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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Sample Trading System
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SYS Daily Report
Stock Market Rebounds Amid Inflation Concerns; TSX Hits Two-Week High
In a dramatic reversal, U.S. stocks staged their biggest single-day comeback in nearly two years on Wednesday, led by gains in the technology sector. The S&P 500 erased steep early losses, finishing 1.1% higher, while the tech-heavy Nasdaq surged 2.2% after falling 1.4% intraday. Both indexes broke above key horizontal resistance, with the S&P 500 reclaiming its 50-day moving average. The Dow Jones Industrial Average rebounded from a 1.8% decline to close up 0.3%. This marked the largest intraday recovery for the major indexes since October 2022, when a similar rally signaled the end of that year’s bear market.
S&P 500 – Daily Chart
Nasdaq – Daily Chart
Dow Jones Industrial Average – Daily Chart
Despite a core inflation reading slightly higher than expected, investors shrugged off initial concerns that the Federal Reserve would adopt a more aggressive interest rate cut. The consumer price index (CPI) showed a 2.5% rise in August, down from 2.9% in July, while core inflation, excluding food and energy, remained at 3.2%. While hopes for a 50-basis-point rate cut were dashed, traders now anticipate a more modest 25-basis-point reduction in the Fed’s upcoming meeting.
The stock market’s resilience was driven largely by big tech, with Nvidia surging 8.1% in heavy trading—its third consecutive day of gains. Tesla also posted a small gain after recovering from early-session losses. Other tech names, including Microsoft and Alphabet, supported the market’s recovery, as technology continues to represent a significant portion of the S&P 500. Despite the day’s rally, some caution remains due to sticky inflation in areas like shelter costs, which could keep the Fed from more aggressive rate cuts.
The rally wasn’t confined to the U.S. markets. Canada’s main stock index, the TSX Composite Index, rose to a near two-week high, closing up 208.08 points, or 0.9%, at 23,211.17. This was the index’s highest close since August 29. Dollarama led the gains, with shares surging 8.2% after the discount retailer beat second-quarter profit estimates, propelling the consumer discretionary sector 3.7% higher. Technology stocks also gained, while the energy sector snapped a seven-day losing streak, buoyed by a 2.4% rise in oil prices.
TSX – Daily Chart
Uranium mining stocks, including Denison Mines and Cameco, surged over 5%, with the sector’s ETF rebounding from support levels. The rally followed comments from Russian President Vladimir Putin, who suggested limiting exports of critical minerals, such as uranium and titanium, in retaliation for Western sanctions.
Uranium Theme – Global X Uranium ETF
In other economic developments, the producer price index and weekly jobless claims are set to be released on Thursday, which may offer further insight into inflationary pressures ahead of the Fed’s meeting. The stock market remains sensitive to any signs of economic slowdown or persistent inflation, particularly as investors weigh the possibility of further rate cuts through the end of the year.
Despite Wednesday’s bullish action, specific sectors, including consumer staples and healthcare, lagged behind. Insurance stocks faced selling pressure, with companies like Hamilton Insurance and Travelers declining amid high-volume trading. However, with major indexes posting strong midweek gains and inflation showing signs of easing, market sentiment appears to have stabilized. It remains crucial to watch the Fed’s next moves, as potential rate cuts could further fuel the ongoing rally, particularly in tech and growth sectors. Promising setups continue to emerge regardless of overall index movements, so it’s important to keep refining watchlists and act based on individual strategies and abilities. As Seneca wisely said, ‘Luck is what happens when preparation meets opportunity.’ Now, onto the daily setups.
US Daily Setups
AFRM – Affirm Holdings Inc.
Affirm is attempting to move higher from a bullish flag pattern as it rebounds off its upward-sloping moving average.
LINK TO CHART – https://schrts.co/umDeZGdD
AMZN – Amazon.com, Inc.
Amazon is attempting to push higher from a wedge pattern as the PPO approaches the zero line. Monitor to see if the PPO can break above zero, which would signal positive momentum.
LINK TO CHART – https://schrts.co/mcKTWKAe
ARM – Arm Holdings Plc
Arm Holdings is attempting to move higher from a wedge pattern and above horizontal resistance.
LINK TO CHART – https://schrts.co/gdcrPvSW
ATAT – Atour Lifestyle Holdings Ltd.
Atour Lifestyle is attempting to move higher from a nearly multi-year consolidation pattern, supported by strong volume.
LINK TO CHART – https://schrts.co/cATwRRsz
LOAR – Loar Holdings Inc.
Loar is attempting to continue its uptrend as price action moves higher from a bullish pennant continuation pattern, briefly touching a new all-time high.
LINK TO CHART – https://schrts.co/jjRxNGQC
NVDA – NVIDIA Corp.
Nvidia is moving toward the apex of a consolidation pattern as price action rebounds from the lower trendline. Monitor for continued signs of upside momentum, which could lead to a breakout and signal a continuation of the uptrend.
LINK TO CHART – https://schrts.co/dNPrFidd
SBUX – Starbucks Corp.
Starbucks is approaching the upper trendline and horizontal resistance of a significant multi-year consolidation pattern. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/AKzFuYQN
Canadian Daily Setups
BOGO.V – Borealis Mining Company Ltd.
Borealis Mining is starting to push higher from the recently highlighted bullish flag as price action consolidated along its moving average.
LINK TO CHART – https://schrts.co/EhCiIbpX
CRDL.TO – Cardiol Therapeutics, Inc.
Cardiol Therapeutics is attempting to break out from a wedge and above horizontal resistance. Take note of the large volume-by-price bars on the left side of the chart.
LINK TO CHART – https://schrts.co/byGVfAww
CTS.TO – Converge Technology Solutions Corp.
Converge Technology appears to be set up in the form of a bullish flag retest of the recent breakout. Monitor for signs of upside momentum.
LINK TO CHART – https://schrts.co/NJrZaVjI
DIV.TO – Diversified Royalty Corp.
Diversified Royalty is attempting a 52-week high breakout as price action trends upward from its recent consolidation area and above its upward-sloping moving average.
LINK TO CHART – https://schrts.co/HKeqCxin
EQB.TO – Equitable Group Inc.
Equitable continues to set up on the right side of its consolidation area.
LINK TO CHART – https://schrts.co/admZvDJx
PNG.V – Kraken Robotics Inc.
Kraken Robotics now appears to be consolidating in the form of a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/rHZtRhke
To conclude our report, we thank you for your engagement and insights. Your feedback is valuable, 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.
EXPORT – US Watchlist Scan – 2024-09-11
A, AAON, AAPL, ACA, ACM, ACN, ACVA, ADBE, ADI, ADSK, ADUS, AEM, AES, AEYE, AFRM, AGI, ALB, ALC, ALLE, ALNY, AMAT, AMGN, AMP, AMRK, AMZN, ANET, APD, APG, APH, APP, ARE, ARES, ARGT, ARGX, ARLO, ARLP, ARM, ASML, ASTH, ATAT, ATI, AVAV, AVB, AVGO, AXON, AXP, BABA, BAESY, BALL, BAM, BAP, BAX, BBY, BCO, BGNE, BHE, BIPC, BJ, BK, BL, BLBD, BMA, BMI, BROS, BURL, BWIN, BX, BXP, CARG, CARR, CAT, CAVA, CBRE, CBT, CCI, CCJ, CCL, CCS, CECO, CEG, CHDN, CHKP, CHWY, CIEN, CLBT, CLH, CLS, CM, CME, CMG, CNC, CNP, CNX, CNXN, COHR, COLL, COO, COPX, CORT, COST, CPNG, CPRX, CR, CRL, CRM, CRUS, CSCO, CSGP, CSTL, CSWC, CSWI, CTAS, CUK, CVLT, CW, DAKT, DAL, DAY, DDOG, DE, DECK, DELL, DGX, DHT, DKNG, DLR, DLTR, DOCS, DORM, DOV, DRI, DSGX, DUOL, DVA, DY, EAT, EBAY, EDR, EFX, EGO, EHC, ELMD, EME, EMN, EMR, EPD, EQIX, EQT, ERJ, ERO, ESAB, ESEA, ETN, ETR, EW, EXC, EXEL, EXP, EXPD, FAST, FCX, FFIV, FICO, FIS, FITB, FIX, FLUT, FORM, FOUR, FRPT, FSLR, FSV, FTAI, FTDR, FTNT, FTV, GEHC, GEN, GENI, GEV, GFL, GGAL, GIL, GLBE, GLW, GOLD, GRBK, GRFS, GRMN, GTES, GVA, GWRE, GWW, HASI, HCA, HEI, HIMS, HLIT, HON, HOOD, HOV, HROW, HST, HTGC, HUBB, HWM, IAG, IBKR, IBM, IBN, IDCC, IDR, IESC, IFF, IGV, IHI, IIPR, INFL, ING, INOD, INTC, INTU, IP, IR, IRM, ISRG, IT, ITCI, ITGR, ITRI, ITT, IWF, JBL, JCI, JD, JEF, JNPR, KEY, KEYS, KGC, KIM, KKR, KLAC, KNF, KRNT, KRYS, KTOS, KVUE, KVYO, KWEB, LGND, LII, LIN, LINC, LLY, LMAT, LMB, LNTH, LNW, LOAR, LOB, LPX, LRCX, LTH, LYFT, LYV, MA, MAA, MAG, MAIN, MBC, MCHP, MELI, MET, META, METV, MFC, MIRM, MLM, MMM, MMSI, MMYT, MNDY, MOD, MOG/A, MOH, MPLX, MPWR, MSFT, MTH, MTSI, MU, MUSA, NCLH, NDAQ, NEE, NFLX, NI, NMM, NOW, NRG, NTRA, NU, NVDA, NVO, OC, OLED, OLLI, ON, ONON, ONTO, ORCL, OSCR, OWL, PAAS, PACS, PAM, PATK, PAYC, PCT, PEG, PGR, PH, PLNT, PLTR, PNR, PNTG, PODD, POWL, PRCT, PRIM, PSA, PSTG, PTC, PWR, PYPL, QCOM, QFIN, QQQ, QSR, RACE, RBA, RBLX, RCL, RDDT, RDNT, REGN, REVG, RL, ROAD, ROST, RSI, RSP, RXST, RYTM, SA, SAFE, SAP, SBUX, SCCO, SE, SEZL, SHAK, SII, SIL, SILJ, SKT, SLV, SMCI, SMH, SMR, SN, SNA, SNOW, SNPS, SOFI, SOLV, SOUN, SPNS, SPOT, SPY, SRUUF, STEP, STRL, STX, SWK, SWKS, SYK, TAN, TBBB, TDG, TDS, TER, TEVA, THC, TILE, TJX, TK, TKR, TLN, TMUS, TNK, TOST, TPG, TPR, TRI, TROW, TRU, TSCO, TSLA, TSM, TT, TTD, TTEK, TW, TWST, TXN, UAL, UDR, UMH, URI, USAP, USFD, USLM, UTHR, VCYT, VEEV, VEL, VGT, VITL, VNOM, VRRM, VRSN, VRT, VRTX, VST, VTR, VZ, WAB, WCN, WES, WING, WMT, WSM, WULF, XEL, XHB, XLB, XLI, XLK, XLU, XLY, XME, YPF, ZBRA, ZETA, ZIM, ZS
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.
EXPORT – Canadian Scanner Results – 2024-09-11
AAPL.NE, ABRA.V, ABX.TO, AC.TO, ACO/X.TO, ADW/A.TO, AEM.TO, AFN.TO, AG.TO, AGF/B.TO, AGI.TO, AI.TO, ALA.TO, ALS.TO, AMZN.NE, AP/UN.TO, APR/UN.TO, ARE.TO, ARIS.TO, ARTG.V, ASE.CA, ASM.TO, ATX.V, ATZ.TO, AVGO.NE, AW/UN.TO, AYA.TO, BAM.TO, BAM/A.TO, BBU/UN.TO, BDI.TO, BDT.TO, BEI/UN.TO, BEP/UN.TO, BEPC.TO, BHC.TO, BIP/UN.TO, BIR.TO, BLN.TO, BLX.TO, BN.TO, BNS.TO, BOS.TO, BPF/UN.TO, BRM.V, CAR/UN.TO, CCL/B.TO, CCO.TO, CF.TO, CGO.TO, CIG.TO, CIGI.TO, CIX.TO, CJT.TO, CLS.TO, CM.TO, COST.NE, CP.TO, CPX.TO, CRDL.TO, CRR/UN.TO, CRT/UN.TO, CS.TO, CSH/UN.TO, CSU.TO, CTC/A.TO, CTS.TO, CU.TO, CWB.TO, D/UN.TO, DBM.TO, DF.TO, DFN.TO, DGS.TO, DHT/UN.TO, DIR/UN.TO, DIV.TO, DML.TO, DOL.TO, DPM.TO, DRM.TO, DRX.TO, DSG.TO, DV.V, E.TO, EDR.TO, EDV.TO, EFL.TO, EFN.TO, EIF.TO, EIT/UN.TO, ELD.TO, ELVA.TO, EMA.TO, EPRX.TO, EQB.TO, EQX.TO, ERE/UN.TO, ERO.TO, ESI.TO, ETG.TO, EXE.TO, FIL.TO, FM.TO, FOM.TO, FSV.TO, FTN.TO, FTS.TO, FWZ.V, GFL.TO, GGD.TO, GIB/A.TO, GIL.TO, GIVX.TO, GOLD.TO, GRT/UN.TO, GTWO.TO, H.TO, HISU.U.TO, HITI.V, HPS/A.TO, HR/UN.TO, IAU.TO, IFC.TO, IIP/UN.TO, ILLM.TO, IMG.TO, INE.TO, INTC.NE, ISO.TO, JAG.TO, K.TO, KMP/UN.TO, KNT.TO, KTN.V, L.TO, LAAC.TO, LAC.TO, LB.TO, LBS.TO, LFE.TO, LGC.V, LGO.TO, LIF.TO, LIFT.CA, LIFT.V, LLY.NE, LSPD.TO, LUG.TO, MAG.TO, MDA.TO, META.NE, MFC.TO, MI/UN.TO, MKP.TO, MND.TO, MRG/UN.TO, MRU.TO, MSFT.NE, MVRS.NE, NA.TO, NFG.V, NFI.TO, NFLX.NE, NG.TO, NGD.TO, NVDA.NE, NWC.TO, NWH/UN.TO, NXE.TO, NXR/UN.TO, OGI.TO, OGN.V, ONEX.TO, OTEX.TO, PAAS.TO, PAY.TO, PEY.TO, PLZ/UN.TO, PMZ/UN.TO, PNG.V, PPTA.TO, PRL.TO, PRV/UN.TO, PTK.V, PTO/UN.TO, PYPL.NE, PZA.TO, QSR.TO, RBA.TO, REI/UN.TO, RY.TO, SAP.TO, SBC.TO, SGML.V, SGR/UN.TO, SHOP.TO, SIA.TO, SIL.TO, SIS.TO, SLF.TO, SLI.V, SLS.TO, SMCI.NE, SPPP.TO, SRU/UN.TO, STLR.TO, SVI.TO, SYZ.TO, TCL/A.TO, TD.TO, TECK/B.TO, TF.TO, TIH.TO, TKO.TO, TNT/UN.TO, TRI.TO, TRZ.TO, TSLA.NE, TVK.TO, U/U.TO, U/UN.TO, VHI.TO, VOXR.TO, VZLA.V, WCN.TO, WDO.TO, WEX.V, WN.TO, WSP.TO, WUC.CA, X.TO, YAK.V
