Notice: The weekend report is provided for informational purposes only and is 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.
This is just a friendly reminder that it’s essential to monitor the Daily Setups and Workspace scan results, which can provide insights into potential future additions and help you stay ahead of the game.
If you’re having trouble understanding the Daily Setups or need help crafting a trading strategy, don’t hesitate to ask for assistance. You can email us 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.
Sample Trading System
The following trading system is presented as an educational example and should not be interpreted as financial advice. Past performance does not guarantee future results, and trading involves inherent risks. Please consult with a qualified financial advisor before implementing any trading strategies.
SYS Daily Report – Weekend Edition
Market Commentary
The major indexes continue to fluctuate following a week of volatile earnings reports. Before I began publishing the daily report, I solely focused on the scan results and the daily setups. I’ve noticed most people become too fixated on predicting the next index movement, leading them to overlook charts poised to surge higher. These opportunities often lie right under their noses.
As always, technical setups emerge amidst volatility, and when the market eventually turns, they typically lead the market higher. Many of our scanner results confirm this, as numerous commodity-related stocks that don’t correlate with the index continue to soar, yielding significant profits for those positioned in those sectors, while others are preoccupied with predicting the S&P 500.
Though it’s essential to stay abreast of overall market movements because there are times when everything aligns, such occurrences are rare. Many pessimists hark back to the few instances in history when such rare events unfolded. This week serves as a stark reminder of how challenging it can be to predict index movements. It also underscores the importance of flexibility; even if one holds a strong opinion, one must be willing to adapt if the data changes.
Earlier this week, the market hinted at a bear flag pattern on all of the indexes, but on Friday, following Alphabet’s earnings reports, price action rejected that pattern. The 21-day exponential average has proven to be a reliable indicator of short-term market trends. Thus, despite price action closing above the 21-day exponential moving average, the low of the candle is still positioned below the moving average; it also remains ensnared below the 50-day moving average and a crucial horizontal resistance level. Ideally, we’d like to see price action reclaim the 50-day moving average with the low of each candle walking above the 21-exponential. Consequently, while the flag pattern was rejected, the indexes are far from being out of the woods.
S&P 500 – Daily Chart
Nasdaq – Daily Chart
Dow Jones Industrial Average – Daily Chart
Once the earnings season concludes, the pivotal question will be: What lies ahead for interest rates? If interest rates persist in climbing, they could present a headwind for stocks. The 10-year Treasury yield climbed by 5.4 basis points to reach 4.69%, marking an increase of 48 basis points in just four weeks. On Thursday, the yield nearly reached 4.74%, marking its highest level since November 1st. Will this chart hold the key to future index price movements?
10-Year US Treasury Yield
Furthermore, the US government’s ongoing money printing to manage debt and cover expenses (more war spending) exacerbates the situation. With persistent inflation, the Federal Reserve faces challenges in reducing interest rates. Nevertheless, this continual monetary expansion may sustain interest in commodities.
Hence, while I’ll continue to provide commentary on the index, it shouldn’t be the sole focus, as many charts in the daily setups present opportunities regardless of index movements. Sometimes, stocks correlate with the indexes, while other times, they move independently. Take Nvidia, for example. It has been a market leader but recently broke below the 50-day moving average, dragging the indexes down with it. However, on Friday, price action surged, potentially signaling a bullish trend. If Nvidia does break out, the indexes could follow suit. However, regardless of their movements, many other setups remain unaffected. This underscores the necessity of having a plan and understanding one’s objectives to seize opportunities aligned with strategy. This flexibility is also evident in the red-light/green-light breadth system, currently showing no clear signal in either direction. To add to the complexity, all 11 S&P sectors finished in the green last week. If anything, this highlights the importance of being prepared to react swiftly, regardless of personal bias. Rather than making predictions, it’s essential to react to what is happening. Now, let’s transition to the market commentary, followed by the daily setups, where Nvidia is one of the charts featured.
The Red-Light/Green-Light Breadth System
What Worked Last Week
When observing the Russell 2000, its price action aligns technically with expectations at each level. The low of 191.34 on the ETF managed to hold above the 200-day moving average before reclaiming the overhead horizontal level, as indicated by the red line on the chart. Subsequently, price action has been precisely rejected twice by the underside of the 21-day exponential moving average. This technical setup enables one to formulate a plan and respond accordingly. A break below the red horizontal line would invalidate any short-term bullish scenario, whereas a price move above the 21-day exponential moving average and the blue horizontal resistance line would signal bullish momentum.
Russell 2000 (ETF) – Daily Chart
The US dollar remains a crowded trade when considering positioning. Price action closed the week lower, persisting in its struggle to breach the latest level of overhead resistance.
US Dollar – Weekly Chart
The price action in crude oil suggests a potential bullish flag continuation pattern, with testing observed at both the 10-week (or 50-day) and the 40-week (or 200-day) moving averages. This setup, marked by technical soundness, presents a strategic opportunity, especially with multiple robust energy-related stocks emerging in our scanner results and daily setups. Keep a close watch and be prepared to react, as the chart clearly indicates horizontal trigger lines for both upward and downward price movements.
Crude Oil – Weekly Chart
The TSX continued its steady path along the 50-day moving average this week, building on the bullish flag retest from last week.
TSX – Daily Chart
The price of copper remains resilient, defying index movements as it surpasses another overhead level of resistance. Copper producers continue to be frequently featured in the daily setups, highlighting their significance in the current market dynamics.
Copper – Weekly Chart
Gold closed the week with a decline in price, yet it found support at the 21-day exponential moving average. Conversely, gold mining stocks had a strong performance throughout the week. Presently, the price action on the gold chart suggests a potential bullish flag pattern. Monitor for a continuation of upward momentum, with the 21-day exponential moving average serving as an uptrend line. Additionally, the 21-day provides a reference point for devising a plan for managing any short-term downside risk.
Gold – Daily Chart
The price action of Bitcoin is currently confined below the 50-day moving average, setting the stage for a binary event setup. Below this threshold, there is no clear signal. However, a breakout above the 50-day moving average would be interpreted as a bullish signal. Additionally, it would provide a defined downside risk level, aligned with the same moving average.
Bitcoin – Daily Chart
US Daily Setups
AVGO – Broadcom Inc.
Broadcom has ramped aggressively from its recent low. Price action now appears to be forming a consolidation pattern below its all-time high. Add it to your watchlist and monitor closely for any potential breakout signals in the coming days, weeks, or months.
LINK TO CHART – https://schrts.co/XTsjsEcw
CCJ – Cameco Corp.
Cameco appears to be setting up below its 52-week high. Monitor closely for any potential breakout signals, which may suggest a continuation of the uptrend.
LINK TO CHART – https://schrts.co/jYzGmxzW
DNN – Denison Mines Corp.
Denison Mines appears to be set up as a bullish flag continuation pattern, consolidating to a significant horizontal support line identified by the large volume by price bar on the left side of the chart. Keep an eye on potential breakout signals suggesting a continuation of the uptrend.
LINK TO CHART – https://schrts.co/CKkbVTMp
FCX – Freeport-McMoRan, Inc.
Freeport-McMoRan is attempting to move higher from a bullish flag continuation pattern. Monitor closely for confirmation of this potential uptrend continuation.
LINK TO CHART – https://schrts.co/GwtVavgq
KALU – Kaiser Aluminum Corp.
Kaiser Aluminum appears to be breaking out from a bullish flag continuation pattern, supported by robust volume. Keep a close watch for confirmation of this breakout and potential upward momentum.
LINK TO CHART – https://schrts.co/iaQYNTYd
NVDA – NVIDIA Corp.
Nvidia appears to be setting up below a horizontal resistance line. Monitor closely for any potential breakout signals as we anticipate a continuation of the uptrend. Its leadership position in the market suggests it could support the overall market direction.
LINK TO CHART – https://schrts.co/iiDGHHpC
PLTR – Palantir Technologies, Inc.
Palantir Technologies appears to be set up in a sizeable bullish flag continuation pattern. Keep a close eye on potential breakout signals, which could signal a potential continuation of the upward momentum.
LINK TO CHART – https://schrts.co/eKNwJZmg
SCCO – Southern Copper Corp.
Southern Copper appears to be breaking out from a bullish flag continuation pattern. Keep a vigilant watch for confirmation of this breakout and potential further upward movement.
LINK TO CHART – https://schrts.co/PRuYfXwk
SDRL – Seadrill Ltd.
Seadrill appears to be set up in a bull flag retest of the recent breakout line. Watch for any potential signs of upside momentum.
LINK TO CHART – https://schrts.co/jUSchDcJ
UAN – CVR Partners LP
CVR Partners is attempting to move higher from a bullish flag retest of the recent triangle breakout. Watch for confirmation of a breakout from this pattern and potential further upward movement.
LINK TO CHART – https://schrts.co/CvrHmHwu
URA – Global X Uranium ETF
The Global X Uranium ETF appears to be set up as price action consolidates towards the apex of a multi-month consolidation/continuation pattern. Stay attentive to potential breakout signals as the pattern reaches its apex.
LINK TO CHART – https://schrts.co/pAjKhJev
Canadian Daily Setups
BN.TO – Brookfield Corp.
The Brookfield setup is attempting to confirm its bullish flag breakout.
LINK TO CHART – https://schrts.co/ZvYjtVde
CCO.TO – Cameco Corp.
Cameco appears to be setting up below its 52-week high. Monitor closely for any potential breakout signals, which may suggest a continuation of the uptrend.
LINK TO CHART – https://schrts.co/bzFizezH
CEU.TO – CES Energy Solutions Corp.
CES Energy Solutions is attempting to break out from a bullish flag continuation pattern below its recent highs. Keep a close eye on the price action for confirmation of this breakout, potentially indicating further upward movement.
LINK TO CHART – https://schrts.co/AAEWAJHJ
CMG.TO – Computer Modelling Group Ltd.
Computer Modelling Group continues to set up on the right side of the consolidation pattern we’ve highlighted, supported by intriguing activity and volume. Stay observant for potential breakout signals as this pattern develops further.
LINK TO CHART – https://schrts.co/wytmJaHm
CXB.TO – Calibre Mining Corp.
Calibre Mining appears to be set up as a continuation pattern, compressed by a significant horizontal resistance line, marked by the large volume by price bar on the left side of the chart. A breakout from this area could indicate significant accumulation during this pattern.
LINK TO CHART – https://schrts.co/DgZDxQXq
DML.TO – Denison Mines Corp.
Denison Mines appears to be set up as a bullish flag continuation pattern, consolidating to a significant horizontal support line identified by the large volume by price bar on the left side of the chart. Keep an eye on potential breakout signals indicating a continuation of the uptrend.
LINK TO CHART – https://schrts.co/RZAYQqpc
FIL.TO – Filo Mining Corp.
Filo Mining appears to be setting up for a potential breakout from a significant multi-year consolidation/continuation pattern. Keep a close eye on price action for confirmation of this breakout, potentially indicating a significant move ahead.
LINK TO CHART – https://schrts.co/YPxFfnRw
FTT.TO – Finning Intl, Inc.
Finning is attempting to move higher from a bullish flag continuation pattern. Monitor closely for confirmation of this potential upward momentum.
LINK TO CHART – https://schrts.co/FfkCMBTV
MDI.TO – Major Drilling Group Intl, Inc.
Major Drilling continues breaking out from the bottoming pattern highlighted in daily setups. Keep a close watch for further confirmation of this breakout.
LINK TO CHART – https://schrts.co/PdrtbBJQ
TCW.TO – Trican Well Service Ltd.
Trican Well Service appears to be setting up as price action has returned to retest the recent breakout line, forming a bullish flag continuation pattern. Watch for potential confirmation of this pattern and further upward momentum.
LINK TO CHART – https://schrts.co/iMVzbkcb
TMG.V – Thermal Energy Intl, Inc.
Thermal Energy gapped lower following its recent earnings report. However, buyers lined up to buy the stock as price action rebounded from the lower trendline of the pattern, supported by robust volume. The earnings report was positive, but CapEx negatively affected the stock. Following this report, analysts still have a $0.45 price target on the stock. This company may be worth conducting due diligence on as price action consolidates sideways.
LINK TO CHART – https://schrts.co/CGTWBdIs
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 PDFs of Friday’s scan results 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 – 2024-04-27
AAON, ABBNY, ABNB, ACIW, ACM, ADI, AEL, AEO, AFRM, AGI, AGM, AIR, ALAB, ALKT, ALTR, ALV, AMAL, AMAT, AMR, AMZN, ANF, ANSS, APG, APH, APOG, APP, ARIS, ARLO, AROC, ASML, ASR, ATI, ATKR, ATR, AU, AVAV, AVDX, AVGO, AVY, AWI, AXON, BAESY, BALL, BAM, BAND, BBVA, BBW, BBWI, BCO, BCSF, BE, BECN, BITQ, BJ, BK, BKNG, BLD, BLDR, BLOK, BLX, BMA, BMI, BRBR, BUR, BURL, BVN, BWXT, BYRN, BZ, C, CACI, CAL, CAMT, CAPL, CARG, CARR, CASY, CAVA, CCAP, CCEP, CDLX, CEG, CENT, CENTA, CFLT, CGBD, CHRD, CIVI, CL, CLBT, CM, CMG, CNM, COF, COIN, COLL, COP, COPX, COR, COST, CPAY, CPG, CPRT, CPT, CR, CRAI, CRH, CRS, CRWD, CSGP, CSWC, CSWI, CTAS, CVLT, CVNA, CVX, CXT, DAC, DAL, DASH, DCBO, DDOG, DDS, DECK, DFIN, DFS, DKNG, DKS, DLR, DNN, DOC, DOCN, DOV, DPZ, DRS, DUOL, DVA, DVN, DY, EAT, EBAY, ECL, EGO, EL, ELF, EME, ENLC, ENPH, ENTG, ENVA, EOG, EPAC, EPD, EQR, EQT, ERJ, ERO, ESAB, ESTC, ET, ETN, ETRN, EXP, EZPW, FBIN, FCX, FDIG, FI, FINMY, FLEX, FLR, FLS, FMX, FN, FNF, FRO, FROG, FSLR, FSS, FUTU, GBDC, GDRZF, GDXJ, GE, GEHC, GEL, GFF, GIFI, GM, GNRC, GNTX, GPOR, GPS, GRBK, GRMN, GS, GSK, GTES, GVA, GWRE, HAYW, HCC, HES, HII, HLNE, HLX, HOOD, HPE, HQY, HRL, HTGC, HUBB, HWKN, HWM, IAG, IBOC, IBP, ICLR, IDCC, IESC, IFF, ING, INSP, INSW, INTU, INVH, IOT, IPG, IR, ITA, ITB, ITCI, ITRI, ITT, IWF, IWM, JCI, JELD, KALU, KB, KBH, KLAC, KNF, KNTK, KNTNF, KOF, KTOS, LAD, LAUR, LDOS, LHX, LINC, LMAT, LMB, LMND, LPG, LRCX, LWAY, LYB, LYV, LZ, MAA, MAIN, MAMA, MARA, MCHP, MCK, MEDP, MELI, METC, METV, MGRC, MKC, MLM, MMM, MOD, MOG/A, MPWR, MRK, MRNA, MS, MSOS, MTH, MTSI, MU, MUSA, MYRG, NGVC, NLR, NMIH, NMM, NOG, NS, NTAP, NU, NVDA, NVEI, NVMI, NVO, NVT, NXE, NXPI, OBDC, OC, OII, OMI, ONON, ONTO, ORCL, OWL, PAGS, PANW, PAY, PBA, PBR/A, PEGA, PH, PHM, PIPR, PLAB, PLD, PLTR, PNR, PNTG, POWL, POWW, PRDO, PRIM, PRMW, PSN, PSTG, PTC, PUBM, PWR, PYPL, QCOM, QQQ, QRVO, QSR, QUIK, RACE, RAMP, RCL, RDY, REX, RMD, ROAD, ROL, RPAY, S, SA, SAH, SANM, SAP, SCCO, SCHW, SDRL, SFM, SHAK, SHW, SKT, SM, SMCI, SMH, SMR, SN, SNPS, SOLV, SOUN, SPB, SPXC, SPY, SRUUF, STEP, STNE, STNG, STRA, STRL, SUM, SUN, SWBI, SWKS, SWN, SYM, T, TDW, TER, TFC, TFPM, TGLS, TK, TKO, TMDX, TMHC, TNC, TNK, TNP, TOL, TOST, TPG, TPH, TRAK, TREX, TRI, TRIN, TRIP, TRMB, TROW, TSCO, TSM, TT, TXN, TXRH, TYL, UAN, UEC, UFPT, UGP, UHS, UNH, UPBD, URA, URBN, URG, URNJ, URNM, USFD, VCTR, VECO, VGT, VITL, VIV, VLTO, VMC, VNOM, VNT, VRT, VST, VTR, VTRS, VTSI, VVV, WAB, WABC, WDC, WELL, WFRD, WHD, WING, WIRE, WMS, WSC, WWD, XHB, XLB, XLI, XLK, XLY, XME, XOP, XP, XYL, YPF, YUM, ZBRA
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 – 2024-04-27
AAUC.TO, AD/UN.TO, ADEN.TO, AFM.V, AGI.TO, AIF.TO, AKG.TO, ALS.TO, AMZN.NE, AOI.TO, APS.TO, ARG.TO, ARIS.TO, ARTG.V, ATD.TO, ATD/A.TO, ATX.V, AVGO.NE, BAM/A.TO, BAM.TO, BBD/B.TO, BDT.TO, BFM.V, BHC.TO, BK.TO, BN.TO, BTE.TO, BTO.TO, CAD.V, CCL/B.TO, CEU.TO, CF.TO, CG.TO, CGX.TO, CHE/UN.TO, CIA.TO, CJ.TO, CL.CA, CMG.TO, CNE.TO, CNQ.TO, COST.NE, CPG.TO, CRON.TO, CS.TO, CU.TO, CVE.TO, CXB.TO, DC/A.TO, DFN.TO, DFN/PA.TO, DML.TO, DNG.TO, DPM.TO, DRX.TO, DXT.TO, E.TO, EDV.TO, EFX.TO, ERO.TO, ESI.TO, EU.V, FCU.TO, FDR.V, FFN.TO, FFN/PA.TO, FIL.TO, FM.TO, FNV.TO, FRU.TO, FTT.TO, GAU.TO, GFR.TO, GGD.TO, GLO.TO, GLXY.TO, GPAC.V, GRT/UN.TO, GWO.TO, H.TO, HBM.TO, HDI.TO, HTL.TO, IFC.TO, IMG.TO, ISO.V, ISV.TO, IVN.TO, JOY.TO, JWEL.TO, KEL.TO, KEY.TO, LAAC.TO, LABZ.NE, LMN.V, LUN.TO, MARI.TO, MDI.TO, MDNA.TO, MHC/U.TO, MNT.TO, MTA.V, MUX.TO, MX.TO, NG.TO, NGEX.TO, NUAG.TO, NVDA.NE, NVEI.TO, NWH/UN.TO, NXE.TO, OBE.TO, OGC.TO, PALI.V, PAY.TO, PD.TO, PHX.TO, PLC.TO, PLSR.V, PNP.TO, POU.TO, PPL.TO, PRU.TO, PTK.V, PYPL.NE, QSR.TO, RAY/A.TO, RUP.TO, RY.TO, SEA.TO, SFTC.TO, SHLE.TO, SIA.TO, SJ.TO, SKE.TO, SLS.TO, SMCI.NE, SOIL.TO, SOY.TO, SSL.TO, STEP.TO, STLR.TO, SUNN.CA, TCW.TO, TD.TO, TECK/B.TO, TF.TO, TFPM.TO, TIH.TO, TKO.TO, TNZ.TO, TOT.TO, TPZ.TO, TRI.TO, TVE.TO, TXG.TO, U/U.TO, U/UN.TO, URC.TO, URE.TO, VET.TO, VHI.TO, VLE.TO, VNP.TO, VZLA.V, WED.V, WIFI.CA, WN.TO, WRN.TO, WTE.TO, WUC.CA, X.TO, XTG.TO, YGR.TO
