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
If you had stepped away two weeks ago and returned today, you’d find the Nasdaq up 6%, the S&P 500 up 4%, and the Dow Jones Industrial Average up 3%, with all three indexes posting their best week of the year. The bull market remains intact, although some short-term indicators signal overbought conditions. While this doesn’t necessarily mean the market can’t continue its upward trajectory, there’s a likelihood that it could either move sideways or experience a correction as it digests recent gains through consolidation. The Nasdaq chart below illustrates price action testing potential resistance from the underside, following its V-shaped recovery from the 200-day moving average.
Nasdaq – Daily Chart
This week’s rally was driven by mild inflation reports, strong retail sales, and solid earnings from Walmart, which helped ease recession fears and boost stocks. However, it’s important to recognize that the market may be overreacting or misinterpreting recent data. We are also entering the most volatile seasonal period of the year, with September and October historically bringing increased market fluctuations. The looming election adds another layer of uncertainty.
The market’s current ‘risk-on’ mode could quickly reverse with the emergence of a new data point or news event. Such a shift wouldn’t necessarily validate the news itself but could instead be a technical reaction—or an excuse for profit-taking—due to the market’s short-term overbought status. Market participants will be paying close attention to Federal Reserve Chair Jerome Powell’s upcoming remarks at the Jackson Hole Economic Symposium for clues on the Fed’s economic outlook and its ongoing battle with inflation. His comments could push the market in either direction, underscoring the importance of adhering to our system rules, staying engaged with the best setups, and managing downside risk.
Last weekend’s report highlighted the potential setup in gold, noting the emergence of related stocks in scan results. That potential was realized this week, with gold and gold-related stocks taking center stage in the setups section. Gold prices surged to an all-time high, and the mining ETF is now teetering on the edge of a multi-year breakout. The monthly chart of the gold miners’ ETF below shows price action testing a breakout above a long-standing multi-year downtrend line. The monthly PPO momentum indicator is resetting at the zero line, underscoring a critical setup that warrants close attention. If this setup follows through, with gold pushing to new all-time highs, it could signal the beginning of a significant uptrend for the miners.
GDX – VanEck Vectors Gold Miners ETF – Monthly Chart
When reviewing what worked last week, all 11 S&P sectors posted gains, with the red-light/green-light breadth system effectively signaling a green light.
What Worked Last Week
The Red-Light/Green-Light Breadth System
The Dow Jones Industrial Average climbed 2.9% last week, while the S&P 500 surged 3.9% and the Nasdaq Composite soared 5.3%. The small-cap Russell 2000 also jumped 2.9%. Notably, all these indexes have now moved back above their 50-day or 10-week moving averages, signaling a potential shift in momentum.
Dow Jones Industrial Average – Weekly Chart
S&P 500 – Weekly Chart
Nasdaq – Weekly Chart
Russell 2000 (ETF) – Weekly Chart
The 10-year Treasury yield dipped five basis points to 3.89%. While recession fears have eased, leading to tempered expectations for aggressive Fed rate cuts, cooling inflation continues to support a broader decline in long-term Treasury yields as the head-and-shoulders topping pattern unfolds.
10-Year US Treasury Yield
The US dollar continues to decline below its recent support line as investors analyze economic data to assess the Federal Reserve’s likelihood of cutting interest rates. As this downward trend persists, the outlook for gold remains favorable. Bitcoin could also stand to gain if it manages to overcome its current obstacles and rise above its major moving averages.
US Dollar – Weekly Chart
Crude oil declined to $75.54 a barrel last week, tempering the enthusiasm surrounding Thursday’s rally in Canadian oil stocks. It’s essential to closely monitor the lower trendline of the triangle pattern and the horizontal support level. A break below this support would signal a bearish move, pushing the price below major resistance levels that have held for several years. Bulls will be watching closely to see if these levels hold in the coming week.
Crude Oil – Weekly Chart
The TSX recorded its largest weekly gain in 10 months, closing up 21.89 points, or 0.1%, at 23,054.61, marking its seventh consecutive day of gains. This streak, the longest since April 2023, was driven by gold’s surge to a record high.
TSX – Weekly Chart
Copper’s price action continues to consolidate around the 200-day moving average, with copper mining stocks starting to appear in scan results. On Thursday, we featured the copper miner ETF in the daily setups, emphasizing this emerging trend.
Copper – Daily Chart
Gold prices surged to an all-time high on Friday, breaking out from the pattern highlighted in last weekend’s report, as the dollar weakened amid growing expectations for an interest-rate cut by the Federal Reserve. All eyes now turn to Jackson Hole, where Fed Chair Powell’s upcoming speech is anticipated to offer more clarity on the trajectory of future rate cuts.
Gold – Weekly Chart
Silver’s price action appears to have completed a bullish flag retest at the recent breakout level and the 40-week (200-day) moving average. Closely monitor to see if silver can follow gold’s lead and push above the flag’s upper trendline, signaling potential further upside.
Silver – Weekly Chart
Bitcoin’s price action is currently consolidating near the lower horizontal support line of its multi-month trading range. The PPO momentum indicator is positioned for a potential bullish cross, signaling the possibility of upward movement. A reclaim of the 200-day moving average would serve as a strong confirmation of this bullish trend.
Interestingly, several Bitcoin mining stocks have surfaced prominently in today’s scanner results and are heavily featured in the setup section of this report. This could be an early indication that the PPO is gearing up for a significant upward thrust. It’s crucial to stay vigilant and ready to respond.
However, if Bitcoin’s price fails at this support level, it could signal a bearish development, placing the price below major resistance levels, the trading range, and all major moving averages.
Bitcoin – Daily Chart
US Daily Setups
AEM – Agnico Eagle Mines Ltd.
Agnico Eagle Mines is now breaking out from the continuation pattern that we’ve been highlighting.
LINK TO CHART – https://schrts.co/sDqjNUGs
BWIN – The Baldwin Insurance Group, Inc.
The Baldwin Insurance appears to be consolidating in the form of a potential bullish pennant continuation pattern.
LINK TO CHART – https://schrts.co/xmtUMyXe
CDNA – CareDx Inc.
The CareDx setup continues to accelerate higher, following system rules after its breakout, as it trends above the upward-sloping moving average.
LINK TO CHART – https://schrts.co/xBNqyHGE
CHRW – C.H. Robinson Worldwide, Inc.
C.H. Robinson Worldwide appears to be setting up as a potential bullish flag continuation pattern as price action attempts to rebound from its upward-sloping moving average.
LINK TO CHART – https://schrts.co/yrcQbHeW
CLBT – Cellebrite DI Ltd.
Cellebrite appears to be breaking out from a multi-month area of consolidation, supported by robust volume.
LINK TO CHART – https://schrts.co/WuiCVfwe
EGO – Eldorado Gold Corp.
Eldorado Gold is attempting to trend higher from its area of consolidation.
LINK TO CHART – https://schrts.co/IcwYZZRD
GDX – VanEck Vectors Gold Miners ETF
The VanEck Vectors Gold Miners ETF is breaking out from its consolidation area and moving above a horizontal resistance line as the PPO momentum indicator resets at the zero line.
LINK TO CHART – https://schrts.co/phRsgcgM
GDXJ – VanEck Vectors Junior Gold Miners ETF
The VanEck Vectors Junior Gold Miners ETF is following GDX and is starting to break out above a horizontal resistance line as the PPO momentum indicator challenges the underside of the zero line.
LINK TO CHART – https://schrts.co/FMNPGqnk
GLD – SPDR Gold Shares
The SPDR Gold Shares ETF, a setup we charted in the daily setups last week, is now reaching a new all-time high.
LINK TO CHART – https://schrts.co/NIFqHtzv
GOLD – Barrick Gold Corp.
Barrick Gold appears to be setting up on the right side of a significant multi-year bottoming pattern. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/pSjbEkXt
IREN – Iris Energy Ltd.
Iris Energy has pulled back to retest the 200-day moving average and its previous breakout line as the PPO momentum indicator sets up for a potential bullish cross. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/qzFkKapK
NEE – NextEra Energy Inc.
NextEra Energy has consolidated tightly on the right side of a continuation pattern just below its 52-week high. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/GcPbSdEf
SLV – iShares Silver Trust
The iShares Silver Trust ETF is rebounding from its 200-day moving average as price action starts to push above an overhead resistance area. The large volume on the left side of the chart suggests significant accumulation throughout the area that price action just broke through.
LINK TO CHART – https://schrts.co/NirnAtcJ
WGMI – Valkyrie Bitcoin Miners ETF
The Valkyrie Bitcoin Miners ETF has pulled back to retest the 200-day moving average and the recent breakout line as the PPO momentum indicator sets up for a potential bullish cross. Monitor for any signs of upside momentum in the space and the ETF.
LINK TO CHART – https://schrts.co/VtpyDFAC
WULF – TeraWulf Inc.
TeraWulf has pulled back to retest the recent breakout line, forming a potential bull flag continuation pattern as the PPO momentum indicator sets up for a potential bullish cross.
LINK TO CHART – https://schrts.co/ndaayZxk
Canadian Daily Setups
AAWH/U.CA – Ascend Wellness Holdings Inc.
Ascend Wellness is moving higher, supported by robust volume over the last five days. Monitor to see if price action can break out above the downtrend line and horizontal resistance.
LINK TO CHART – https://schrts.co/DiAcXIWQ
ABX.TO – Barrick Gold Corp.
Barrick Gold is attempting a 52-week high breakout as the PPO momentum indicator rebounds from the zero line.
LINK TO CHART – https://schrts.co/dHBqAwTT
AEM.TO – Agnico-Eagle Mines Ltd.
Agnico-Eagle Mines is breaking out from the continuation pattern highlighted on Thursday.
LINK TO CHART – https://schrts.co/vajrmBJE
ATZ.TO – Aritzia Inc.
Aritzia appears to be setting up as a potential bullish flag continuation pattern as the PPO momentum indicator sets up for a potential bullish cross at the zero line. Monitor for signs of upside momentum.
LINK TO CHART – https://schrts.co/DShkCkrG
CXB.TO – Calibre Mining Corp.
Calibre Mining is working toward the apex of a significant multi-month consolidation/continuation pattern. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/gbzxCGrv
DPM.TO – Dundee Precious Metals, Inc.
Dundee Precious Metals continues to accelerate higher from the bullish flag continuation pattern we featured in the daily setups. This chart is a perfect example of a breakout signal following system rules as price action accelerates above its upward-sloping moving average.
LINK TO CHART – https://schrts.co/dQqcNpRV
ELD.TO – Eldorado Gold Corp.
Eldorado Gold is attempting to move higher from an area of consolidation.
LINK TO CHART – https://schrts.co/hJhspIkj
K.TO – Kinross Gold Corp.
Kinross Gold is attempting to move higher from a bullish pennant continuation pattern.
LINK TO CHART – https://schrts.co/gAXBVjqn
NA.TO – National Bank of Canada
National Bank continues to see upside momentum above the upper trendline of the recently highlighted consolidation/continuation pattern.
LINK TO CHART – https://schrts.co/BWrJZeiW
PLUR.V – Plurilock Security Inc.
Plurilock Security is exploding higher from the pattern we highlighted several times in the daily setups when it started signaling around one dollar. On Friday, price action surged nearly 34%.
LINK TO CHART – https://schrts.co/NPFxpmdA
TOI.V – Topicus.com Inc.
Topicus is attempting to break out from a significant multi-month area of consolidation.
LINK TO CHART – https://schrts.co/AsIptNCy
WPM.TO – Wheaton Precious Metals Corp.
Wheaton Precious Metals is set up as a potential bullish continuation pattern as price action appears to have successfully retested the recent breakout line.
LINK TO CHART – https://schrts.co/MgpNDbDQ
XGD.TO – iShares S&P/TSX Global Gold Index ETF
The iShares S&P/TSX Global Gold Index ETF is attempting a 52-week high breakout from an area of consolidation.
LINK TO CHART – https://schrts.co/TPpssIiw
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 – 2024-08-17
A, AAPL, ABBNY, ABBV, ABCB, ABT, ACGL, ACIW, ACM, ACN, ADEA, ADP, ADUS, AEE, AEM, AEO, AFL, AGI, AGX, AIG, AIT, AIZ, AJG, ALB, ALC, ALL, ALNY, AM, AMAL, AMP, ANF, ANSS, AON, APD, APO, APOG, APP, ARGX, ARIS, ARLP, AROC, ASPN, ASTH, ATO, AU, AVAV, AVB, AVY, AX, AXP, AXS, AYI, AZO, AZZ, BA, BAC, BALL, BBVA, BBW, BBY, BCO, BCSF, BDX, BIO, BIRK, BITQ, BITW, BJ, BK, BKU, BLK, BLOK, BLX, BMY, BPOP, BRC, BRK/B, BRO, BSIG, BSX, BTSG, BWIN, BXP, BY, C, CACI, CAG, CAH, CAL, CARG, CASH, CASY, CAVA, CB, CBOE, CBRE, CBSH, CBT, CCB, CDNA, CDRE, CF, CFB, CFG, CGBD, CHCO, CHRW, CHWY, CI, CINF, CL, CLBT, CLSK, CM, CMCSA, CME, CMI, CMPR, CMS, CNA, CNO, CNX, CNXN, COF, COIN, COO, COPX, COR, CPAY, CPB, CPNG, CRBG, CRDO, CRS, CRTO, CSCO, CSV, CTSH, CTVA, CVLG, CVLT, CVNA, CWAN, CYBR, D, DAC, DAVE, DB, DCI, DECK, DEFTF, DELL, DFS, DGX, DHI, DKS, DOCS, DOCU, DOLE, DOV, DSGX, DTM, DUOL, DVA, DXPE, DY, E, EA, EBS, ECL, ED, EGO, EGY, EIX, ELF, ELV, ENLC, ENVA, EPAC, EPD, EQH, EQR, ERIE, ES, ESAB, ESOA, ESQ, ESTC, ET, ETR, ETSY, EVRG, EWBC, EXC, EXEL, EXR, EZPW, FAST, FBP, FCN, FDIG, FE, FG, FI, FICO, FIHL, FIS, FITB, FLUT, FMC, FN, FNF, FORM, FOX, FRBA, FRO, FRT, FTAI, FTI, FTNT, FULT, FUTU, GD, GDDY, GDX, GDXJ, GEL, GEN, GENI, GFI, GFL, GHC, GIL, GIS, GL, GLD, GLRE, GM, GMED, GNRC, GOLD, GPI, GPK, GPN, GRMN, GS, GSHD, GTES, GVA, GWRE, GWW, H, HALO, HAS, HASI, HBAN, HCA, HD, HEAR, HEI, HESM, HG, HIG, HII, HIVE, HLI, HLNE, HLT, HLX, HMY, HOLX, HOOD, HPQ, HRB, HRL, HTBI, HTLF, HWC, HWM, IAG, IBCP, IBKR, IBN, IBOC, ICE, ICLR, IDT, IDXX, IGV, IHI, IIPR, IMMR, IMO, INFL, INFY, ING, INTU, INVH, IOT, IP, IPG, IREN, ITA, ITB, ITGR, ITRI, IWF, IWM, J, JBHT, JEF, JHG, JKHY, JLL, JNJ, JNPR, JPM, JXN, KBE, KD, KDP, KEX, KEY, KGC, KIM, KMB, KMPR, KMX, KNSL, KNTNF, KO, KR, KRE, KSPI, KTOS, KVUE, L, LDOS, LEN, LH, LHX, LIN, LINC, LMAT, LMB, LNC, LNG, LNT, LNW, LOB, LOGI, LOW, LQDT, LRN, LTH, LYV, LZB, MA, MAG, MAIN, MAMA, MARA, MATX, MBC, MBIN, MC, MCB, MCD, MCY, MDT, MEDP, MET, METV, MFC, MG, MKC, MKTX, MLR, MMC, MMSI, MNDY, MO, MORN, MPLX, MS, MTB, MTG, MTSI, MU, MUFG, MUSA, MYGN, NBN, NDAQ, NECB, NEE, NEM, NFLX, NGS, NGVC, NI, NIC, NKE, NMIH, NMRK, NOC, NR, NRG, NSIT, NTB, NTRA, NTRS, NU, NVDA, NVS, NWPX, NXPI, O, ODFL, OFG, OII, OKE, OKTA, OLED, OLLI, OMC, OR, ORCL, ORLY, OSCR, OTTR, PAA, PAAS, PAGP, PAGS, PAY, PBA, PDD, PEG, PEP, PFBC, PHM, PIPR, PJT, PKG, PLTR, PM, PNC, PNTG, PNW, POST, POWL, PPL, PRCT, PRDO, PRIM, PRK, PRMW, PRU, PSA, PSX, PTGX, PYPL, QFIN, QQQ, RACE, RBA, RBLX, RDN, RDNT, RDY, REGN, REX, RF, RGA, RJF, RKT, RMD, RNR, ROP, RSG, RSP, RXST, RYAN, S, SA, SAH, SAP, SBAC, SCVL, SDRL, SEIC, SF, SFM, SHOO, SII, SIL, SILJ, SKWD, SLM, SLV, SMFG, SMH, SNA, SNEX, SNX, SO, SOLV, SOUN, SPB, SPOT, SPY, SRE, SSD, SSNC, STE, STEP, STT, STX, SWK, SYF, SYK, SYY, T, TBBB, TBBK, TCBX, TDG, TDS, TDW, TDY, TEL, TEM, TER, TFC, TFPM, TFX, TGTX, THC, TIGO, TILE, TK, TKR, TMDX, TMO, TMUS, TOL, TORXF, TPB, TPR, TRN, TROW, TRV, TSCO, TSLA, TSM, TSN, TTD, TTE, TTEK, TTMI, TW, TXT, TYL, UAN, UBS, UDR, UFPT, UHS, UMBF, UMH, UNM, UNP, USAP, USB, USFD, UTI, V, VCTR, VCYT, VGT, VIRT, VIST, VITL, VRSN, VRTX, VSEC, VTR, VZ, WAB, WABC, WAL, WDC, WDOFF, WEC, WES, WFC, WGMI, WHD, WIX, WMB, WMT, WPM, WTFC, WTW, WULF, XEL, XLB, XLC, XLF, XLK, XLP, XLU, XLV, XLY, XME, ZBRA, ZETA, ZIM, ZIMV
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 – 2024-08-17
AAPL.NE, AAUC.TO, AAWH/U.CA, ABRA.V, ABX.TO, ABXX.NE, ACO/X.TO, ACT.CA, ADEN.TO, AEM.TO, AFM.V, AGI.TO, AI.TO, ALA.TO, ALS.TO, AMX.V, AP/UN.TO, APM.V, AQN.TO, ARIS.TO, ARTG.V, ASE.CA, ASM.TO, ATZ.TO, AVGO.NE, AX/UN.TO, AYA.TO, BBD/B.TO, BDI.TO, BIP/UN.TO, BIPC.TO, BITF.TO, BK.TO, BNS.TO, BPF/UN.TO, BRK.NE, BTB/UN.TO, BTO.TO, CAD.V, CAR/UN.TO, CCL/B.TO, CEF.TO, CF.TO, CG.TO, CGX.TO, CHE/UN.TO, CHP/UN.TO, CIX.TO, CL.CA, CM.TO, CNL.TO, CPH.TO, CPX.TO, CRR/UN.TO, CS.TO, CSCO.NE, CSH/UN.TO, CTC/A.TO, CU.TO, CURA.TO, CXB.TO, DC/A.TO, DEFI.NE, DF.TO, DFY.TO, DGS.TO, DIR/UN.TO, DND.TO, DNG.TO, DOL.TO, DOO.TO, DPM.TO, DRM.TO, DSG.TO, DV.V, DXT.TO, ECN.TO, EDR.TO, EFN.TO, EIF.TO, ELD.TO, EMA.TO, ENGH.TO, EQX.TO, FC.TO, FCR/UN.TO, FFH.TO, FORA.TO, FSZ.TO, FTN.TO, FTS.TO, FVI.TO, FWZ.V, GDV.TO, GIL.TO, GLXY.TO, GTII.CA, GUD.TO, GWO.TO, H.TO, HD.NE, HITI.V, HIVE.V, HR/UN.TO, IAG.TO, IGM.TO, ILLM.TO, IMG.TO, ITR.V, IVN.TO, JAG.TO, K.TO, KEY.TO, KITS.TO, KLD.V, KMP/UN.TO, KNT.TO, KSI.TO, KTN.V, LB.TO, LBS.TO, LFE.TO, LGC.V, LIF.TO, LNF.TO, LNR.TO, LUG.TO, MAU.V, MDA.TO, MDI.TO, MI/UN.TO, MKP.TO, MND.TO, MRG/UN.TO, NA.TO, NCI.V, NFI.TO, NFLX.NE, NG.TO, NGD.TO, NGEN.V, NGEX.TO, NGT.TO, NKE.NE, NVDA.NE, NWC.TO, NXR/UN.TO, ODV.V, OGC.TO, OGI.TO, OIII.V, OLA.TO, OR.TO, ORA.TO, OSI.V, OTEX.TO, PHYS.TO, PLUR.V, PMZ/UN.TO, PNG.V, POW.TO, PPTA.TO, PRL.TO, PRMW.TO, PRU.TO, PSLV.TO, PYPL.NE, QTRH.TO, RBA.TO, RUP.TO, RY.TO, SBC.TO, SEA.TO, SKE.TO, SLF.TO, SOY.TO, SPB.TO, SRU/UN.TO, SSL.TO, SSRM.TO, SVM.TO, TBRD.V, TCL/A.TO, TD.TO, TER.CA, TF.TO, TFPM.TO, TKO.TO, TOI.V, TOY.TO, TRP.TO, TRUL.CA, TSLA.NE, TSND.TO, TVE.TO, TXG.TO, VLE.TO, VNP.TO, VZ.NE, WDO.TO, WEED.TO, WILD.TO, WMT.NE, WPK.TO, WPM.TO, WRN.TO, WTE.TO, X.TO
