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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SYS Daily Report
Navigating Volatility and Opportunities
The major indexes exhibited a pattern of opening higher for the second consecutive day, only to reverse course shortly thereafter. However, these indexes battled back and closed with mixed results in a notable departure from recent trends. The S&P 500 managed to end the day with a slight gain, albeit significant, given the turbulence experienced in the stock market over the past week.
S&P 500
Index Performance
- S&P 500: Closed nearly flat.
- Nasdaq Composite: Added 0.2%.
- Dow Jones Industrial Average: Edged down 0.2%.
Indexes
A standout performer, the energy sector displayed remarkable strength, standing apart from the broader market indices. Energy companies led the gains in the S&P 500, driving the sector to a notable 2.5% increase. Light sweet oil futures surged by over 2%, reaching as high as $94.17 per barrel, marking their highest level since late August 2022. Recent market events have taken a toll on most leading equities, except for those within the energy sector, which continue to demonstrate resilience. This presents an attractive opportunity we will explore further in this report’s setups section.
Light Crude Oil
A significant development occurred in the bond market as the yield of the U.S. Treasury 10-year bond experienced a sharp rise, reaching as high as 4.64% before settling at 4.62%. This level represents the highest yield since October 2007. Additionally, shorter-term Treasury bills and notes also exhibited higher yields, with 3-month Treasury bonds at 5.58% and one-year notes at 5.49% as of Wednesday afternoon. This increase in fixed-income yields poses a challenge for equities, intensifying the competition for reliable returns.
10-year Treasury yield
In contrast, gold faced a challenging day as the U.S. dollar continued to strengthen. A stronger dollar makes gold more expensive for overseas banks and traders. The SPDR Gold Shares (GLD) ETF declined by 1.2%, marking its fourth drop in the last five sessions after being rejected by the 100-day moving average highlighted in yesterday’s report and hitting a six-month low.
Gold
US Dollar
For investors adopting a more cautious stance, prudence suggests patience. Safeguarding financial and emotional capital in preparation for brighter days is advisable. Simultaneously, assembling a watchlist that includes equities positioned near their buy thresholds while displaying robust relative strength can be a wise strategy.
US Daily Setups
CVX – Chevron Corp.
Chevron is currently making an effort to trend above both horizontal resistance and the upper trendline of a significant consolidation pattern, taking the form of a continuation triangle. It’s worth keeping an eye out for a potential increase in upside potential.
LINK TO CHART – https://schrts.co/tHEnVDRk
FTI – TechnipFMC Plc
TechnipFMC is currently making an effort to trend higher from a bull flag continuation pattern, positioned just below new 52-week highs.
LINK TO CHART – https://schrts.co/RjJjYGNA
RIG – Transocean, Inc.
Transocean is positioned on the right side of a significant basing pattern, situated just below new 52-week highs. Keep a close watch for a potential breakout.
LINK TO CHART – https://schrts.co/NSakXhwq
VAL – Valaris Ltd.
Valaris is positioned just below its new all-time highs within the context of a continuation triangle. Be sure to watch for a potential breakout.
LINK TO CHART – https://schrts.co/EDTkzViw
XLE – Energy Select Sector SPDR Fund
Energy Select Sector SPDR Fund is making an attempt to reach new highs from its significant consolidation pattern.
LINK TO CHART – https://schrts.co/yHEWmDKA
XOM – Exxon Mobil Corp.
Exxon Mobil is currently breaking out to new heights. Keep a close watch for the potential continuation of the uptrend.
LINK TO CHART – https://schrts.co/PiIRTdTQ
Canadian Daily Setups
BTE.TO – Baytex Energy Corp.
Baytex Energy is positioned on the right side of a multi-month bottoming base. Be sure to watch for a breakout.
LINK TO CHART – https://schrts.co/XdCTkziT
CNQ.TO – Canadian Natural Resources Ltd.
Canadian Natural Resources is persistently approaching a potential new high breakout.
LINK TO CHART – https://schrts.co/WxrVMMIE
CVE.TO – Cenovus Energy Inc.
Cenovus Energy is currently making an effort to trend higher above the horizontal resistance line, following a consolidation phase above the upper trendline of its basing pattern and horizontal resistance.
LINK TO CHART – https://schrts.co/WBBHtfZn
HWX.TO – Headwater Exploration Inc.
Headwater Exploration is tightening up on the right side of a significant consolidation pattern, situated just below new highs. Keep an eye out for a potential breakout.
LINK TO CHART – https://schrts.co/kvBpUxXR
SU.TO – Suncor Energy, Inc.
Suncor Energy is currently making an effort to trend higher from its significant consolidation/continuation pattern.
LINK TO CHART – https://schrts.co/KNHTJqKW
WCP.TO – Whitecap Resources Inc.
Whitecap Resources is positioned just below its 52-week highs, accompanied by a bullish volume profile, while price action remains above the 21-exponential day moving average. Keep an eye out for a potential breakout.
LINK TO CHART – https://schrts.co/IcPdUJsh
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.
