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
May Rally Stalls as Bond Yields Rise and Earnings Disappoint
At the time of writing, the stock market’s May rally is stalling as bond yields rise and the latest wave of earnings reports disappoints. Although the Dow Jones just turned positive, disappointing numbers from Uber Technologies and Shopify, a lower outlook from Intel, and reports of a criminal probe into claims made by Tesla about its full self-driving mode are seen as weighing on sentiment. However, price action remains above the 50-day moving average, and the scanner results remain robust. This morning, gold and silver miners are showing up on scans, while Canadian energy stocks appear promising with the uranium theme pulling back to a level to watch for a bounce. The yield on the 2-year Treasury note has risen to 4.845%, and the 10-year yield is up to 4.484%, with price action bouncing higher from the 10-week moving average.
Dow Jones Industrial Average – Daily Chart
S&P 500 – Daily Chart
Nasdaq – Daily Chart
10-Year US Treasury Yield
As we analyze the daily setups, let’s start with a quote from Ed Seykota: ‘The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.’
US Daily Setups
ANET – Arista Networks, Inc.
Arista Networks is attempting to break out from a continuation pattern. Keep a close watch on its price action for confirmation of this breakout.
LINK TO CHART – https://schrts.co/UGxXFTuV
CLS – Celestica, Inc.
Celestica appears to be set up near its 52-week high. Monitor closely for any potential breakout signals.
LINK TO CHART – https://schrts.co/RCEJAccF
NTNX – Nutanix, Inc.
Nutanix appears to be set up below its 52-week high. Monitor closely for any potential breakout signals.
LINK TO CHART – https://schrts.co/rNjrYUrv
NVO – Novo Nordisk A S
Novo Nordisk appears to be consolidating in the form of a potential continuation pattern following its recent earnings report. Monitor closely for signs of upside momentum that may lead to a breakout.
LINK TO CHART – https://schrts.co/ZrmcwdQa
STRL – Sterling Infrastructure, Inc.
Sterling Infrastructure shows robust price action supported by volume following their most recent earnings report. Keep monitoring closely for further developments.
LINK TO CHART – https://schrts.co/vmvWKpNe
GDXJ – VanEck Vectors Junior Gold Miners ETF
VanEck Vectors Junior Gold Miners ETF appears to be set up in the form of a bullish pennant continuation pattern. Keep a close watch on its price action for confirmation of this pattern.
LINK TO CHART – https://schrts.co/mqUttmwQ
GDX – VanEck Vectors Gold Miners ETF
VanEck Vectors Gold Miners ETF appears to be set up in the form of a bullish pennant continuation pattern. Keep a close watch on its price action for confirmation of this pattern.
LINK TO CHART – https://schrts.co/rVvjkAWi
TSM – Taiwan Semiconductor Mfg
Taiwan Semiconductor appears to be consolidating in the form of a potential continuation pattern. Monitor closely for any signs of upside momentum, which may suggest a continuation of the uptrend.
LINK TO CHART – https://schrts.co/gbxCgDVb
Canadian Daily Setups
AGI.TO – Alamos Gold Inc.
Alamos Gold appears to be set up in the form of a potential bullish pennant continuation pattern. Keep an eye on its price action for confirmation of this pattern.
LINK TO CHART – https://schrts.co/qqTvkQha
CLS.TO – Celestica, Inc.
Celestica appears to be set up below its 52-week high. Monitor closely for any potential breakout signals.
LINK TO CHART – https://schrts.co/scUvZkra
CNQ.TO – Canadian Natural Resources Ltd.
Canadian Natural Resources appears to be consolidating in the form of a potential bullish flag continuation pattern. Keep a close watch on its price action for confirmation of this pattern.
LINK TO CHART – https://schrts.co/ipMRaJAj
EFR.TO – Energy Fuels, Inc.
Energy Fuels appears to be setting up at the lower range of a significant multi-year consolidation pattern. Keep an eye out for any potential signs of upside momentum.
LINK TO CHART – https://schrts.co/AsSkgxgA
ERO.TO – Ero Copper Corporation
Ero Copper appears to be setting up below a significant trigger line. Monitor closely for any potential breakout signals.
LINK TO CHART – https://schrts.co/cZyZYrVK
SU – Suncor Energy, Inc.
Suncor Energy is now setting up below its 52-week high following a robust earnings report. Keep monitoring closely for potential breakout signals.
LINK TO CHART – https://schrts.co/IBVhTeBc
WPM.TO – Wheaton Precious Metals Corp.
Wheaton Precious Metals is attempting to break out from its recent area of consolidation, forming a continuation pattern. Watch its price action closely for confirmation of this breakout.
LINK TO CHART – https://schrts.co/heueDTSr
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 – 2024-05-08
A, AAL, ABBNY, ACGL, ADBE, ADM, AEE, AEM, AEP, AER, AES, AGI, AGO, AIG, AJG, ALL, ALRM, ALV, AM, AMCR, AMGN, ANET, ANF, AOS, APA, APH, ARCO, ARES, ARIS, ARLO, AROC, ATGE, ATI, ATR, AU, AVAV, AVGO, AWK, AX, AXON, AXP, AXS, AYI, AZN, AZZ, BALL, BBVA, BBWI, BCO, BG, BK, BKNG, BKR, BMA, BPOP, BROS, BRP, BWA, C, CAG, CAL, CAVA, CBOE, CBT, CBZ, CCAP, CE, CECO, CEG, CFG, CHKP, CHRD, CHRW, CHTR, CIEN, CINF, CIVI, CLS, CM, CMA, CMI, CMS, CNA, CNM, CNP, CNQ, COLL, COOP, COP, CPAY, CRBG, CRM, CRS, CRWD, CSX, CTAS, CTRA, CVI, CVLT, CW, DAC, DAL, DE, DELL, DGX, DHT, DOV, DOW, DPZ, DRS, DTE, DUK, EAT, ED, EDU, EG, EGO, EIX, EMN, EMR, ENLC, EOG, EPD, ERO, ESAB, ESOA, ET, ETN, ETR, EVRG, FANG, FBP, FE, FICO, FITB, FLS, FOX, FRO, FTAI, GBX, GDX, GDXJ, GE, GEL, GFF, GLW, GM, GNRC, GNTX, GPK, GPS, GS, GSK, GTES, GVA, GWRE, HALO, HAS, HBAN, HCI, HCP, HIBB, HLX, HMY, HON, HPE, HPQ, HTGC, HWM, IDCC, IDR, IFF, IMO, INSW, INVH, ITA, ITRI, ITT, JPM, K, KB, KD, KEX, KGC, KMI, KNTK, KNTNF, KRE, KTOS, KVUE, LAUR, LBRT, LDOS, LHX, LII, LINC, LNT, LOW, LPG, LPX, LRN, LYB, LYFT, MAG, MELI, MET, META, MFC, MMM, MNSO, MO, MRNA, MRO, MSFT, MSI, MTB, MTH, NEE, NEM, NFLX, NOW, NRG, NSIT, NTAP, NTNX, NTRS, NU, NVT, OII, OKE, OR, OSCR, OSG, OTIS, PAGP, PATK, PBA, PBR/A, PCG, PDD, PEG, PFE, PFG, PFGC, PGR, PH, PINS, PM, PNC, PNR, PNTG, PNW, POST, PPC, PPL, PRMW, PRU, REVG, REX, RF, RGA, RNR, ROP, ROST, RSG, RTX, RYAN, SANM, SAP, SBUX, SCHW, SDRL, SEIC, SKX, SLV, SMCI, SMR, SN, SNPS, SO, SPGI, SPOT, SQSP, SRE, SSNC, STN, STNG, STRL, STX, SUN, SWAV, SYF, T, TCOM, TDG, TEL, TFC, TK, TMO, TMUS, TNK, TNP, TOST, TRI, TRIN, TSM, TT, UAL, UMBF, UNM, UNP, USAP, USFD, USO, VCTR, VECO, VIST, VITL, VLO, VNOM, VRNS, VRT, VRTX, VSEC, VST, VTR, VTRS, VTSI, WAB, WAL, WCN, WDC, WEC, WELL, WEST, WFC, WM, WMG, WPM, WSM, WTFC, WTS, WWD, XLC, XLK, XLU, XOM, XOP, XYL, YPF, 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 – 2024-05-08
ABX.TO, ACO/X.TO, AEM.TO, AFM.V, AGI.TO, AIM.TO, AKG.TO, ALA.TO, AQN.TO, ARTG.V, ARX.TO, ATRL.TO, BAM/A.TO, BEPC.TO, BIP/UN.TO, BIPC.TO, BMO.TO, BN.TO, BNS.TO, CAE.TO, CAS.TO, CEU.TO, CG.TO, CHR.TO, CJ.TO, CLS.TO, CM.TO, CNQ.TO, CNR.TO, CPG.TO, CSH/UN.TO, CTS.TO, CU.TO, CXB.TO, DHT/UN.TO, DIV.TO, DOL.TO, EDV.TO, EMA.TO, EMP/A.TO, ENB.TO, ENS.TO, EQX.TO, ERF.TO, ERO.TO, FFN.TO, FNV.TO, FR.TO, FTS.TO, FVI.TO, FWZ.V, GAU.TO, GGD.TO, GRID.TO, H.TO, HBM.TO, HITI.V, HME.V, HWX.TO, IAG.TO, IFP.TO, IGM.TO, IMG.TO, IMO.TO, INE.TO, IPCO.TO, IVN.TO, K.TO, KEY.TO, KMP/UN.TO, KNT.TO, KRR.TO, L.TO, LBS.TO, LCX.V, LUG.TO, MAU.V, MEG.TO, META.NE, MFC.TO, MRU.TO, MSFT.NE, MVRS.NE, NA.TO, NFG.V, NFLX.NE, NGD.TO, NGT.TO, NTR.TO, NVDA.NE, OGC.TO, OGN.V, OR.TO, OSK.TO, PAAS.TO, PEY.TO, PFE.NE, PMET.TO, POW.TO, PPL.TO, PRQ.TO, PSK.TO, RML.V, RY.TO, SDE.TO, SIL.TO, SJ.TO, SLF.TO, SLI.V, SSL.TO, STN.TO, SU.TO, TRI.TO, TRP.TO, TVK.TO, TXG.TO, U/UN.TO, VET.TO, VHI.TO, WCN.TO, WELL.TO, WN.TO, WPM.TO, WSP.TO
