SYS Research – Daily Report – Wednesday, October 25, 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

 

Market Volatility Persists as Tech Sector Pulls Nasdaq Into Correction Territory

The market continues to face challenging conditions, with a sharp decline in the shares of major technology companies, including Alphabet and Amazon.com, triggering a correction in the Nasdaq Composite. During a painful session, the tech-heavy index saw a 2.4% drop, pushing it more than 10% below its recent high. The losses escalated in the afternoon, leading the index to one of its most significant one-day declines this year, with price action threatening to breach the 200-day moving average.

Nasdaq

The 10-year Treasury yield climbed to 4.953%, exerting downward pressure on growth-oriented stocks due to the potential reduction in the value of future profits. This has further exacerbated the situation in the Nasdaq.

10-Year US Treasury Yield

The SSIH indicator has weakened considerably, with no discernible signs of strength. It is evident that the market is currently in a correction phase. The indexes are trending lower, and several prominent ‘magnificent 7’ stocks display signs of damage. In light of the SSIH’s cautionary stance, it suggests maintaining a significant cash position or even considering a full cash position, especially for those who lack the expertise to navigate this volatile environment. It is crucial to wait for signs of an SSIH upturn and a positive signal. Mere strong opens or a few robust days are insufficient, as the market can resemble the ‘death of a thousand papercuts.’

SSIH

The S&P 500 index saw a 1.4% decline, breaching the 200-day moving average and undercutting horizontal support.

S&P 500

The Dow Jones Industrial Average managed to hold above Monday’s lows but had a day marked by weakness.

Indexes

US Daily Setups

AVAV – AeroVironment Inc.

AeroVironment continues to trend higher from the pattern recently highlighted.

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

 

CCJ – Cameco Corp.

Cameco is making an attempt to trend higher from a bull flag continuation pattern.

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

 

GD – General Dynamics Corp.

General Dynamics is popping higher from a bull flag continuation pattern.

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

 

INSW – International Seaways, Inc.

International Seaways is demonstrating strength in a weak market.

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

 

RTX – Raytheon Technologies Corp.

Raytheon Technologies is appearing on momentum scans as price action surges off its low with bullish volume.

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

 

SWBI – Smith & Wesson Brands, Inc.

Smith & Wesson Brands is currently setting up just below a horizontal resistance line in the form of a bull flag continuation pattern.

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

 

UNH – Unitedhealth Group, Inc.

Unitedhealth is currently setting up in the form of a bull flag continuation pattern.

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

 

Canadian Daily Setups

ATD.TO – Alimentation Couche-Tard, Inc.

Alimentation Couche-Tard is currently setting up in the form of a bull flag continuation pattern, positioned just below new highs.

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

 

CCO.TO – Cameco Corp.

Cameco is making an attempt to trend higher from a bull flag continuation pattern.

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

 

MEG.TO – MEG Energy Corp.

MEG Energy has just retested the recent breakout in the form of a bull flag continuation pattern.

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

 

MSFT.NE – Microsoft Corporation – Canadian Depository Receipt

Microsoft is breaking out from a continuation wedge, driven by a bullish earnings report.

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

 

U/UN.TO – Sprott Physical Uranium Trust

Sprott Physical Uranium Trust continues to exhibit strong upside strength as its price action reaches a new 52-week high.

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

 

UNH.NE – Unitedhealth Group Inc – Canadian Depository Receipt

Unitedhealth is currently setting up in the form of a bull flag continuation pattern.

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

 

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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