Notice: The Daily Report is provided for informational and educational purposes only and is not intended to be used as a stock-picking service or as financial advice. The charts and accompanying research are designed to support your analysis, serving as indicators rather than direct recommendations to buy or sell any security. The creator assumes no responsibility for actions taken by readers and strongly encourages individuals to fully understand the associated risks and potential outcomes before making investment decisions. Please note that any charts and/or information are intended to aid in research and should not be considered a definitive part of your personal trading strategy. Not all charts will lead to actionable buy or sell signals at any given time. Individuals should consider consulting a qualified financial advisor before making any investment decisions.
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SYS Daily Report
U.S. Stocks Mixed as Inflation Data Fuels Rate Cut Speculation; TSX Sets New Record High
The major U.S. stock indexes displayed a narrowly mixed performance on Wednesday as investors digested fresh inflation data and its implications for future Federal Reserve policy moves. The Dow Jones Industrial Average rose 0.1%, while the S&P 500 inched slightly higher for the fourth consecutive day, continuing a streak of minor fluctuations. In contrast, the tech-heavy Nasdaq Composite dipped 0.3%, extending its recent volatility. Small-cap stocks faced a sharper downturn, with the Russell 2000 sliding 0.9%.
Dow Jones Industrial Average – Daily Chart
S&P 500 – Daily Chart
Nasdaq – Daily Chart
Russell 2000 (ETF) – Daily Chart
Investors’ focus was firmly on the Consumer Price Index (CPI), which revealed a 2.6% year-over-year increase for October, aligning with economists’ expectations and reflecting persistent, albeit moderated, inflationary pressures. Core inflation, excluding volatile food and energy prices, held steady at 3.3%. The data reinforced market speculation of a December interest-rate cut, with futures pricing in an 82% probability of a quarter-point reduction.
Treasury yields reflected diverging views among bond traders. The 10-year Treasury yield rose slightly to 4.45%, suggesting continued confidence in economic growth. Meanwhile, the 2-year yield fell to 4.28%, closely tracking expectations for a shift in Fed policy.
10-Year US Treasury Yield
The market’s rally since the U.S. elections remained largely intact, with sentiment buoyed by optimism over potential business-friendly policies under the new administration. However, some speculative plays showed signs of cooling, as evidenced by declines in Coinbase and other high-profile names.
TSX Sets New Record High on Energy and Tech Gains
In Canada, the TSX Composite Index extended its record-setting streak, rising 66.01 points (0.3%) to close at 24,989.02. Gains were led by strength in the energy and technology sectors, boosted by rising oil prices and positive sentiment following U.S. inflation data. Notable contributors included Shopify (SHOP.TO), which added to its recent rally, and Suncor (SU.TO), which surged 4.2% after reporting impressive quarterly earnings. Conversely, the materials sector dragged, slipping 1.3% amid falling gold and copper prices, while Loblaw Companies (L.TO) fell 2.4% on weaker-than-expected revenue.
TSX – Daily Chart
Spotlight on Leading Stocks and Breakouts
Several high-profile stocks exhibited notable moves on Wednesday. Flutter Entertainment (FLUT) surged 7%, breaking out of a technical setup on the back of strong earnings and positive guidance. Heico (HEI) gained 3.95%, reaching a new high, while Confluent (CFLT) rose 4.6%, continuing to appear on momentum scans. Despite the broader market’s moderation, these stocks demonstrate positive momentum and relative strength. The goal of these momentum scans is to identify stocks with strong upward trends and robust performance relative to market benchmarks. The quantum computing-related stocks highlighted in the weekend report had a strong day, with Quantum Computing Inc. (QUBT) closing up nearly 100%.
Market sentiment indicators showed a mix of optimism and caution. The Cboe Volatility Index (VIX), a measure of market fear, dropped for the sixth time in seven sessions to its lowest since late July. Meanwhile, surveys suggested increasing bullishness among retail investors, a trend that has historically preceded market pullbacks.
Caution Suggested Amid Rally Pause
While the market’s recent rally has been strong, the persistence of tight trading ranges for the S&P 500 and Nasdaq highlights a moderating trend. Investors are urged to focus on high-quality stocks forming solid bases or exhibiting strong support at key moving averages. Incremental exposure can help capture upside potential while managing risk. The scanner results are yielding fewer and fewer actionable setups each day.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” – Jesse Livermore
Now, onto the daily setups.
US Daily Setups
ASTS – AST SpaceMobile, Inc.
AST SpaceMobile is attempting to move higher from a continuation pattern.
LINK TO CHART – https://schrts.co/CRtJMPzG
MO – Altria Group Inc.
Altria is attempting to break out above its 52-week high.
LINK TO CHART – https://schrts.co/qIUWcVEV
PLL – Piedmont Lithium Limited
Piedmont Lithium appears to be potentially setting up on the right side of a bottoming pattern.
LINK TO CHART – https://schrts.co/ruvhSWGF
RXT – Rackspace Technology Inc.
Rackspace Technology is attempting to break out from a consolidation/continuation pattern.
LINK TO CHART – https://schrts.co/qFyYCRNp
SNOW – Snowflake Inc.
Snowflake is attempting to move higher from a bottom pattern.
LINK TO CHART – https://schrts.co/ysjciYFt
VCYT – Veracyte, Inc.
Veracyte is setting up just below its 52-week high.
LINK TO CHART – https://schrts.co/WHzPFQQf
Canadian Daily Setups
ARX.TO – ARC Resources Ltd.
ARC Resources is building a base just below its 52-week high.
LINK TO CHART – https://schrts.co/gidcCsBF
LAC.TO – Lithium Americas Corp.
Lithium Americas continues to consolidate along a potential breakout line.
LINK TO CHART – https://schrts.co/BwsuDTxC
NICU.V – Magna Mining Inc.
Magna Mining is testing its recent breakout line.
LINK TO CHART – https://schrts.co/bTvfMgVn
QTWO.V – Q2 Metals Corp.
Q2 Metals is consolidating in the form of a potential bullish flag.
LINK TO CHART – https://schrts.co/aRcvYmdS
SU.TO – Suncor Energy, Inc.
Suncor Energy appears to be potentially setting up on the right side of a significant multi-month consolidation pattern.
LINK TO CHART – https://schrts.co/dnHpGaig
WFG.TO – West Fraser Timber Co. Ltd.
West Fraser Timber appears to be consolidating in the form of a potential bullish flag.
LINK TO CHART – https://schrts.co/kjUUFUtM
To conclude our report, we thank you for your engagement and insights. Your feedback is valuable, 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 – 2024-11-13
ACM, ACN, ADBE, ADSK, AGYS, AIG, AIZ, AJG, ALB, ALKT, ALSN, AME, AMSC, AMZN, AON, APD, APH, APO, AR, ARGT, ARGX, ARLP, ARMK, ASPI, ASTS, ATGE, ATMU, ATYR, AVB, AVPT, AXON, AXS, AXTA, BAC, BBAR, BBY, BCC, BCSF, BEN, BHR, BITO, BKU, BL, BLDR, BLTE, BLX, BPOP, BR, BRBR, BRK/B, BRX, BSX, BTSG, BTU, BURL, BWXT, BX, BYRN, CAH, CAKE, CARR, CAVA, CB, CBRE, CCB, CCEP, CDNS, CECO, CEPU, CF, CFLT, CGBD, CHH, CHRW, CHTR, CIEN, CKPT, CLX, CMA, CME, CMI, CNX, COMP, COP, COR, COST, CPA, CPNG, CPRT, CPT, CRM, CRS, CRVS, CRWD, CSCO, CSGP, CSL, CSX, CTRA, CTSH, CVLT, CVX, CWAN, DAC, DAL, DAVE, DDL, DDOG, DECK, DHT, DIS, DKNG, DLTR, DOGZ, DOV, DRI, DSGN, DSGX, DT, DUOL, EBAY, ECL, EDN, EFXT, EHC, ELMD, EMR, EOG, EPAM, EQR, ERJ, ESOA, ESS, ET, ETN, EW, EXE, EXTR, F, FAST, FDS, FDX, FFIV, FICO, FIHL, FIS, FITB, FLUT, FNMA, FOUR, FRHC, FRT, FSV, FTAI, FTK, FTV, FVRR, FWONA, GAP, GBDC, GBTC, GBX, GD, GDDY, GE, GENI, GEO, GFL, GGAL, GHM, GM, GNRC, GNSS, GPI, GS, GSHD, GTLB, GWRE, GXO, H, HD, HEI, HES, HG, HIMS, HLT, HNRG, HNST, HPE, HROW, HSBC, HST, HUBB, HUT, HWM, HYG, IDE, IEX, IGV, INFY, INTC, INTU, IONQ, IOT, IPI, IR, IT, ITA, ITGR, ITT, ITW, J, JBT, JCI, JEF, JPM, K, KARO, KDP, KIM, KMX, KNSL, KRMD, KSCP, KTOS, KVYO, L, LFVN, LGND, LH, LII, LIT, LITE, LNT, LOMA, LOW, LUCD, LULU, LUNR, LUV, MAA, MANH, MAR, MATX, MBLY, MCB, MCK, MCO, MCRI, MCY, MDB, MDU, MDXG, MEC, MESO, METC, MGM, MGNI, MIRM, MMC, MMM, MMYT, MNST, MO, MOD, MRO, MS, MSCI, MSFT, MSOS, MUA, NDAQ, NDSN, NET, NFLX, NI, NMRK, NRDS, NRIM, NSC, NTB, NTRA, NUKZ, NVT, OC, OKE, OKLO, ORLY, OSPN, PAM, PANW, PATH, PATK, PAY, PCAR, PCG, PEG, PEGA, PG, PH, PL, PLD, PLL, PLMR, PLNT, PLTR, PM, PNR, PNW, POST, PPL, PRMW, PSA, PTC, PWP, PYPL, QBTS, QTUM, QTWO, QUAD, QUBT, RBC, RDW, REG, RGA, RGTI, RKLB, RL, RNA, ROK, ROL, ROOT, ROP, RSG, RSP, RTX, RXT, RYAN, SBUX, SCHW, SEER, SEZL, SHOP, SHW, SLQT, SMR, SMWB, SN, SNA, SNOW, SNPS, SPG, SPGI, SPOT, SPY, SQM, SRAD, SSNC, STN, STRT, SUPV, SW, SYK, T, TAP, TATT, TBBB, TBRG, TDG, TEAM, TECH, TEL, TEM, TEO, TGNA, TGS, TGTX, TIPT, TJX, TMUS, TOST, TPR, TROW, TSAT, TSLA, TSN, TT, TTGT, TTWO, TWLO, TXRH, TXT, UAA, UAL, UDR, ULS, ULTA, UNP, UPS, USB, USLM, UTI, VCYT, VERX, VICI, VLTO, VRSK, VRSN, VRT, VRTX, VSEC, VTRS, VZ, WBD, WFC, WGS, WM, WMT, WSFS, WSO, WST, WYNN, XEL, XLC, XLE, XLI, XLP, XLRE, XLY, XOM, XOP, YPF, YUM, Z, ZBH, ZG, ZIM, ZS, ZWS
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 – 2024-11-13
AC.TO, ACT.CA, ADBE.NE, ADW/A.TO, AFM.V, AIF.TO, AMRQ.V, AMZN.NE, ANRG.TO, ARX.TO, ATD.TO, ATD/A.TO, ATS.TO, ATZ.TO, BB.TO, BHSC.CA, BK/PA.TO, BLN.TO, BNXA.V, BRE.TO, BRK.NE, BYD.TO, CAE.TO, CAS.TO, CF.TO, CHR.TO, CIG.TO, CIGI.TO, CL.CA, COST.NE, CPX.TO, CRWD.NE, CSH/UN.TO, CSU.TO, CURA.TO, CVO.TO, DCBO.TO, DFN/PA.TO, DFY.TO, DIS.NE, DIV.TO, DNTL.TO, DR.TO, DSG.TO, DXT.TO, EFX.TO, EIF.TO, ENB.TO, ENGH.TO, EQB.TO, EXE.TO, FAP.TO, FFH.TO, FFN.TO, FORA.TO, FSV.TO, FTG.TO, FTN.TO, GDV.TO, GFL.TO, GH.TO, GIB/A.TO, GRID.TO, GTII.CA, HD.NE, HITI.V, HOH.V, HUT.TO, HWO.TO, IAG.TO, IFC.TO, IMO.TO, IMP.TO, INTC.NE, JWEL.TO, KEY.TO, KPT.TO, KSI.TO, KXS.TO, LAC.TO, LBS.TO, LFE.TO, LI.V, LMN.V, LSPD.TO, LULU.NE, MDA.TO, MFC.TO, MG.TO, MRT/UN.TO, MSFT.NE, MTL.TO, MTY.TO, NFLX.NE, NGEX.TO, NICU.V, NPI.TO, NVA.TO, NVEI.TO, OVV.TO, PBH.TO, PET.TO, PIC/A.TO, PNP.TO, PPL.TO, PSK.TO, PYPL.NE, PZA.TO, QBTC.TO, QTWO.V, REI/UN.TO, RUS.TO, SBUX.NE, SGML.V, SHOP.TO, SIA.TO, SLF.TO, SPB.TO, STN.TO, SU.TO, TCS.TO, TD.TO, TER.CA, TFII.TO, TINY.V, TOT.TO, TOY.TO, TPZ.TO, TRP.TO, TSLA.NE, TSND.TO, TTNM.TO, WCN.TO, WE.V, WELL.TO, WMT.NE, WRN.TO, ZEN.V
