SYS Research – Daily Report – Wednesday, September 20, 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 Zoom meeting to address your specific requirements and provide you with the guidance you need.

 

SYS Daily Report

The stock market has encountered some headwinds in the wake of the recent Federal Reserve meeting and Chairman Jerome Powell’s statements. Despite this turbulence, price movements remain confined within a triangular pattern.

Let’s highlight the key takeaways:

  • The Dow Jones Industrial Average declined by 0.2%, while the S&P 500 index experienced a 0.9% slump. The Nasdaq composite retreated by 1.5%.
  • As widely anticipated, policymakers maintained interest rates within the 5.25%-5.5% range, signaling confidence in a soft landing and mitigating the downside risk associated with additional rate hikes.
  • The Federal Reserve has adjusted its core PCE inflation rate projection for 2023 to 3.7%, down from the previous forecast of 3.9%. However, this figure still exceeds recent trends.

In the current market environment, challenges persist:

  • Resistance on the upside and support breaches are recurring themes.
  • Leading stocks are showing signs of strain, reflecting a less favorable investment climate.
  • Given these circumstances, investors should prioritize risk management.

While several stocks seem poised for potential setups, their success depends on a market rally. Following Chairman Powell’s comments, major stock indexes witnessed marginal declines. Notably, technology and banking sectors faced headwinds, while consumer staples and healthcare stocks emerged as relative bright spots within the S&P 500, and precious metals continued to be a potential bright spot.

US Daily Setups

AEM – Agnico Eagle Mines Ltd.

Agnico Eagle Mines is displaying further signs of a breakout attempt, but it encountered resistance at the 200-day moving average. Keep a close watch for a potential breakout above this level.

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

 

BSX – Boston Scientific Corp.

Boston Scientific is making an effort to trend towards new 52-week highs from a basing pattern.

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

 

CF – CF Industries Holdings, Inc.

CF Industries was showing signs of strength before the Federal Reserve intervened with their speech, dampening any attempts at upside momentum throughout the market. Nevertheless, this setup still appears promising. Keep a close watch for a potential trend to emerge.

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

 

GDX – VanEck Vectors Gold Miners ETF

The VanEck Vectors Gold Miners ETF encountered resistance at the upper trendline of the continuation pattern today. Keep a close watch for any potential breakout in the near future.

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

 

WPM – Wheaton Precious Metals Corp.

Wheaton Precious Metals is displaying relative strength as its price action consolidates around the 200-day moving average. Keep a vigilant eye out for any signs of strength that could potentially trigger an uptrend.

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

 

YETI – Yeti Holdings Inc.

Yeti has recently retested its breakout from a 52-week high, forming a bull flag continuation pattern. The price action is currently tracking along the 21-exponential day moving average.

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

 

Canadian Daily Setups

AEM.TO – Agnico-Eagle Mines Ltd.

Agnico-Eagle Mines is displaying further signs of a breakout attempt, but it encountered resistance at the 200-day moving average. Keep a close watch for a potential breakout above this level.

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

 

K.TO – Kinross Gold Corp.

Kinross Gold is currently positioned near the apex of a consolidation/continuation pattern. Be attentive to any signs of upside momentum, as it may indicate a potential continuation of the uptrend.

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

 

LUG.TO – Lundin Gold Inc.

Lundin Gold is currently flagging off the 200-day moving average, with its price approaching the underside of a substantial volume-by-price bar resistance line. Keep an eye on this setup for a potential breakout, especially if the price of gold shows signs of strength.

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

 

WMT.NE – Walmart Inc – Canadian Depository Receipt

Walmart is currently in a flagging pattern, with its price consolidating near the recent breakout line and the 21-exponential day moving average. Keep an eye on Walmart for potential developments, as a breakout from this flagging pattern could indicate a continuation of the uptrend.

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

 

WPM.TO – Wheaton Precious Metals Corp.

Wheaton Precious Metals is forming a cup base pattern, and the resistance line within this pattern may act as a breakout trigger. Keep an eye on it for potential bullish signals.

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

 

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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