SYS Research – Daily Report – Wednesday, October 11, 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

SSIH

Tonight, we have a delightful surprise for you. Our dear friend Greg has generously returned with an exciting gift. He’s shared a trove of updated charts featuring his unique indicator, the SSIH. Get ready to dive in as we explore Greg’s latest insights. Stay tuned and enjoy this special edition of our nightly report, a testament to the enduring spirit of our trading community.

The SSIH is currently at a level that suggests preparing to buy when it turns higher from this point. However, it’s equally important to exercise caution against further downward movements.

Here’s a view of the fast SSI as it starts to push above the trigger line, serving as a potential leading indicator.

This is the level from which they rebounded in 2023. If this trend continues to rise, we may very well witness the resurgence of a substantial bull market.

This one serves as a significant bear market indicator; should it breach this level…

Typically, at a point high enough that big rallies can start.

It ultimately hinges on the performance of these stocks during earnings season. If we experience a sideways trend throughout October, it’s likely to result in a turbulent fourth and first quarter.

Market Soars, But Not Without Turbulence

Stocks maintained their upward trajectory, extending their winning streak for the fourth consecutive trading session. However, the day’s journey was marked by some turbulence, as the market rally initially surged to morning highs, only to encounter resistance at the Nasdaq’s 50-day moving average, briefly pushing it into negative territory. Yet, the market demonstrated resilience, staging a rebound later in the session, with the Nasdaq managing to close slightly above the critical level.

Similarly, the S&P 500 confronts potential hurdles as it approaches its 50-day moving average. Breaking this threshold is often seen as a signal of a green light for investors. However, we’ve observed that the setups we track are already surging towards new highs. This serves as a stark reminder not to be swayed by market predictions, as the broader indexes tend to lag behind the strongest performers. Waiting for an ‘all-clear’ can result in chasing gaps and missing out on the most robust opportunities.

Conversely, if the indexes can’t maintain or recover the 50-day moving average, especially with the S&P 500, it’s a reason for concern. Be ready with your exit strategies in such cases. Stay alert and flexible.

In recent sessions, the stock market has staged a notable recovery following a period of grappling with rising bond yields. The sudden surge in yields had cast a shadow on market performance. Nevertheless, a glimmer of optimism emerged as the minutes from relevant officials hinted at a preference for just one more rate hike. Intriguingly, there has been a noticeable shift in these views, with several officials now suggesting that the rise in bond yields may reduce the need for further interest rate hikes throughout the year. All eyes now turn to Thursday’s eagerly anticipated Consumer Price Index (CPI) inflation report, which could serve as a potential catalyst for further positive market movement.

The S&P 500 posted a respectable gain today of 0.4%, while the tech-heavy Nasdaq Composite advanced by 0.7%. The Dow Jones Industrial Average also joined the positive movement, adding 0.2%.

When looking at the Red-Light Green-Light Market Breadth System, it appears to be on the verge of triggering a green light signal. Stay tuned.

US Daily Setups

AAPL – Apple, Inc.

Apple is maintaining its setup near the upper trendline of a continuation wedge. Closely monitor for the continuation of the positive momentum, which has the potential to pave the way for a breakout.

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

 

AIT – Applied Industrial Technologies Inc.

Applied Industrial Technologies is currently making an attempt to trend higher, aiming for new all-time highs emerging from a continuation pattern.

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

 

AVGO – Broadcom Inc.

Broadcom is currently consolidating just below its new all-time highs. Monitor for the continuation of the recent upside momentum, which could potentially lead to a breakout.

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

 

AXON – Axon Enterprise, Inc.

The Axon setup is currently showing signs of pushing above the upper trendline of the significant basing pattern that we recently highlighted.

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

 

BRBR – Bellring Brands Inc

Bellring Brands is now showing an acceleration in its upward trajectory from the continuation pattern that has been under our watchful eye.

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

 

CHTR – Charter Communications Inc.

Charter Communications is currently consolidating within the structure of a continuation pattern. Stay alert for a potential breakout.

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

 

GOOGL – Alphabet Inc.

The Alphabet setup, closely monitored as price action trended higher along the 50-day moving average, is now reaching a new 52-week high.

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

 

META – Meta Platforms, Inc.

Meta Platforms setup we’ve been closely charting has now surged to achieve a new 52-week high.

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

 

MOD – Modine Manufacturing Co.

Modine is trending higher from the continuation pattern we’ve been monitoring.

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

 

MSFT – Microsoft Corp.

Microsoft is positioned in the form of a substantial continuation wedge. Keep watch for a potential breakout.

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

 

NVDA – NVIDIA Corp.

Nvidia is persisting in consolidation just below its all-time high. Monitor for the continuation of its uptrend.

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

 

POWL – Powell Industries, Inc.

Powell Industries is actively working to maintain its uptrend above the 50-day moving average, with price action indicating a potential breakout from its current consolidation phase.

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

 

PSN – Parsons Corp.

Parsons is positioned for a potential new 52-week high breakout.

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

 

TSLA – Tesla Inc.

Tesla remains tightly coiled at the apex of a continuation triangle. Stay vigilant and monitor for a potential breakout.

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

 

Canadian Daily Setups

ATD.TO – Alimentation Couche-Tard, Inc.

Alimentation Couche-Tard is showing acceleration as it rises from its bull flag pattern.

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

 

DFY.TO – Definity Financial Corp.

Definity Financial maintains its setup above the apex of a significant consolidation/continuation pattern, signaling a noteworthy potential for the future.

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

 

DOL.TO – Dollarama Inc.

Dollarama is displaying signs of strength as it emerges from its bull flag continuation pattern.

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

 

NFI.TO – New Flyer Industries Inc.

The New Flyer setup has initiated a breakout.

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

 

UGE.V – UGE International Ltd.

UGE International is currently trending upwards from a substantial multi-year basing pattern, which has consolidated into the form of a massive continuation triangle, or one could call it a wedge. Regardless of the description, the price action is attempting to break out from this significant basing pattern.

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

 

WSP.TO – WSP Global Inc.

WSP Global is signaling the commencement of an upward trend emerging from a continuation pattern, propelling it to new all-time highs.

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

 

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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