SYS Research – Daily Report – Wednesday, October 18, 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

 

Yield Surge and the 50-Day Moving Average

Wednesday proved to be a day of relentless headwinds, largely attributed to the relentless ascent of Treasury yields. The yield on the 10-year Treasury note surged by nearly 6 basis points, reaching an apex not seen since July 25, 2007, sending shockwaves through the stock market’s tides.

This uptick in Treasury yields incited trepidation among investors, resulting in a bearish turn in the charts we watch. The Nasdaq composite and the S&P 500 have succumbed to the siren song of their 50-day moving averages, which served as an expected resistance.

The S&P 500 bore the brunt of this turbulence, experiencing a significant 1.3% decline. Meanwhile, the venerable Dow Jones Industrial Average witnessed a decline of 332.57 points, or precisely 1%. The Nasdaq Composite, a tech-heavy index, was not spared either, facing a substantial 1.6% drop.

It becomes increasingly challenging to envision a sustainable market rally under the weight of soaring Treasury yields and the persistent underperformance of major indices, which stubbornly persist below their 50-day moving averages.

Meanwhile, in the broader economic landscape, WTI crude oil futures exhibited a 2% increase, surging to $88.57 a barrel, as traders reacted to the global turmoil, further adding to the cocktail of uncertainty that currently characterizes the financial markets. Keep a close watch on the chart for a potential breakout from the bull flag pattern. Such a breakout would signify a bullish signal, especially for the energy stocks within our purview.

US Daily Setups

COST – Costco Wholesale Corp.

After a significant whipsaw, the Costco setup has returned to its recent highs. Keep a watchful eye for the continuation of the uptrend.

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

 

DRS – Leonardo DRS, Inc.

The Leonardo DRS setup continues to demonstrate signs of upside strength following its base breakout.

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

 

NOG – Northern Oil and Gas, Inc.

Northern Oil and Gas is still in the setup phase in the form of a bull flag continuation pattern.

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

 

VERX – Vertex Inc.

Vertex has just performed a bull flag retest of the recent base breakout. Pay attention to the bullish volume profile that persisted throughout the basing pattern.

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

 

WDOFF – Wesdome Gold Mines Ltd.

Wesdome Gold Mines is still in the setup phase on the right side of its bottoming base. Keep a close eye on it for a potential breakout.

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

 

XLE – Energy Select Sector SPDR Fund

The Energy Select Sector SPDR Fund ETF continues to surge from the handle highlighted over the weekend. Price action is now approaching its recent highs. Keep a close watch for a potential breakout.

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

 

Canadian Daily Setups

FOM.TO – Foran Mining Corp.

Foran Mining continues to exhibit upside momentum as price action approaches the trigger line of the ascending triangle. Stay vigilant and monitor for a potential breakout.

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

 

HME.V – Hemisphere Energy Corp.

Hemisphere Energy is beginning to push higher from a significant consolidation/continuation pattern.

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

 

SU.TO – Suncor Energy, Inc.

Suncor Energy is in the process of setting up near multi-year highs. Keep a close watch for potential signs of upside momentum that could result in a breakout.

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

 

U/UN.TO – Sprott Physical Uranium Trust

The Sprott Physical Uranium Trust appears to be on the verge of breaking out from a bull flag continuation pattern. Keep an eye on this potential breakout.

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

 

UGE.V – UGE International Ltd.

The UGE setup continues to exhibit upside strength.

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

 

WDO.TO – Wesdome Gold Mines Ltd.

Wesdome Gold Mines is still in the setup phase on the right side of its bottoming base. Keep a close eye on it for a potential breakout.

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

 

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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