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
How to Focus on Setups Amid Index Uncertainty
As the market indexes continue to show indecision, many robust setups are emerging in the scanner results—too many to cover individually. I encourage you to take the time to thoroughly review these scanner results and critique your watchlist based on your unique strategy. It may sound repetitive, but as I often say, the best setups will position you in the market before the indexes reveal their direction while others remain distracted. A robust trading system will also ensure that your stop-loss orders are firmly in place should the market move against your expectations.
When I worked with Greg, we often disagreed on this point. Greg was what I like to call an “index whisperer,” focusing on predicting index movements to make his next decision. In contrast, I emphasize that indexes can distract traders from setups that are already positioning themselves. When the indexes reveal their direction, the prime opportunities may be long gone, leaving traders scrambling to catch up rather than being well-positioned from the start.
I’ll continue to stress this in my daily commentary, as it’s a crucial part of my report: Avoid letting the indexes become a distraction. They can introduce bias, shaping your expectations and reactions based on what you “think and feel” versus what is happening. This bias might prevent you from acting on or lead you to overreact to specific setups appearing in the scan results. For instance, gold shows signs of a potential setup, with related names beginning to surface. Gold could very well break out regardless of the indexes’ movement. If you’re distracted by personal bias and gold does break out, you might miss the leading setups right in front of you.
Cipher Pharmaceuticals serves as a prime example of this. Due to the broader market volatility at the start of the week, I became preoccupied with dissecting market movements for the daily reports and, unfortunately, overlooked this straightforward setup, signal, and trade. The price action began to show signs of strength as it broke out from its consolidation area and continued to surge higher, moving above its upward-sloping moving averages, in line with pre-established system rules. This breakout was also confirmed by robust volume. Let this be a lesson, as it was for me: even in volatile markets, it’s crucial to stay focused on individual setups and signals.
Cipher Pharmaceuticals – Daily Chart
In short, keep your focus on the setups that align with your strategy, ensure your stop-loss orders are in place, and avoid getting sidetracked by index movements. The goal is to position yourself ahead of the market, not to scramble after the fact. Now, onto the weekend report.
Market Volatility Persists Amid Recession Fears and Geopolitical Uncertainty
The stock market began the week on a sour note, with Monday’s opening marred by a sharp downturn. The unwinding of the yen-carry trade, combined with escalating recession fears, triggered a global rout, leading to massive volatility spikes. However, the market showed some resilience as major indexes rebounded from their lows by Monday’s close, and a tentative rally began on Tuesday. This recovery was driven mainly by the stabilization of the yen and stronger-than-expected U.S. economic data, which helped to soothe investor nerves.
Despite the rally attempt, the market has yet to confirm its upward movement with a follow-through day above the key resistance line highlighted in our charts. Earlier in the week, I noted that traders should anticipate prices to trade into the underside of resistance, which is precisely what we’ve observed. The situation has now crystallized into a binary outcome. Either the price action on the indexes has consolidated into a potential bearish flag pattern, indicating that selling pressure could return next week, or the price will push above the overhead resistance, signaling a more sustained rally.
It’s important to remember that not all confirmed moves above resistance will hold. Regardless of the outcome, expect continued volatility, especially as potential interest rate cuts begin to counteract economic weakness. There are numerous catalysts in play, including the upcoming presidential election, ongoing conflicts in Ukraine and the Middle East, and the likelihood of uneven economic data points.
Looking ahead to next week, fresh inflation data and a new retail sales report could be the catalysts that drive the indexes in either direction. Traders should remain vigilant, as these events may determine whether the market continues its upward trajectory or succumbs to renewed selling pressure.
S&P 500 – Daily Chart
Nasdaq – Daily Chart
Dow Jones Industrial Average – Daily Chart
Russell 2000 (ETF) – Daily Chart
When reviewing last week’s performance, industry groups showed mixed results, and the breadth system is still awaiting its next signal. However, with next week’s fresh inflation data and the new retail sales report on the horizon, one needs to stay vigilant and ready to react to any shifts that could occur. It’s a moment to watch closely and be prepared to adapt as the market responds.
What Worked Last Week
The Red-Light/Green-Light Breadth System
The US 10-year Treasury yield finally had a positive week, rebounding from a support line, which could be considered the neckline of the head and shoulders topping pattern. Beyond interest rates, there seems to be more at play, particularly with an underwhelming Treasury auction this week. Here’s an interesting note from Luke Gromen:
“For the first time in 48 years, 10y UST yields ROSE in response to a y/y decline in “World USD Liquidity,” which in our view was a warning that US debt/GDP, deficit/GDP, and NIIP/GDP are so high that US policymakers cannot overtighten USD liquidity without triggering a US debt spiral”
10-Year US Treasury Yield
The US dollar ended the week off its lows but remains below the recent support line it broke through. There isn’t much to analyze technically at this moment, but the dollar is likely to continue moving in tandem with the US 10-year Treasury yield and US interest rates. Next week could provide more clarity, or the dollar could continue to chop around until the Fed signals its intentions on interest rate cuts.
US Dollar – Weekly Chart
The price action in crude oil held the lower trendline of the triangle that we highlighted last weekend. Monitor to see if this level can hold as price action continues to work its way toward an apex. A directional breakout could be imminent the tighter the pattern becomes, and such a breakout will have significant implications for the direction of energy-related equities.
Crude Oil – Weekly Chart
The TSX closed out a turbulent week on a positive note, recovering from an oversold condition with gains in some economically sensitive sectors, such as financials and materials. The index was up 0.38% for the week, rebounding from its 40-week (or 200-day) moving average after hitting a near six-week low on Wednesday.
This bounce could be significant as economically sensitive sectors often serve as a gauge for the broader economy and stock market. However, it’s also possible that these sectors are merely rebounding from an oversold condition, and the sustainability of this recovery remains uncertain.
The TSX presents challenges for technical analysis, given its heavy reliance on financials and materials. Finding viable setups to post can be difficult on particularly rough market days, reflecting the index’s complexity and the intricate nature of its key sectors and limited options.
TSX – Weekly Chart
The price action of gold is attempting to break out from a consolidation/continuation pattern as it trends above its upward-sloping 10-week (or 50-day) moving average. Take note of the weekly PPO momentum indicator as it attempts a bullish cross. Monitor for any signs of upside momentum and monitor the scanner for potential gold mining setups. Although the silver chart currently lacks significant technical signals, if gold continues to move higher, silver is likely to follow, so keep it on your watchlist as well.
Gold – Weekly Chart
Bitcoin’s price has traded into the underside of all three major moving averages, where it encountered resistance. There’s no clear technical edge at this moment—either the price will fail here or break above. This is a critical point where close monitoring and reaction are essential.
Bitcoin – Daily Chart
US Daily Setups
AGI – Alamos Gold Inc.
Alamos Gold appears to be consolidating in a continuation pattern near its 52-week high. Monitor for any potential signs of upside momentum, especially if gold continues to break out.
LINK TO CHART – https://schrts.co/zrbqNiSA
AKAM – Akamai Technologies, Inc.
Akamai is surging from a bottoming pattern following its recent earnings report. With exciting technology, it’s worth adding to a watchlist to see if price action can break out above the horizontal resistance line. Take note of the PPO momentum indicator, which attempts to bounce higher from the zero line.
LINK TO CHART – https://schrts.co/GCdcFtMQ
CRTO – Criteo SA
Criteo is a setup we posted right before its big surge higher from $40 to $46. Since then, price action has consolidated sideways in a choppy range through the market volatility. Now, price action appears to be tightening as it starts to move higher above its upward-sloping moving averages. Monitor for any continued signs of upward momentum.
LINK TO CHART – https://schrts.co/kyWgPKSc
CYBR – CyberArk Software Ltd.
CyberArk Software continues to appear in scan results as price action sets up on the right side of a significant multi-month base. Monitor for any potential breakout signals, especially with the increased volume observed over the last few days.
LINK TO CHART – https://schrts.co/idiKfATg
EBAY – eBay, Inc.
eBay doesn’t seem to be affected by the recent market volatility, as price action trends steadily from the lower left to the upper right, moving along its moving averages.
LINK TO CHART – https://schrts.co/YpppyFUv
ESEA – Euroseas, Ltd.
Euroseas appears to be set up on the right side of a significant multi-month consolidation area. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/bxKDUbXx
GLD – SPDR Gold Shares
The SPDR Gold Shares ETF appears to be setting up alongside the price action in gold. Monitor for any potential signs of a continuation of the uptrend.
LINK TO CHART – https://schrts.co/Mxupzkfa
HWM – Howmet Aerospace Inc.
Howmet Aerospace shows signs of strength as it attempts to move higher from a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/nvUmNkzu
IAG – IAMGOLD Corp.
IAMGOLD is attempting to break out from a continuation pattern.
LINK TO CHART – https://schrts.co/ANUPasQq
LRN – Stride Inc.
Stride is breaking out from a significant multi-month consolidation pattern following its recent earnings report.
LINK TO CHART – https://schrts.co/cEATTqEu
META – Meta Platforms, Inc.
Meta continues to show relative strength as price action appears to be setting up on the right side of an consolidation area. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/amXeumXx
NFLX – Netflix, Inc.
Netflix appears to be setting up as a flagging pattern as the PPO momentum indicator curls higher. Monitor for any potential breakout signals above the horizontal resistance line.
LINK TO CHART – https://schrts.co/cJEentPP
PLTR – Palantir Technologies, Inc.
Palantir continues to show strength.
LINK TO CHART – https://schrts.co/GuTIJAed
PSN – Parsons Corp.
Our Parsons pattern touched another new 52-week high following its breakout consolidation.
LINK TO CHART – https://schrts.co/GQdmSzHD
SEZL – Sezzle Inc.
Sezzle is breaking out to new all-time highs following its most recent earnings report.
LINK TO CHART – https://schrts.co/AFdmvnnT
TKO – TKO Group Holdings, Inc.
TKO Group is breaking out to 52-week highs, supported by a slight increase in volume.
LINK TO CHART – https://schrts.co/vVCTRnss
TW – Tradeweb Markets Inc.
Tradeweb Markets is attempting to break out from an area of consolidation.
LINK TO CHART – https://schrts.co/xuQrFHAk
VRNS – Varonis Systems Inc.
Varonis Systems is attempting to move higher from a bullish flag retest of its recent breakout.
LINK TO CHART – https://schrts.co/Gjgifjhk
Canadian Daily Setups
AGI.TO – Alamos Gold Inc.
Alamos Gold appears to be consolidating in a continuation pattern near its 52-week high. Monitor for any potential signs of upside momentum, especially if gold continues to break out.
LINK TO CHART – https://schrts.co/hutVAsJb
ATX.V – ATEX Resources Inc.
ATEX Resources appears to be setting up as a continuation wedge as price action moves higher from the 200-day moving average. Monitor for any signs of upside momentum.
LINK TO CHART – https://schrts.co/ywHeAdSG
BEI/UN.TO – Boardwalk Equities, Inc.
Boardwalk Equities appears to be set up as a bullish pennant continuation pattern at its 52-week high. Monitor for any signs of a continuation of the uptrend.
LINK TO CHART – https://schrts.co/ctbdCAUN
COST.NE – Costco Wholesale Corp – Canadian Depository Receipt
Costco is moving higher from the setup highlighted yesterday.
LINK TO CHART – https://schrts.co/aevSFfEd
DPM.TO – Dundee Precious Metals, Inc.
Dundee Precious Metals is now starting to break out from the bullish continuation pattern that was recently highlighted.
LINK TO CHART – https://schrts.co/ruprBZQe
KMP/UN.TO – Killam Apartment REIT
Killam Apartment REIT appears to be setting up near the apex of a significant multi-year consolidation/continuation pattern. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/xiHUNqbU
OGN.V – Orogen Royalties Inc.
Orogen Royalties is now attempting to break out from the bullish ascending triangle continuation pattern that was recently highlighted.
LINK TO CHART – https://schrts.co/UKMCvKHN
PNG.V – Kraken Robotics Inc.
Kraken Robotics continues to appear on momentum scans as price action sets up for a potential continuation of the uptrend.
LINK TO CHART – https://schrts.co/kvPeWZWe
WDO.TO – Wesdome Gold Mines Ltd.
Wesdome Gold Mines appears to be consolidating in the form of a potential bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/XijhYSSy
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 – 2024-08-10
A, AAON, AAPL, ABBNY, ACGL, ACIW, ADBE, ADEA, ADMA, ADSK, ADUS, AEE, AEM, AES, AEYE, AFL, AGI, AGYS, AI, AIT, AIZ, AKAM, ALAR, ALC, ALGN, ALL, ALSN, ALTR, AMAL, AMK, AMP, AMZN, ANET, ANF, AON, APG, APH, APO, APP, ARE, ARES, ARGX, ARIS, ASPN, ASTH, ATI, ATO, AU, AVB, AVGO, AXP, AXS, AYI, BBVA, BBY, BCC, BDX, BECN, BEN, BFAM, BIRK, BITO, BITW, BK, BKNG, BKU, BLDR, BLK, BMA, BPOP, BRC, BRK/B, BSX, BX, BZFD, CACI, CAH, CAL, CARG, CAT, CAVA, CB, CBRE, CCAP, CCEP, CCL, CEG, CF, CHD, CHKP, CHTR, CHWY, CI, CIEN, CINF, CLBT, CLS, CM, CME, CMG, CMS, CNA, CNC, CNM, CNO, CNP, CNQ, CNX, COF, COIN, COLL, COO, COOP, COR, CORT, COST, CPB, CPRT, CPRX, CPT, CR, CRBG, CRDO, CRH, CROX, CRTO, CRUS, CRVL, CSL, CTAS, CTRA, CTSH, CUK, CVLT, CVNA, CW, CXT, CYBR, D, DB, DCI, DCO, DD, DECK, DEFTF, DFIN, DFS, DHI, DKS, DLR, DOC, DOCS, DRS, DSGX, DTE, DUK, DVA, E, EAT, EBAY, ECL, ED, EDR, EGO, EIX, ELV, ENSG, EPAC, EQBK, EQH, EQIX, EQR, EQT, ERIE, ERJ, ES, ESEA, ESS, ETN, ETR, EXLS, EXPE, EXPO, EXR, EZPW, FANG, FAST, FCNCA, FCX, FE, FFIV, FI, FICO, FIHL, FIS, FLEX, FLS, FLUT, FN, FNF, FOUR, FRHC, FRT, FSS, FSV, FTDR, FTNT, GBTC, GD, GDDY, GDX, GE, GEHC, GEN, GIL, GIS, GL, GLD, GM, GMS, GNRC, GOOG, GOOGL, GPK, GPS, GRMN, GS, GSK, GTES, GVA, GWRE, GWW, H, HALO, HAS, HBAN, HCA, HCC, HEAR, HEI, HES, HG, HIG, HII, HLI, HLNE, HLT, HMY, HOLX, HOOD, HOV, HPQ, HRB, HRL, HSBC, HSIC, HST, HTGC, HUBB, HWM, IAG, IBKR, ICE, IFF, IGV, IIPR, IMO, INFL, INFY, INOD, INTU, INVH, IQV, IRM, IT, ITA, ITB, ITGR, ITT, IVZ, IWF, J, JBL, JETS, JNJ, JNPR, JPM, JXN, K, KBH, KDP, KEX, KEY, KHC, KIM, KKR, KNF, KSPI, L, LEN, LGND, LH, LII, LLY, LMAT, LNC, LNG, LNT, LOGI, LQDT, LRN, LTH, LUV, LYB, MA, MAA, MC, MCO, MEDP, MELI, MET, META, METV, MFC, MHK, MIRM, MKTX, MLI, MMC, MMYT, MNDY, MOG/A, MORN, MOS, MPC, MRNA, MS, MSCI, MSFT, MTB, MTD, MTDR, MTG, MTSI, MU, MUFG, MYGN, NBIX, NCLH, NDAQ, NECB, NFLX, NGVC, NHC, NI, NMIH, NNE, NOC, NOW, NRDS, NRG, NSIT, NSSC, NTAP, NTRA, NTRS, NU, NVMI, NVO, NVR, NVS, NVT, NWS, NWSA, NYT, O, OFG, OII, OKTA, OLED, ONON, ONTO, ORCL, ORLY, OSIS, OSK, PAGS, PAM, PANW, PAY, PAYX, PBA, PCG, PDD, PEG, PEGA, PEP, PFG, PFSI, PGR, PH, PHM, PIPR, PLNT, PLTR, PNR, PNTG, PNW, POWL, PPC, PPL, PRI, PRMW, PRU, PSA, PSN, PSTG, PSX, PTC, PTGX, PWP, PYPL, QFIN, QQQ, RBA, RDN, RDNT, RDY, REG, REGN, RELX, REVG, RGA, RJF, RKT, RMD, RNR, ROAD, ROP, ROST, RSP, RTX, S, SA, SAP, SCVL, SEZL, SF, SFM, SHEL, SHW, SJM, SKT, SLM, SMFG, SMLR, SMR, SN, SNPS, SNX, SO, SPG, SPGI, SPNS, SPOT, SPSC, SPXC, SPY, SSNC, STEP, STNG, STRA, STX, STZ, SWK, SYF, SYK, SYY, T, TCBX, TDG, TEL, TEVA, TFPM, TGLS, TIGO, TJX, TKO, TMDX, TMUS, TPG, TPR, TPX, TRAK, TRI, TRMD, TRN, TROW, TRV, TSM, TT, TTD, TTE, TTMI, TTWO, TW, UDR, ULS, UMH, UNM, URA, URBN, URI, USB, USO, VCTR, VECO, VGT, VICI, VIRT, VIST, VNT, VRN, VRNS, VRT, VTR, VZ, WAL, WCN, WDOFF, WEC, WELL, WES, WFRD, WING, WMT, WRB, WSM, XLC, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY, XME, XOM, XYL, YOU, YPF, ZETA, ZIMV, 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 – 2024-08-10
AAPL.NE, AC.TO, ACO/X.TO, ACOP.V, ACT.CA, AD/UN.TO, ADEN.TO, AEM.TO, AGI.TO, ALA.TO, ALS.TO, AND.TO, ARX.TO, ATX.V, AVGO.NE, BBD/B.TO, BDI.TO, BDT.TO, BEI/UN.TO, BIP/UN.TO, BIPC.TO, BK.TO, BLN.TO, BNS.TO, CAR/UN.TO, CCL/B.TO, CCO.TO, CGX.TO, CHP/UN.TO, CIA.TO, CJ.TO, CM.TO, CNQ.TO, COST.NE, CPH.TO, CSH/UN.TO, CTC/A.TO, CTS.TO, CVE.TO, DCBO.TO, DF.TO, DFN.TO, DNG.TO, DNTL.TO, DPM.TO, DR.TO, DRX.TO, EFX.TO, EIT/UN.TO, ELD.TO, ENB.TO, EQB.TO, ERE/UN.TO, EXE.TO, FC.TO, FCD/UN.TO, FCR/UN.TO, FFN.TO, FIL.TO, FTN.TO, FTT.TO, GEI.TO, GIL.TO, GLO.TO, GLXY.TO, GRA.TO, GUD.TO, GWO.TO, HLS.TO, IAG.TO, IFOS.V, IFP.TO, IIP/UN.TO, IMG.TO, IMO.TO, IPCO.TO, JAG.TO, KEY.TO, KITS.TO, KMP/UN.TO, KPT.TO, KSI.TO, KXS.TO, L.TO, LBS.TO, LFE.TO, LGC.V, LLY.NE, LUG.TO, MCB.TO, MDA.TO, MDI.TO, MDNA.TO, META.NE, MFG.V, MI/UN.TO, MVRS.NE, NGD.TO, NGEN.V, NGEX.TO, NKE.NE, NOVC.TO, NPI.TO, NVEI.TO, NWH/UN.TO, OGN.V, OSI.V, OTEX.TO, PEY.TO, PHX.TO, PHYS.TO, PLUR.V, PMET.TO, PMZ/UN.TO, PNG.V, PPL.TO, PRMW.TO, PSK.TO, PYPL.NE, RBA.TO, RCI/B.TO, RCK.V, REI/UN.TO, RY.TO, SEA.TO, SFTC.TO, SGR/UN.TO, SHOP.TO, SRU/UN.TO, T.TO, TCL/A.TO, TD.TO, TF.TO, TNZ.TO, TRI.TO, TXG.TO, VHI.TO, WCN.TO, WDO.TO, WED.V, WILD.TO, WPK.TO, WTE.TO, X.TO, ZDC.V
