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.
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SYS Daily Report
Market Momentum Persists Despite Setup Challenges; Bitcoin Takes Center Stage in Today’s Analysis
Stocks continued their upward trajectory on Wednesday, buoyed by positive economic data, although the market lost momentum in the session’s final hour. As highlighted in our report from last night, the current challenge lies in finding new setups offering favorable risk-reward ratios.
The S&P 500 saw a modest uptick of 0.2%, while the Nasdaq Composite, dominated by tech stocks, posted a gain of 0.1%. The Dow Jones Industrial Average fared even better, rising by 0.5%, or approximately 164 points. Notably, seven out of the 11 sectors within the S&P 500 concluded the day on a positive note.
In the domain of government bonds, the yield on the 10-year Treasury note settled at 4.535% on Wednesday, a slight uptick from Tuesday’s 4.440%. This reversal countered some of the previous day’s sharp decline, marking the most substantial one-day drop since March.
Turning our attention to today’s setups, a prominent theme continues to emerge with a focus on Bitcoin. The cryptocurrency’s price action is currently striving to reach another multi-month high as I type.
US Daily Setups
$BTCUSD – Bitcoin to US Dollar
The price of Bitcoin is on the verge of breaking out to another new high, marking a potentially significant move since the last chart update.
LINK TO CHART – https://schrts.co/axpzxUQd
BITO – ProShares Bitcoin Strategy ETF
The ProShares Bitcoin Strategy ETF is closely tracking the price movements of Bitcoin.
LINK TO CHART – https://schrts.co/KqchWvaA
COIN – Coinbase Global Inc.
Coinbase is currently attempting to break out from a bull flag continuation pattern, suggesting potential positive momentum in its market trajectory.
LINK TO CHART – https://schrts.co/EmVYeHVy
GBTC – Grayscale Bitcoin Trust
The Grayscale Bitcoin Trust is currently flagging below multi-month highs, hinting at a potential consolidation before potential further moves in the market.
LINK TO CHART – https://schrts.co/CFYJAbZs
MARA – Marathon Digital Holdings Inc
Marathon Digital is persistently setting up on the right side of the round bottom pattern we’ve been highlighting, accompanied by increasing bullish volume.
LINK TO CHART – https://schrts.co/dRitiHwf
MSTR – MicroStrategy Inc.
MicroStrategy is flagging below its 52-week high, suggesting a potential consolidation before its next move.
LINK TO CHART – https://schrts.co/gDGmFNeJ
Canadian Daily Setups
BITF.TO – Bitfarms Ltd.
Bitfarms is attempting to break out from a rounded bottom pattern, accompanied by a surge in volume.
LINK TO CHART – https://schrts.co/WecRYaxb
BTCC.TO – Purpose Bitcoin ETF
The Purpose Bitcoin ETF, Canada’s physical Bitcoin ETF, is currently tracking the price of Bitcoin as it attempts to break out to a multi-month high.
LINK TO CHART – https://schrts.co/mBmbzRNG
CTS.TO – Converge Technology Solutions Corp.
Converge Technology is experiencing its second day of bullish volume following a breakout from its trendline, suggesting sustained positive momentum in its market activity.
LINK TO CHART – https://schrts.co/DGpPSqSS
DIS.NE – Walt Disney Co – Canadian Depository Receipt
Walt Disney is attempting to break out from a significant bottoming pattern, signaling potential positive developments in its market trajectory.
LINK TO CHART – https://schrts.co/rTHkZrxi
ETHC.NE – Ether Capital Corp.
Ether Capital continues to set up below a significant trigger line, suggesting a potential breakout in the making.
LINK TO CHART – https://schrts.co/kVJDzWQY
ETHX/B.TO – CI Galaxy Ethereum ETF
The CI Galaxy Ethereum ETF is currently flagging below multi-month highs. Keep a close watch for a potential breakout.
LINK TO CHART – https://schrts.co/YiYMntHB
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.
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.
