.TO, FAP.TO, FCR/UN.TO, G.TO, GFL.TO, GLXY.TO, GRIN.CA, HCH.V, HITI.V, HRX.TO, HTL.TO, HUT.TO, IAG.TO, INE.TO, KSI.TO, KXS.TO, LGO.TO, MDNA.TO, MSFT.NE, MTL.TO, NFI.TO, NG.TO, NTR.TO, NVA.TO, PFE.NE, PLSR.V, POW.TO, PRMW.TO, PSD.TO, PTO/UN.TO, PWI.TO, RBA.TO, REG.V, RET/A.V, RML.V, RSI.TO, RY.TO, SAP.TO, SES.TO, SJ.TO, SRU/UN.TO, TOU.TO, TRI.TO, VERS.NE, WCN.TO, WMT.NE, WN.TO, X.TO, ZDC.V
