SYS Research – Daily Report – Wednesday, November 8, 2023

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: We update the sector chartists every weekend. We highly recommend that you take some time to browse and create your watchlist. 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

 

Walls Street’s Winning Streaks Persist but Show Signs of Fatigue

The S&P 500 and Nasdaq Composite stock indices continued their impressive winning streaks on Wednesday, albeit with signs of the bullish momentum starting to wane. In the final hour of trading, both the S&P 500 and Nasdaq Composite managed to eke out gains, preserving their consecutive positive sessions.

S&P 500

Nasdaq

The S&P 500 marked its eighth consecutive day of gains, while the Nasdaq achieved its ninth straight session in positive territory. These streaks stand as the lengthiest observed since November 2021. Conversely, the Dow Jones Industrial Average’s streak of consecutive gains was halted at seven days. The S&P 500 saw a modest uptick of 0.1%, while the Nasdaq Composite similarly rose by 0.1%. In contrast, the Dow Jones Industrial Average experienced a marginal dip of approximately 40 points, equating to a 0.1% decrease.

Indexes

Notably, the breadth of the market remained weaker than one might infer from the performance of these major indexes, making it a challenge to identify actionable trading opportunities from the scanner results. The SSIF weakened slightly today.

SSIF

In the bond market, the 10-year Treasury yield displayed notable movement by falling 5 basis points to 4.52%. Importantly, this drop saw the yield closing below its 50-day or 10-week moving average for the first time since mid-May.

10-Year US Treasury Yield

US Daily Setups

AKAM – Akamai Technologies, Inc.

Akamai is approaching a potential breakout to new 52-week highs with strong bullish volume, which is a positive indicator of the stock’s performance. Keep a close eye on it for further developments.

LINK TO CHART – https://schrts.co/CQEceXSc

 

AVGO – Broadcom Inc.

Broadcom appears to be setting up just below its all-time high trigger line, which could indicate the potential for a breakout. Keep a close watch on the stock for any signs of a breakout in the near future.

LINK TO CHART – https://schrts.co/BvmKXWwb

 

BITW – Bitwise 10 Crypto Index Fund

Bitwise 10 Crypto Index Fund ETF, a cryptocurrency fund comprising the ten most highly valued cryptocurrencies, screened and monitored for certain risks, weighted by market capitalization, and rebalanced monthly, seems to be breaking out to new 52-week highs from a flagging pattern. Keep an eye on this breakout, as it may signal continued strength in the cryptocurrency market.

LINK TO CHART – https://schrts.co/psQMfkmc

 

MSTR – MicroStrategy Inc.

MicroStrategy, known for its investments in Bitcoin, is setting up below recent 52-week highs as the price of Bitcoin attempts to trend higher from its consolidation area. Keep an eye on this setup for potential movements in line with the cryptocurrency market.

LINK TO CHART – https://schrts.co/NrQfFTBe

 

NVDA – NVIDIA Corp.

NVIDIA is pushing against the upper trend line of a consolidation pattern. Keep an eye on this setup for the potential continuation of the uptrend.

LINK TO CHART – https://schrts.co/BYkjFCYi

 

RYAAY – Ryanair Holdings PLC

Ryanair is now breaking out above the horizontal resistance line.

LINK TO CHART – https://schrts.co/XYCagYXf

 

Canadian Daily Setups

BTCC.TO – Purpose Bitcoin ETF

It might be a good idea to keep the Purpose Bitcoin ETF on your watchlist, especially as the price of Bitcoin may influence its movements as it attempts to trend higher from the consolidation.

LINK TO CHART – https://schrts.co/skTAAiDW

 

CTS.TO – Converge Technology Solutions Corp.

Converge Technology seems to be gaining momentum as it forms a bottoming pattern. Watch for signs of further upside strength that could lead to a potential breakout.

LINK TO CHART – https://schrts.co/KRuMxIme

 

DOL.TO – Dollarama Inc.

Dollarama has reached another new all-time high. Monitor the stock’s performance for potential continuation of the uptrend.

LINK TO CHART – https://schrts.co/uDDCZDmW

 

DSG.TO – The Descartes Systems Group, Inc.

The Descartes Systems is continuing to push higher from its consolidation/continuation pattern.

LINK TO CHART – https://schrts.co/vRpwUyFZ

 

LLY.NE – Eli Lilly & Co – Canadian Depository Receipt

Eli Lilly appears to be set up for a new high breakout. This is an important development to monitor in the stock.

LINK TO CHART – https://schrts.co/gFURfhTI

 

NVDA.NE – NVIDIA Corp – Canadian Depository Receipt

NVIDIA is pushing above the upper trendline of a consolidation pattern. Keep an eye on this setup for the potential continuation of the uptrend.

LINK TO CHART – https://schrts.co/yivphitM

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.

 

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