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.
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SYS Daily Report – Weekend Edition
Market Commentary
The stock market encountered a challenging week marked by significant volatility, prompting a potential shift in character. As we anticipate the week ahead, our focus shifts to whether the market can reclaim the current level of resistance. Looking at what worked last week, only two sectors closed in the green. Thursday’s downside reversal threatens the uptrend, causing some analysts to label it “under pressure.”
What Worked Last Week
On Friday, prices rebounded, recovering roughly 50% of the previous day’s losses as expected. Currently, price action hovers around the critical 50% retracement line, which coincides with horizontal resistance. Interestingly, this level also aligns with the underside of the 21-day exponential moving average, a notable support during the recent rally.
S&P 500 – 50% Retracement Line
Looking forward, the timeless adage, “The trend is your friend until it’s not,” prompts us to exercise caution as we must watch and react. Moreover, the shift from the 21-day exponential moving average support to now being potential resistance underscores the delicate equilibrium. As we navigate this key level, we must remain mindful that what was once offered as support could now become resistance.
S&P 500 – 21-Day Exponential Moving Average
Despite valid concerns hovering over the stock market, particularly its proximity to potential resistance, it’s essential to note that they should merely be viewed as concerns, not certainties. Collectively, they raise the possibility of a correction in the S&P 500, which experienced a robust 10% surge in the first quarter and currently maintains a premium valuation. Nevertheless, traders exhibit a propensity for buying dips, which is evident in Friday’s market activity.
At 5204, price action remains above its 50-day moving average, standing at just over 5082. This indicates that buyers retain control, albeit temporarily. The fact that prices remain above this broader trendline underscores the prevailing bullish sentiment, rendering the forthcoming week’s price action all the more pivotal.
S&P 500 – Daily Chart
The S&P 500 index dropped nearly 1% on the week, and the Nasdaq Composite has fallen 0.8%, but it also sits on a potential support line. The weekly PPO momentum indicator continues to set up for a potential bearish cross, making this level even more critical to watch. The Dow Jones Industrial Average dipped 2% and at one point on Thursday, was on pace for its worst decline since March 2023.
S&P 500 – Weekly Chart
Nasdaq – Weekly Chart
Dow Jones Industrial Average – Weekly Chart
The Russell 2000 (small-caps) ended the week down nearly 3% at -2.78, with price action resting precisely on the 10-week or 50-day moving average. One might argue that this juncture is critical, as the 50-day moving average has served as a reliable trend barometer since the October low, except for a few whipsaws below.
Russell 2000 (ETF) – Weekly Chart
When observing the red-light/green-light breadth system, it’s evident that the moving averages have generated a bearish signal. Additionally, examining the top panel representing the S&P 500, we can see that price action is currently positioned below the moving average, which was once support.
The Red-Light/Green-Light Breadth System
The 10-year Treasury yield surged by 18.5 basis points to 4.38%, marking its highest close of 2024. On Wednesday morning, it reached an intraday high of 4.43%. Consequently, the likelihood of a June Fed rate cut has now diminished to just 53.2%, which caused ripples throughout the market.
10-Year US Treasury Yield
The U.S. dollar has had a tumultuous week. It plummeted from a five-month high to a two-week low due to an unexpected deceleration in U.S. services growth, which triggered significant volatility and heightened expectations of Fed rate cuts. On Friday, the dollar rose by 0.17% following a strong jobs report, reaching 104.07. This rebounded from its weekly low after peaking at 104.84.
US Dollar – Weekly Chart
U.S. crude oil futures surged 4.5% to $86.91 a barrel for the week, reaching their highest levels since October. Price action continues to float above its moving averages.
Crude Oil – Weekly Chart
Canada’s resource-linked Toronto Stock Exchange surged on Friday to a new record high as commodity prices rose sharply, and the market gained confidence in the likelihood of the Bank of Canada cutting interest rates in the coming months. The energy and materials sectors account for nearly one-third of the Toronto market’s weighting. The materials group rose 2% as gold climbed to a new all-time high. The energy sector was up 1.3%, propelling the TSX to close up 212.59 points, or 1%, at 22,165.15, surpassing Monday’s record closing high. For the week, the index rose by 0.4%, marking its eighth straight weekly gain, the longest such streak since February 2019.
TSX – Weekly Chart
The price of copper has finally broken free above the horizontal resistance or trigger line that we’ve been charting, suggesting a breakout. It’s time to monitor for potential continuation in upside strength or any potential retest levels if the market experiences a pullback.
Copper – Weekly Chart
Gold had another robust week, surging by 4.78%, affirming the age-old saying, ‘The bigger the base, the higher the space.’ This breakout demonstrates significant strength. While it wouldn’t be surprising to see gold consolidate, we continue to observe numerous potentially bullish setups for gold miners in the scanner results. Therefore, it’s essential to remain vigilant and trade according to your own skillset.
Gold – Weekly Chart
The price of silver saw a robust breakout this week from the significant triangle consolidation pattern we’ve been monitoring. This illustrates why the symmetrical triangle is often referred to as a ‘coil.’ As price action converges toward the apex of the pattern, potential energy accumulates, resembling a coiled spring. When the breakout eventually occurs, it tends to be explosive.
Silver – Weekly Chart
Our uranium theme also experienced a robust week, ending nearly 6% higher on the URA ETF. This highlights the potential power of a setup reclaiming the 50-day moving average (or 10-week moving average). As discussed in previous reports, this level served as resistance or a key trigger to monitor. Once the price reclaimed this level or trigger line, it accelerated higher.
Uranium Theme – Global X Uranium ETF
The price of Bitcoin is currently consolidating within what appears to be a bullish continuation pattern, positioned above an upward-sloping 50-day moving average. A breakout above the upper trendline of this pattern would signal bullish momentum and indicate a continuation of the uptrend. Pay close attention to the volume profile, which often follows textbook patterns. Typically, we observe a surge in volume during the initial move, followed by a decrease in volume as the continuation pattern forms (as witnessed). Now, monitoring for any signs of increasing volume is crucial, as this may suggest a potential breakout or confirm a breakout if one occurs.
Bitcoin – Daily Chart
As Seth Klarman aptly stated, the essence of risk management lies in maximizing our control over certain outcomes while minimizing exposure to uncontrollable factors. This principle forms the cornerstone of our trading approach, emphasizing the adherence to system rules to navigate the dynamic landscape of the market. By diligently following our established strategies, we can pinpoint and capitalize on areas of the market that are exhibiting strength, while simultaneously keeping a watchful eye on broader market indicators such as the indexes and key resistance levels. With a disciplined focus on risk management and adaptability to market conditions, we position ourselves to seize opportunities and safeguard against unforeseen risks in our daily setups that may be triggered by weakness in the overall market. Now, onto the daily setups.
US Daily Setups
ACMR – ACM Research, Inc.
ACM Research continues to consolidate below its 52-week high as the PPO momentum indicator attempts to curl higher.
LINK TO CHART – https://schrts.co/XMgBfIaV
FSLR – First Solar Inc.
First Solar continues to experience robust price action on Friday as it sets up below a significant horizontal resistance or trigger line.
LINK TO CHART – https://schrts.co/djFyHxEN
LMT – Lockheed Martin Corp.
Lockheed Martin is appearing on scan results as its price action seems to be consolidating below the upper trendline of a consolidation pattern and horizontal resistance.
LINK TO CHART – https://schrts.co/PscygwZC
META – Meta Platforms, Inc.
Meta Platforms is attempting to trend higher from its area of consolidation with robust volume. This coincides with the PPO momentum indicator, which is set up for a potential bullish cross.
LINK TO CHART – https://schrts.co/TvZTHwFI
MSFT – Microsoft Corp.
Microsoft is consolidating above its recent breakout line. Keep an eye out for any potential signs of continued upside momentum.
LINK TO CHART – https://schrts.co/whuAbhmN
NET – Cloudflare Inc.
Cloudflare continues consolidating in a bull flag-type pattern as the PPO momentum indicator attempts to curl higher off the zero line. Monitor closely for any potential breakout signals.
LINK TO CHART – https://schrts.co/vRwciGBd
ODFL – Old Dominion Freight Line, Inc.
Old Dominion Freight Line appears to be setting up on the right side of a significant multi-month consolidation pattern. Monitor closely for any potential signs of a breakout.
LINK TO CHART – https://schrts.co/FqxJeBpX
OTTR – Otter Tail Power Co.
Otter Tail Power is appearing on scan results as its price action appears to be setting up below a horizontal trigger line.
LINK TO CHART – https://schrts.co/kpKfTKEu
Canadian Daily Setups
AIDX.TO – Healwell AI Inc.
Healwell AI is seeing nice follow-through, with price action up another 10% on Friday.
LINK TO CHART – https://schrts.co/hDGCWAct
BDT.TO – Bird Construction Inc.
Bird Construction is consolidating below its recent high.
LINK TO CHART – https://schrts.co/ENkBfqKA
DPM.TO – Dundee Precious Metals, Inc.
Dundee Precious Metals appears to be attempting to break out from the right side of a significant multi-year consolidation pattern.
LINK TO CHART – https://schrts.co/GHQEeunT
DRX.TO – ADF Group, Inc.
ADF Group is experiencing excellent price action following Thursday’s setups report.
LINK TO CHART – https://schrts.co/hSCjTJYz
FWZ.V – Fireweed Metals Corp.
Fireweed Metals is attempting to break out from a significant wedge-type pattern.
LINK TO CHART – https://schrts.co/vsrXsQzK
GSI.V – Gatekeeper Systems Inc.
Gatekeeper Systems appears to be setting up below its recent high.
LINK TO CHART – https://schrts.co/GrtxwHBt
WRLG.V – West Red Lake Gold Mines Ltd.
West Red Lake Gold Mines appears to be set up on the right side of a consolidation pattern, supported by a robust volume profile.
LINK TO CHART – https://schrts.co/MtKbJabb
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 – 2024-04-06
AAON, ABBNY, ABNB, ACA, ACGL, ACIW, ACM, ACMR, ADI, AEM, AER, AFL, AGI, AIG, AIT, ALAR, ALG, ALGN, ALKT, ALL, ALLE, ALSN, ALTR, ALV, AMAT, AME, AMK, AMP, AMWD, AMZN, ANET, ANSS, APAM, APG, APH, APO, APOG, APP, APPF, ARCB, ARE, ARES, ARIS, ARM, ASML, ASND, ASTH, ATI, ATKR, ATO, AU, AVAV, AVGO, AXON, AXP, AYI, AZEK, AZZ, BAH, BALL, BAM, BBY, BCC, BCSF, BDX, BECN, BG, BKNG, BKR, BLBD, BLD, BLDR, BMA, BPOP, BR, BRC, BRK/B, BRO, BROS, BSX, BX, C, CACI, CAG, CARG, CASY, CAT, CBRE, CBT, CCJ, CDLX, CDRE, CDW, CECO, CEG, CELH, CGBD, CHKP, CHRD, CINF, CIVI, CLBT, CLH, CLS, CMG, CMI, CMPR, CNA, CNM, CNQ, CNX, CNXN, COF, COLL, COOP, COP, COPX, CPA, CPT, CR, CRBG, CRH, CRM, CRS, CSGP, CSL, CSWC, CSWI, CTAS, CVLT, CW, DASH, DDOG, DE, DEFTF, DELL, DFH, DG, DHI, DIS, DK, DKNG, DLR, DOC, DOCU, DORM, DOV, DPZ, DVN, DXCM, DXPE, DY, E, EADSY, EBAY, ECL, EDR, EGO, EHC, EIX, ELV, EME, EMN, EMR, ENTG, ENVA, EOG, EPAC, EQR, ERIE, ESAB, ESS, ET, ETN, EVR, EW, EXC, EXP, EXR, FANG, FAST, FBIN, FBP, FCFS, FCN, FCNCA, FCX, FERG, FFIV, FI, FIS, FIX, FLEX, FLR, FLS, FNF, FOR, FROG, FRPT, FSLR, FSS, FTAI, FTI, FTNT, FTV, FUTU, GBDC, GCT, GD, GDX, GDXJ, GE, GEL, GEOS, GFF, GFI, GFL, GGG, GIC, GIFI, GLD, GM, GMS, GNRC, GNTX, GOOG, GOOGL, GRC, GRMN, GRVY, GVA, GWW, HAL, HAS, HCA, HEES, HEI, HES, HIG, HLNE, HLT, HLX, HMC, HMY, HOLX, HOV, HPE, HRI, HST, HTGC, HUBB, HWKN, HWM, IAG, IBCP, IBKR, IBM, IBOC, IBP, ICE, IDR, IESC, IHI, IMCR, IMO, INDV, INFA, INVH, IR, ISRG, IT, ITA, ITB, ITCI, ITRN, ITT, IVZ, IWF, IWM, IZM, JBL, JCI, JELD, JNPR, JPM, KBH, KD, KEX, KEYS, KGC, KKR, KLAC, KMI, KNF, KNTNF, KOP, KRT, LAUR, LBRT, LEN, LII, LIN, LINC, LLY, LMB, LMND, LMT, LOB, LPG, LRCX, LSEA, LVS, LWAY, MA, MAIN, MAR, MBC, MCHP, MCK, MCO, MCY, MDT, MEDP, MET, META, METV, MGM, MITK, MLI, MLM, MLR, MMC, MMYT, MOD, MOG/A, MORN, MRK, MRNA, MRO, MS, MSA, MSFT, MSI, MSOS, MTD, MTDR, MTH, MTSI, MUFG, MUSA, MYRG, NBIX, NCNO, NDAQ, NEE, NEM, NET, NFLX, NLR, NMIH, NOG, NOW, NPO, NR, NRG, NSIT, NSSC, NTNX, NTRA, NTRS, NU, NUE, NVEI, NVMI, NVO, NVT, NX, NXE, NXPI, OBDC, OC, ODFL, OIH, OII, OKTA, OMI, ONTO, OR, OSCR, OSIS, OSK, OTTR, OWL, OXY, OZK, PAA, PAGP, PATK, PAYC, PAYX, PBA, PBR/A, PCAR, PCG, PEG, PEGA, PGR, PH, PHM, PLTR, PNC, PNR, PNTG, PPC, PR, PRIM, PSA, PSN, PSTG, PTC, PUBM, PWP, PWR, PXD, PYPL, QCOM, QFIN, QQQ, QRVO, RACE, RAMP, RBC, RBLX, RDNT, RDY, REPYY, REVG, REX, RGA, RHP, RJF, RMD, ROAD, ROL, RS, RSG, RSP, RTX, RUSHA, RYAAY, SA, SAIA, SCCO, SCHW, SEIC, SFM, SHAK, SHEL, SKWD, SLB, SLV, SM, SMH, SN, SNPS, SOLV, SPG, SPGI, SPOT, SPY, SQSP, STEP, STN, STRL, SUM, SWAV, SWBI, SWKS, SXC, SYK, TDG, TDW, TEAM, TENB, TER, TEX, TFPM, TGLS, THC, TKO, TKR, TM, TMHC, TMO, TOL, TPG, TPH, TRAK, TRGP, TRIN, TRV, TSM, TSQ, TT, TTD, TTEK, TTWO, TXT, UBER, UBS, UPS, URA, URG, URI, URNJ, URNM, USAP, USB, VBNK, VCTR, VECO, VGT, VIST, VITL, VLO, VMC, VNOM, VRNS, VRRM, VRT, VRTS, VST, VVV, WAB, WDOFF, WELL, WEX, WFC, WFRD, WIRE, WMS, WOR, WPM, WRB, WRK, WSM, WSO, WST, WTFC, WTW, WWD, WYNN, XHB, XLB, XLC, XLE, XLF, XLI, XLK, XLU, XME, XOM, XOP, XYL, YPF, ZWS
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 – 2024-04-06
AAWH/U.CA, ABX.TO, ADEN.TO, AEM.TO, AGI.TO, AIDX.TO, AIF.TO, AKG.TO, ALS.TO, ALV.V, AMZN.NE, AP/UN.TO, ARE.TO, ARIS.TO, ARTG.V, ARX.TO, ASCU.TO, ASE.CA, ASM.TO, ATX.V, AVGO.NE, AX/UN.TO, AYA.TO, AYR/A.CA, BAM.TO, BBD/B.TO, BDGI.TO, BDT.TO, BHC.TO, BK.TO, BMO.TO, BNE.TO, BNS.TO, BTO.TO, CCO.TO, CEE.TO, CEF.TO, CEU.TO, CGX.TO, CHE/UN.TO, CJ.TO, CJT.TO, CKG.V, CL.CA, CLS.TO, CM.TO, CMG.TO, CNC.V, CNL.TO, CNQ.TO, CNR.TO, CP.TO, CRM.NE, CSH/UN.TO, CTS.TO, CURA.TO, CVE.TO, CXB.TO, D/UN.TO, DFN.TO, DFY.TO, DGS.TO, DHT/UN.TO, DIV.TO, DML.TO, DND.TO, DNTL.TO, DOL.TO, DOO.TO, DPM.TO, DRX.TO, DXT.TO, EDR.TO, EDV.TO, EFX.TO, EIF.TO, EIT/UN.TO, ELD.TO, ELE.V, ELO.TO, EMA.TO, EMX.V, ENS.TO, EQB.TO, EQX.TO, ERF.TO, ERO.TO, ESI.TO, ETG.TO, EU.V, FAR.TO, FCR/UN.TO, FCU.TO, FEC.TO, FFH.TO, FFN.TO, FIL.TO, FN.TO, FNV.TO, FR.TO, FSY.TO, FTN.TO, FVI.TO, FWZ.V, GAU.TO, GFL.TO, GGD.TO, GIL.TO, GLO.TO, GLXY.TO, GOLD.TO, GOLD.V, GOOG.NE, GRT/UN.TO, GTE.TO, GTII.CA, GUD.TO, H.TO, HBM.TO, HDI.TO, HR/UN.TO, HWX.TO, IFC.TO, IFOS.V, IMG.TO, IMO.TO, IPCO.TO, IPO.TO, ISO.V, ITR.V, JOY.TO, JWEL.TO, K.TO, KEL.TO, KNT.TO, KTN.V, LBS.TO, LLY.NE, LUN.TO, MAG.TO, MATR.TO, MDI.TO, MEG.TO, MFC.TO, MFG.V, MND.TO, MSFT.NE, MTA.V, MTL.TO, MVRS.NE, MX.TO, NA.TO, NFG.V, NG.TO, NGD.TO, NGT.TO, NNRG.NE, NTR.TO, NVA.TO, NVEI.TO, NWC.TO, NWH/UN.TO, NXE.TO, OBE.TO, ODV.V, OGC.TO, OGI.TO, OLA.TO, OR.TO, OSK.TO, OVV.TO, PAAS.TO, PD.TO, PHYS.TO, PLC.TO, PPL.TO, PRB.TO, PRL.TO, PRQ.TO, PRU.TO, PRYM.TO, PSI.TO, PSK.TO, PSLV.TO, PTM.TO, PXT.TO, PYPL.NE, QBR/B.TO, RAY/A.TO, RBY.TO, REI/UN.TO, RY.TO, SAP.TO, SBC.TO, SCR.TO, SES.TO, SFC.TO, SGY.TO, SHOW.CA, SIA.TO, SII.TO, SIL.TO, SKE.TO, SOIL.TO, SPB.TO, SSL.TO, STC.TO, STEP.TO, STLC.TO, STLR.TO, STN.TO, SU.TO, SVI.TO, SVM.TO, SYZ.TO, TBRD.V, TCW.TO, TER.CA, TFII.TO, TFPM.TO, TGO.TO, TIH.TO, TKO.TO, TNZ.TO, TOY.TO, TRUL.CA, TSND.TO, TSU.TO, TTNM.TO, TVE.TO, TXG.TO, UBER.NE, URE.TO, VET.TO, VGCX.TO, VLE.TO, VRNO.NE, VZLA.V, WDO.TO, WEED.TO, WELL.TO, WIFI.CA, WILD.TO, WMT.NE, WPM.TO, WUC.CA, X.TO