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.

Just a friendly reminder: The sector watchlists are updated every weekend. You may want to consider dedicating time to reviewing and creating your watchlist. Also, it’s essential to keep an eye on the Daily Setups and Workspace scan results, which can provide insights into potential future additions to stay ahead of the game.

If you’re facing challenges understanding the Daily Setups or need help crafting a trading strategy, don’t hesitate to ask for assistance. You can contact us via email 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

S&P 500 Surpasses 5000 Milestone Amidst Robust Economic Growth

In a remarkable display of economic resilience, the S&P 500 has soared above the 5000-point mark, setting a new record, propelled by a 14 out of 15-week rally in major U.S. stock indexes. Technology stocks played a pivotal role in this achievement, underscoring the market’s bullish sentiment.

Investors find confidence in the unexpected strength of the economy, fostering the belief that sustained expansion can drive gains in riskier assets, even in the face of persistently high interest rates. This notable trend hasn’t been witnessed since March 1972 for the S&P 500 and not since the 1990s for both the Dow and Nasdaq.

On Friday, the Nasdaq Composite Index, dominated by tech stocks, posted a 1.25% gain, contributing to a 6.5% rise year-to-date. Meanwhile, the Dow Jones Industrial Average, experiencing a marginal 0.14% decline, still boasts a 2.6% increase in 2024. The S&P 500 closed the week 1.4% higher at around 5027, registering a 5.4% surge this year.

Nasdaq – Daily Chart

Dow Jones Industrial Average – Daily Chart

S&P 500 – Daily Chart

Despite my aversion to marketing or self-promotion, I’ve reluctantly become more active on Twitter to enhance visibility, following the advice of mentors and friends. Although the idea of promoting myself induces an unsettling sensation in my stomach, here I am, sharing my Nvidia tweets outlining the goal I’m striving to achieve by adhering to the system rules, as illustrated in the system rules chart at the top of the report.

My objective with SetYourStop is to identify chart setups with the potential for upside momentum, enabling readers to decide how they want to use that chart. Once a signal or chart begins to work, showing a continuation in upside momentum, I typically step away from it because there’s nothing to discuss other than letting the system rules work, as highlighted in the tweets. There’s nothing to talk about or debate. The most challenging part is practicing restraint while blocking out all external noise, allowing the trade to unfold while managing any downside risk. Now, let’s examine the Nvidia tweets to see how system rules work, while many around me continue trying to convince me that stocks can’t go higher.

In the following Tweet, I used it to mock how Captain Obvious top callers seem to magically appear to point out the obvious, yet they never seem to assist anyone in making money or identifying life-changing trades.

The same can be said for the Super Micro Computer setup that we highlighted on January 9th, as price action showed signs of momentum on the scanner results and broke out from a pattern. Despite this, all of my media feeds are filled with people pointing out the obvious but failing to notice the setup or the trade until after the fact.

SMCI – January 9th, 2024 – Daily Setups Chart

Interestingly, one of our members still holds SMCI following its breakout and recently reached out to me. The 60-minute chart, shared below and created by Greg Schnell, serves as a tool to eliminate noise and adhere to system rules for maximizing gains from a trade while defining downside risk by setting a stop using the moving average or Keltner channel line of choice.

I recall a friend mentioning that much of what we do is an art form, and this indeed captures the essence of it. Each individual or their financial advisor must determine the stop-loss that aligns with their personality or strategy, aiming to optimize profits while mitigating potential downsides. This personalized touch, emphasizing the optimization of profits while managing potential downsides, adds a distinctive artistic element to the decision-making process in trading.

SMCI – 60 Minute Chart

When examining the Red-Light/Green-Light Breadth System, the moving averages are making an attempt to curve higher. Next week will provide us with more clues, particularly regarding the setups highlighted in the dedicated section of the report, including Amazon, Google, and the Russell 2000. The sustainability of their patterns will be a key factor to watch.

The Red-Light/Green-Light Breadth System

The small-cap Russell 2000 displays an exceptionally bullish setup as we approach the next week. The price action is actively attempting to break out from a continuation pattern that has formed across the breakout line of its significant multi-year consolidation base pattern. This signifies the potential start of a bullish trend and suggests close monitoring for a breakout that could have a positive impact on market sentiment.

Russell 2000 (ETF) – Weekly Chart

The yield on the 10-year U.S. Treasury note experienced a slight uptick to 4.186% on Friday, compared to 4.169% on Thursday and a level below 4% at the beginning of the year. This movement reflects ongoing dynamics in the bond market, providing insight into changes in investor sentiment and expectations regarding interest rates. The price action is attempting to move higher following its bull flag retest of the breakout line, adding another layer to the evolving market scenario.

10-Year US Treasury Yield

The U.S. dollar setup from last week encountered rejection at its breakout line on the chart, signaling a significant development. This rejection underscores the breakout line as a crucial level of resistance that the U.S. dollar failed to surpass. Observing these rejections offers valuable insights into potential shifts in currency market trends and potential market correlations.

US Dollar – Weekly Chart

The price of crude oil remains in a pinball pattern, bouncing between support and the breakout line (resistance). Keep a close eye on the market next week to discern whether the price of oil unveils a clear market direction.

Crude Oil – Weekly Chart

The TSX composite index recorded a daily gain of 89.96 points or 0.36%, closing the week at 21,009.60. This marked its highest closing level since the previous Friday. However, for the week, the index experienced a 0.36% decline as price action remained trapped in a multi-week trading range.

TSX – Weekly Chart

On the gold chart, there have been no significant changes as we patiently await direction to reveal itself.

Gold – Weekly Chart

Bitcoin – Daily Chart

Sector Watchlist Highlights: Weekend Chart Setups

Link – Explore Our Featured Watchlist

In this segment of the weekly report, we delve into the setup section. As a friendly reminder, our sector watchlists receive updates every weekend, and we strongly encourage you to review these updates and craft your own watchlist based on the information provided. It’s also worth highlighting that monitoring the Daily Setups and Workspace scan results can yield valuable insights into potential future additions, potentially giving you a competitive advantage in the market.

In reviewing last week’s market performance, the technology, discretionary, industrials, and healthcare sectors emerged as key players. Notably, the small-cap Russell 2000 bounced back by 2.4%, marking a significant outside week after testing crucial levels and closing above the 2,000 mark for the first time this year. The Nasdaq and Russell 2000 gaining momentum towards the end of the week resulted in more stocks appearing on our scanner results, including instances like Palantir’s substantial earnings gap-up. However, finding attractive buying opportunities remains somewhat limited, and several of our top setups are currently extended. The rally is noticeably driven by AI, with AI-related plays experiencing significant gains. Additionally, major tech giants are gearing up for substantial spending to advance in artificial intelligence, positively impacting AI chip and software plays. While market leadership extends beyond AI and tech, covering housing, construction, industrial, travel, financial, and healthcare stocks, the rally seems somewhat extended. The market is characterized by a shortage of viable setups, even though trading opportunities persist. Caution is advised; it’s not the time for hasty decisions until clear setup signals align with textbook rules. Traders may contemplate taking partial profits on significantly extended winners based on their conviction and trading style or employ stop-loss strategies, as discussed earlier in the report. It’s crucial to recognize that the market may undergo a pullback, especially with Bitcoin continuing to break out. Therefore, maintaining awareness of market dynamics is wise, understanding that at times, all stocks may correlate, while in other instances, sectors may undergo rotation, creating distinctions between stocks that perform well and those affected by pullbacks. Now, onto the daily setups.

What Worked Last Week

US Daily Setups

AMZN – Amazon.com, Inc.

Amazon is nearing a potential new all-time high breakout as price action starts to push higher from a bull flag continuation pattern.

LINK TO CHART – https://schrts.co/xEFSdgHR

COIN – Coinbase Global Inc.

Coinbase seems to be breaking out from a significant continuation wedge or bull flag continuation pattern.

LINK TO CHART – https://schrts.co/eiBzsDSi

GOOGL – Alphabet Inc.

Alphabet has rebounded strongly post-earnings, with a gap filler during the retest of the recent breakout line. Keep an eye for potential continuation of the uptrend.

LINK TO CHART – https://schrts.co/NMvPjknw

IBM – International Business Machines

IBM is attempting to break out from a bull flag continuation pattern.

LINK TO CHART – https://schrts.co/NKKPrYdk

IWM – iShares Russell 2000 ETF

iShares Russell 2000 ETF is attempting to break out from a continuation pattern. Pay attention to the significant volume by price bars on the left side of the chart, indicating substantial accumulation throughout the pattern.

LINK TO CHART – https://schrts.co/KbDQttVs

PLAB – Photronics, Inc.

Photronics seems to be setting up below its 52-week high.

LINK TO CHART – https://schrts.co/pirgdCri

REVG – REV Group, Inc.

REV Group is attempting a new 52-week high breakout following a bull flag retest.

LINK TO CHART – https://schrts.co/SJPNMcVy

SQ – Block, Inc.

Block is worth adding to the watchlist. Despite a less encouraging trading day on Friday, it could be worth monitoring for a potential breakout in the future.

LINK TO CHART – https://schrts.co/QJmZArBC

TSLA – Tesla Inc.

Tesla might be attempting to break out from a rounded bottom pattern. Keep an eye for any signs of a breakout above the resistance line and monitor how the price reacts if it reaches the gap-down level.

LINK TO CHART – https://schrts.co/bbazqiwg

U – Unity Software Inc.

Unity Software is attempting to break out from a potential bottoming pattern.

LINK TO CHART – https://schrts.co/qkYqpBXh

USLM – United States Lime & Minerals, Inc.

United States Lime & Minerals is attempting to break out from a bull flag retest situated below its all-time high.

LINK TO CHART – https://schrts.co/AhGtmdJK

VERX – Vertex In.

Vertex seems to have successfully retested the recent breakout line. Keep an eye out for any signs of potential upside momentum.

LINK TO CHART – https://schrts.co/YgqBqmrh

Canadian Daily Setups

AIDX.TO – Healwell AI Inc.

Healwell AI appears to be attempting to break out from a continuation pattern, accompanied by significant volume.

LINK TO CHART – https://schrts.co/zDmGYepw

BITF.TO – Bitfarms Ltd.

Bitfarms appears to be breaking out from a continuation pattern.

LINK TO CHART – https://schrts.co/zgnGPBaM

BRAG.TO – Bragg Gaming Group, Inc.

Bragg Gaming seems to be setting up on the right side of a consolidation pattern, situated below its 52-week high.

LINK TO CHART – https://schrts.co/ZdcvKQwY

CVO.TO – Coveo Solutions Inc.

Coveo Solutions seems to be setting up on the right side of a consolidation pattern with significant volume. Monitor for any signs of a potential breakout.

LINK TO CHART – https://schrts.co/snVxyaaR

GLXY.TO – Galaxy Digital Holdings Ltd.

Galaxy Digital might be worth keeping on a watchlist (if you haven’t) following the breakout we recently highlighted.

LINK TO CHART – https://schrts.co/aYvfupSi

HIVE.V – HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies is set up for a potential bottoming pattern breakout.

LINK TO CHART – https://schrts.co/qPBCBkkM

HUT.TO – Hut 8 Mining Corp

Hut 8 Mining continues to surge higher from its low. Monitor for a potential breakout above the resistance line.

LINK TO CHART – https://schrts.co/UupitBHe

NVEI.TO – Nuvei Corporation

The Nuvei setup continues to exhibit signs of upside strength.

LINK TO CHART – https://schrts.co/hJeiRzgw

SLF.TO – Sun Life Financial Services of Canada, Inc.

Sun Life Financial is breaking out to new all-time highs.

LINK TO CHART – https://schrts.co/MJZKTGTB

To bring our report to a close, we thank you for your engagement and insights. Your feedback is of great value, 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 scanner result PDFs provided below of Friday’s scan results. 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 – 2024-02-10

AAON, AAPL, ABBNY, ABNB, ACA, ACGL, ACIW, ACM, ACMR, ACN, ADBE, ADEA, ADSK, AEL, AEO, AFYA, AGM, AGO, AGYS, AIG, AIR, AIT, AIZ, AJG, AKAM, ALG, ALGN, ALKT, ALLE, ALPN, ALSN, ALTR, ALV, AMAT, AMD, AME, AMP, AMPH, AMT, AMWD, AMZN, ANET, ANF, AON, AOS, APAM, APG, APH, APO, APOG, ARBK, ARCB, ARES, ARKK, ARM, AROC, ASML, ASND, ATEYY, ATI, ATO, ATR, AVAV, AVB, AVDX, AVGO, AVY, AWI, AWK, AXON, AXP, AZZ, BAESY, BAH, BALL, BAM, BBVA, BBWI, BBY, BCC, BCO, BDX, BECN, BELFB, BEN, BITO, BITQ, BK, BKNG, BLK, BLKB, BLOK, BPOP, BRBR, BRC, BRK/B, BRO, BSX, BTBT, BWXT, BYRN, CACI, CAH, CAMT, CARG, CARR, CASH, CASY, CB, CBAY, CBRE, CBZ, CCEP, CCI, CCOI, CCS, CDNS, CDRE, CDW, CE, CECO, CEG, CF, CFB, CHCO, CHKP, CI, CIEN, CINF, CLH, CLS, CLSK, CME, CMG, CMI, CMPR, CNA, CNC, CNM, CNO, COF, COLL, COO, COOP, COR, CPS, CRL, CRS, CRSP, CRVL, CSAN, CSCO, CSL, CSWI, CTLT, CTVA, CUBI, CVI, CVLG, CVLT, CVNA, CVS, CW, CWAN, CWCO, CXT, CYBR, DAC, DASH, DAY, DBX, DCBO, DCI, DECK, DEFTF, DELL, DFH, DFIN, DFS, DG, DGHI, DHI, DHT, DINO, DK, DKNG, DLO, DLR, DNN, DOCN, DOV, DOW, DRS, DSGR, DSGX, DUOL, DY, EA, EADSY, EBAY, ECL, EDU, EL, ELF, ELTK, ELV, EME, EMR, ENPH, ENSG, ENTG, ERIE, ES, ESAB, ESOA, ESTC, ET, ETN, ETSY, EVR, EXPD, EXR, FA, FAST, FBP, FCFS, FCN, FCNCA, FDIG, FDS, FE, FERG, FFIV, FI, FIS, FITB, FIVE, FIVN, FIX, FLEX, FLR, FLS, FMX, FN, FNF, FOR, FOUR, FRHC, FRO, FROG, FSS, FTAI, FTDR, FTNT, FTV, FWRG, GBDC, GBTC, GBX, GD, GDYN, GE, GEN, GFF, GGG, GIII, GL, GLOB, GLRE, GLW, GMS, GNTX, GOLF, GOOG, GOOGL, GPC, GPI, GPOR, GPS, GRBK, GRC, GRMN, GSHD, GVA, GWRE, GWW, H, HAYN, HCA, HCI, HDSN, HEES, HEI, HIBB, HIG, HII, HLNE, HNI, HOLI, HON, HOV, HPQ, HQY, HRB, HRI, HTBI, HTGC, HUBB, HUBS, HUM, HURN, HWKN, IBCP, IBKR, IBM, IBOC, IBP, ICE, ICFI, ICLR, IDR, IDT, IESC, IEX, IHG, INSW, INTC, INTU, INVH, IOT, IP, IPAR, IQV, IR, IREN, ISRG, IT, ITCI, ITGR, ITRI, ITRN, ITW, IWF, IWM, J, JBHT, JBI, JBL, JCI, JHX, JKHY, JPM, KAI, KBH, KD, KIM, KKR, KLAC, KMX, KNF, KOP, KRE, KRT, KTOS, KWR, L, LAD, LBRT, LECO, LII, LIN, LKQ, LLY, LMB, LMND, LNW, LOB, LOGI, LOW, LPLA, LRCX, LRN, LULU, LUV, LYB, LYV, LZB, MANH, MARA, MBIN, MCHP, MCK, MCO, MDB, MEDP, MET, METV, MFC, MGM, MHK, MITK, MLI, MLM, MLR, MMC, MMYT, MNDY, MOD, MOH, MORN, MPC, MPTI, MPWR, MSCI, MSFT, MSI, MSM, MSTR, MTB, MTRN, MU, MYRG, NCNO, NDAQ, NDSN, NEU, NGVC, NHC, NICE, NMIH, NOC, NOW, NPO, NS, NSC, NSIT, NTAP, NTRA, NTRS, NU, NVDA, NVMI, NVO, NWS, NWSA, NX, NXPI, NXT, OBDC, ODD, ODP, OFG, OKE, OKTA, OLED, ONTO, OSG, OSIS, OTEX, OTIS, OTTR, OZK, PANW, PARR, PATH, PATK, PAX, PAY, PAYX, PCAR, PFG, PGR, PH, PKG, PLAB, PLD, PLMR, PLUS, PNR, PNTG, POWL, POWW, PPG, PPL, PRDO, PRI, PRIM, PSN, PSTG, PTC, PWR, PWSC, QCOM, QCRH, QQQ, RACE, RBA, RDNT, RDY, REGN, RELX, REVG, REX, RGA, RHI, RIOT, RJF, RL, ROCK, ROP, ROST, RPD, RPM, RS, RSP, RUSHA, RUSHB, RYAAY, SAH, SAIA, SAIC, SBUX, SCHW, SCS, SFM, SHAK, SHOP, SIGI, SKM, SKWD, SKX, SLV, SMAR, SMCI, SMH, SN, SNOW, SNPS, SNX, SPG, SPOT, SPSC, SPXC, SPY, SQSP, SSD, STE, STLA, STRL, STX, SUM, SWBI, SWKS, SXC, SYK, SYY, TBBK, TDY, TEAM, TEL, TENB, TER, TFC, TFX, TGLS, TJX, TKR, TM, TMHC, TMO, TMUS, TOL, TPH, TREX, TRI, TRMB, TRNS, TRV, TSCO, TSQ, TT, TTEK, TW, TXN, TYL, UEC, UGP, UHS, ULTA, UNP, UPWK, URBN, URI, USLM, V, VECO, VERX, VGT, VIPS, VIV, VLO, VMC, VNOM, VNT, VRNS, VRRM, VRSK, VRT, VRTS, VST, VTR, WAL, WDAY, WELL, WES, WEST, WGMI, WING, WIRE, WIX, WMG, WMS, WOR, WRB, WSC, WSM, WSO, WTFC, WTS, WTW, WWD, WY, XHB, XLB, XLC, XLF, XLI, XLK, XLRE, XLY, XYL, YELP, YPF, ZBRA, ZS, ZTS

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 – 2024-02-10

AAWH/U.CA, AEP.V, AFN.TO, AI.TO, AKG.TO, AMD.NE, AMZN.NE, ARTG.V, ARX.TO, ATD.TO, ATD/A.TO, ATH.TO, ATZ.TO, BAM.TO, BAM/A.TO, BBU/UN.TO, BEI/UN.TO, BHC.TO, BIP/UN.TO, BIPC.TO, BITF.TO, BK.TO, BLDP.TO, BN.TO, BNS.TO, BRAG.TO, BTB/UN.TO, CAD.V, CAR/UN.TO, CCA.TO, CF.TO, CHR.TO, CIG.TO, CIGI.TO, CIX.TO, CLS.TO, CNC.V, CNQ.TO, CNR.TO, CRON.TO, CRR/UN.TO, CS.TO, CSCO.NE, CSH/UN.TO, CTS.TO, CVO.TO, CVS.NE, D/UN.TO, DCBO.TO, DCM.TO, DFN/PA.TO, DGHI.V, DGS.TO, DIR/UN.TO, DIV.TO, DML.TO, DND.TO, DRX.TO, DSG.TO, EFL.TO, EIT/UN.TO, ELVA.TO, ETG.TO, ETHC.NE, ETHH.TO, EU.V, FAP.TO, FCR/UN.TO, FIH/U.TO, FSV.TO, FTG.TO, FWZ.V, GAU.TO, GIL.TO, GLXY.TO, GOOG.NE, GOOS.TO, GRT/UN.TO, GSY.TO, GUD.TO, H.TO, HON.NE, HPS/A.TO, HR/UN.TO, HRX.TO, IBM.NE, IIP/UN.TO, INTC.NE, IPCO.TO, ISO.V, IVN.TO, KEY.TO, KMP/UN.TO, KXS.TO, LAC.TO, LB.TO, LEV.TO, LI.V, LLY.NE, LUN.TO, MDA.TO, MFC.TO, MFI.TO, MOGO.TO, MRE.TO, MSFT.NE, MTL.TO, NA.TO, NG.TO, NPR.V, NVDA.NE, NVEI.TO, NWC.TO, NXR/UN.TO, OGI.TO, OTEX.TO, PET.TO, PLC.TO, PMZ/UN.TO, PNE.TO, PRV/UN.TO, PXT.TO, QBTC.TO, RBA.TO, RCK.V, REAL.TO, RSI.TO, RY.TO, SECU.V, SES.TO, SGR/UN.TO, SHOP.TO, SIA.TO, SJ.TO, SLF.TO, SRU/UN.TO, SSRM.TO, STC.TO, SVI.TO, SVM.TO, SXP.TO, TCL/A.TO, THNC.TO, TIH.TO, TIXT.TO, TRI.TO, TSU.TO, VISA.NE, VNP.TO, WCN.TO, WFG.TO, WJX.TO, WSP.TO, X.TO, ZZZ.TO