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
Market Resilience Prevails Amid Skepticism
After a robust rally propelled stocks to unprecedented highs this week, the temptation to attribute the surge solely to the fervor surrounding artificial intelligence is understandable. However, a cautionary note is sounded by the CMT, emphasizing the importance of reacting to unfolding events rather than engaging in speculative predictions. Despite media skepticism and predictions of a market top, the upward trajectory remains robust. The impetus for this positive momentum was initially sparked by Nvidia’s outstanding earnings report, which extended its influence across pivotal sectors such as technology, healthcare, and industrials. Concurrently, in response to concerns from pundits about a potential narrow stock-driven rally, a thorough examination of market internals dispels such notions. Surprisingly, even traditionally stable sectors like financials, and potentially more volatile sectors like materials, are maintaining a narrow range within 5% of their highs. When evaluating what worked last week, an encouraging sign emerges with 9 out of 11 S&P sectors showing gains, underscoring a broadly positive performance across sectors. Furthermore, the Red-Light/Green-Light Breadth System hints at a potential green-light cross, adding a layer of optimism that the rally could be broadening out.
What Worked Last Week
The Red-Light/Green-Light Breadth System
Reviewing the weekly charts reveals a 1.3% rise in the Dow Jones Industrial Average and a 1.7% jump in the S&P 500, both reaching unprecedented highs. The Nasdaq composite gained 1.4%, hitting a two-year peak just below the 16,000 level on Friday, slightly shy of its late 2021 high. All three major indexes are standing strong, consistently remaining above their moving averages in accordance with system rules, showcasing resilience against predictions from those persistently attempting to call a top. The market rally persists, making impressive strides higher with the Nasdaq setup for a potential breakout. However, it’s crucial to note that stocks could be extended in the short term. Maintain discipline, follow your trading rules to limit downside risk while riding momentum, and resist being influenced by noise or predictions, especially from pundits who have consistently been proven wrong.
Dow Jones Industrial Average – Weekly Chart
S&P 500 – Weekly Chart
Nasdaq – Weekly Chart
The small-cap Russell 2000 experienced a 0.9% decline but remains within a range from the end of last year, with prices holding above the recent breakout line.
Russell 2000 (ETF) – Weekly Chart
The 10-year Treasury yield declined by 4 basis points to 4.26% for the week, with a notable 7 basis points drop on Friday from a three-month high.
10-Year US Treasury Yield
The U.S. dollar index was on track for its first weekly fall in 2024 on Friday, but it ended the day little changed at 103.86, resulting in a weekly loss of 0.31%. The price is currently holding below a three-month high of 104.97 reached on February 14th.
US Dollar – Weekly Chart
The price action in crude oil negated our potentially bullish setup on Friday as it was rejected by the breakout line.
Crude Oil – Weekly Chart
Canada’s main stock index gained on Friday, concluding the week on a positive note, supported by advances in material and tech stocks as price action finally started to break out from the trading range we’ve been monitoring. The TSX composite index was up 157.54 points, or 0.74%, closing the week at 21,413.15, reaching its highest level since April 2022.
TSX – Weekly Chart
The price action in copper had a robust week, popping higher from the flagging pattern highlighted in the weekend reports. Price is now positioned below its trigger line, as seen on the chart, with many copper names showing up in our scanner results and the daily setups. Monitor for further signs of upside momentum and potential breakout signals.
Copper – Weekly Chart
The price of gold had a robust week as price action continues to set up in the pattern we’ve been monitoring. Keep a close watch on the price to see if next week finally yields a breakout.
Gold – Weekly Chart
The price of Bitcoin is consolidating near the 20-day moving average, as observed through the Bollinger Bands. Keep an eye on the price action to determine whether it can rebound higher from this level.
Bitcoin – Daily Chart
As we delve into the daily setups section, it’s crucial to embrace Dr. Alexander Elder’s wisdom: “You don’t need to know what’s going to happen next in order to make money. You need to know what to do next when the time comes.” This perspective underscores the unpredictable nature of financial markets and emphasizes the importance of preparedness and strategic decision-making. As we navigate through the daily setups, keeping this guiding principle in mind will serve as a compass in our pursuit of profitable trades.
US Daily Setups
ARCB – ArcBest Corp.
ArcBest is consolidating in the form of a bull flag continuation pattern.
LINK TO CHART – https://schrts.co/sDNrAghe
ARM – Arm Holdings Plc
Arm Holdings is attempting to move higher from a bull flag continuation pattern.
LINK TO CHART – https://schrts.co/PgWGjWes
ATKR – Atkore International Group Inc.
Atkore is attempting to move higher from a wedge pattern. Keep an eye on the price action for potential confirmation and a breakout in the near term.
LINK TO CHART – https://schrts.co/VMhbvxwA
COPX – Global X Copper Miners ETF
The Global X Copper Miners ETF appears to be initiating a breakout from a wedge pattern. Monitor closely for confirmation and potential continuation of this upward movement.
LINK TO CHART – https://schrts.co/BjZfbZTh
GFF – Griffon Corp.
Griffon is consolidating in the form of a bullish pennant continuation pattern located below a new high.
LINK TO CHART – https://schrts.co/vcTpMvuR
GRMN – Garmin Ltd.
Garmin is breaking out following a positive earnings report, supported by robust volume. Monitor for potential confirmation and continued upward momentum.
LINK TO CHART – https://schrts.co/UMpspfqI
GRVY – Gravity Co. Ltd.
Gravity appears to be setting up below a trigger line on the right side of a significant consolidation pattern, supported by an increase in volume. Keep a close watch for potential signs of upward momentum.
LINK TO CHART – https://schrts.co/BmurAWzd
HOOD – Robinhood Markets Inc.
Robinhood is currently attempting to push higher from the recently highlighted breakout consolidation. Monitor for potential confirmation and signs of sustained upward momentum.
LINK TO CHART – https://schrts.co/diBkfKPM
MSOS – AdvisorShares Pure US Cannabis ETF
The AdvisorShares Pure US Cannabis ETF continues to break out from the recently highlighted continuation pattern, backed by robust volume. Reflecting the positive momentum in US marijuana companies. Keep monitoring for potential developments and sustained strength in the sector.
LINK TO CHART – https://schrts.co/NkrHqWnG
NUE – Nucor Corp.
Nucor is set up below new highs. Keep a close eye on the price action for potential breakout signals.
LINK TO CHART – https://schrts.co/CbhnHiwT
TNET – TriNet Group, Inc.
TriNet appears to be breaking out from a significant multi-month consolidation pattern. Keep a close eye for potential confirmation and signs of sustained upward momentum.
LINK TO CHART – https://schrts.co/xTSZEDJG
WDOFF – Wesdome Gold Mines Ltd.
Wesdome Gold Mines has consolidated in the form of a bullish pennant continuation pattern, supported by robust volume. Monitor closely for potential breakout signals.
LINK TO CHART – https://schrts.co/xZrfajcX
WYNN – Wynn Resorts Ltd
Wynn Resorts is consolidating in the form of a bull flag continuation pattern. Monitor closely for potential breakout signals.
LINK TO CHART – https://schrts.co/uAHZQwWp
Canadian Daily Setups
CEU.TO – CES Energy Solutions Corp.
CES Energy Solutions is setting up on the right side of a basing pattern ahead of its earnings report next week. Keep a close eye for potential developments and reactions post-earnings.
LINK TO CHART – https://schrts.co/BKMcayPT
CURA.TO – Curaleaf Holdings, Inc.
Curaleaf appears to be setting up below its 52-week high. Keep an eye on the price action for potential developments in the near term.
LINK TO CHART – https://schrts.co/XQuJiWnE
DR.TO – Medical Facilities Corp.
Medical Facilities is breaking out to a 52-week high, supported by a bullish volume profile.
LINK TO CHART – https://schrts.co/xWQeExJc
DRX.TO – ADF Group, Inc.
The ADF Group setup continues to make more new highs. Monitor for potential signs of sustained strength and further upward momentum.
LINK TO CHART – https://schrts.co/sKjkbTPc
EQB.TO – Equitable Group Inc.
Equitable appears to be breaking out to its 52-week high.
LINK TO CHART – https://schrts.co/kCASRzkc
ERO.TO – Ero Copper Corporation
Ero Copper continues to appear on momentum scan results as price action sets up below a significant trigger. Monitor for potential developments and signs of upward momentum.
LINK TO CHART – https://schrts.co/byEgBzKe
FIL.TO – Filo Mining Corp.
Filo Mining has consolidated its way towards the apex of a significant multi-year continuation triangle. Keep a close watch for any signs of upside momentum, as the price action seems to be setting up for potential developments.
LINK TO CHART – https://schrts.co/SEicctcT
GIB/A.TO – CGI Group, Inc.
CGI Group is attempting to break to a new all-time high.
LINK TO CHART – https://schrts.co/SmaqbqNj
GTII.CA – Green Thumb Industries Inc.
Green Thumb Industries is attempting a breakout towards its 52-week high. Monitor closely for potential confirmation and signs of upward momentum.
LINK TO CHART – https://schrts.co/JjJUghKg
PPL.TO – Pembina Pipeline Corp.
Pembina Pipeline is attempting a breakout towards its 52-week high. Keep a close eye on the price action for potential confirmation and signs of upward momentum.
LINK TO CHART – https://schrts.co/wuiSMMZt
TRUL.CA – Trulieve Cannabis Corp.
The Trulieve Cannabis setup shared on Thursday is breaking out from its continuation pattern, delivering a nearly 11% one-day return, reflecting the positive momentum in US marijuana companies. Keep monitoring for potential developments and sustained strength in the sector.
LINK TO CHART – https://schrts.co/DVfpbxHw
WDO.TO – Wesdome Gold Mines Ltd.
Wesdome Gold Mines is consolidating in the form of a bullish pennant continuation pattern, supported by robust volume. Monitor for any potential breakout signals in the near future.
LINK TO CHART – https://schrts.co/QnhfyKWk
ZEB.TO – BMO S&P/TSX Equal Weight Banks Index ETF
The BMO S&P/TSX Equal Weight Banks Index ETF is attempting to break out from a bullish continuation pattern as all the Canadian banks continue to make appearances on our momentum scanner results.
LINK TO CHART – https://schrts.co/nNZTBrGi
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 – 2024-02-24
AAON, ABBV, ABT, ACGL, ACIW, ACM, ACN, ADP, AEE, AEL, AEM, AEO, AEP, AFL, AGI, AIG, AIT, AIZ, ALGN, ALKS, ALKT, ALPN, ALSN, ALV, AM, AMGN, AMP, AMT, AMWD, AMZN, ANF, ANSS, AOS, APG, APH, APLS, APOG, APPF, ARCB, ARE, ARM, ASND, ATI, ATKR, AWI, AYI, AZEK, AZZ, BAC, BAESY, BAH, BALL, BAX, BBVA, BBY, BCO, BDX, BECN, BK, BLBD, BLD, BLX, BMY, BR, BRKR, BSX, BUR, BVN, BYRN, CACI, CAG, CAH, CARG, CASY, CAT, CBOE, CBT, CBZ, CCCS, CCI, CCOI, CDRE, CDW, CECO, CEG, CENTA, CF, CHD, CI, CINF, CL, CLBT, CLH, CLX, CM, CMG, CMI, CMPR, CMS, CNA, CNC, CNM, CNO, COF, COLL, COOP, COPX, COR, CPRT, CQP, CRH, CRVL, CSCO, CSGP, CSL, CSWC, CSWI, CSX, CTAS, CTSH, CTVA, CUBI, CVI, CVLT, CVNA, CW, CWAN, CXT, CYBR, D, DASH, DCBO, DCI, DE, DELL, DFH, DFS, DGX, DHI, DIS, DK, DKS, DLTR, DOCU, DOV, DOW, DPZ, DRI, DRS, DTE, DTM, DUK, DVA, EAT, ECL, EDU, EFX, EG, EHC, EIX, EL, ELF, ELV, EME, EMR, ENSG, EPD, ES, ESAB, ESE, ESOA, ESTC, ET, ETR, EVRG, EWBC, EZPW, F, FBIN, FBP, FCX, FDS, FE, FFIV, FI, FIVE, FIX, FLEX, FLS, FLT, FLUT, FMC, FOR, FOUR, FRPT, FSS, FTDR, FTI, FTV, FWRG, GBX, GD, GDYN, GE, GEHC, GEL, GEN, GFF, GGG, GIB, GIII, GIS, GLD, GLP, GM, GMS, GNTX, GOLF, GPC, GPN, GRBK, GRMN, GRVY, GS, GWRE, GWW, H, HCA, HCC, HCI, HDSN, HEES, HIBB, HIG, HII, HLT, HMC, HNI, HOOD, HPQ, HRB, HRI, HSIC, HSY, HURN, HWM, IBM, IBOC, IBP, ICLR, IDR, IDT, IDXX, IESC, IEX, IFF, IGIC, IHG, IHI, IMO, ING, INTA, INTU, INVH, IOT, IP, IPAR, IRM, ISRG, IT, ITA, ITB, ITGR, ITW, IWM, J, JBI, JCI, JKHY, JNJ, JPM, KBH, KEX, KMB, KMX, KNF, KO, KR, KRT, KSPI, L, LDOS, LECO, LEN, LH, LHX, LII, LINC, LKQ, LMB, LMND, LNW, LOB, LOW, LPG, LVS, LYB, LZB, MAMA, MAR, MAS, MBC, MBIN, MCD, MCK, MCO, MCY, MDT, MEDP, MET, MHK, MHO, MKC, MLI, MLR, MO, MOD, MOH, MORN, MPC, MS, MSCI, MSOS, MTCH, MTD, MTH, MUFG, MUSA, MYRG, NATR, NBIX, NEU, NGS, NGVC, NI, NKE, NMIH, NMM, NOA, NOC, NPO, NR, NSC, NSIT, NSSC, NTAP, NTB, NTNX, NTRS, NUE, NVS, NVT, NX, NXT, OC, ODFL, OMC, OMI, ORLY, OSIS, OSK, OTIS, PAGS, PAM, PARR, PATK, PBA, PBPB, PCG, PEG, PEP, PETQ, PFBC, PFGC, PG, PHM, PKG, PLMR, PM, PNR, POOL, POST, POWL, PPG, PR, PRIM, PSX, PTC, PWP, QCRH, RACE, RBA, RDY, REGN, RELX, REVG, REX, RGA, RHI, RL, RMD, ROAD, ROK, ROL, ROST, RS, RSG, RSP, RUSHA, S, SAIA, SAIC, SAP, SFM, SHAK, SHW, SIGI, SKX, SM, SN, SNA, SNX, SPGI, SPOT, SRE, SSD, SSNC, STLD, STNE, STRL, STT, STZ, SWK, SYF, SYK, SYY, TBBK, TCOM, TDG, TDY, TGLS, TGS, TGT, THC, TJX, TMHC, TMO, TMUS, TNC, TNET, TOL, TPH, TPR, TPX, TRAK, TRIP, TS, TSCO, TSN, TSQ, TTE, TW, TXT, UAL, ULTA, UNH, UNP, URBN, USAC, USAP, VICI, VIPS, VITL, VLO, VLTO, VRSK, VRSN, VRTS, VRTX, VSEC, VST, VTR, VTRS, VVV, WDC, WDFC, WDOFF, WES, WEX, WFC, WING, WM, WMB, WOR, WSC, WST, WTFC, WYNN, XHB, XLB, XLF, XLI, XLP, XLU, XLV, YUM, ZBH, ZS, 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 – 2024-02-24
ACO/X.TO, AEM.TO, AGI.TO, AIF.TO, AMRQ.V, AMZN.NE, AND.TO, AQN.TO, ARR.TO, ARTG.V, ASTL.TO, ATD.TO, ATD/A.TO, ATE.TO, ATH.TO, AYR/A.CA, BAM/A.TO, BDI.TO, BEI/UN.TO, BK.TO, BMO.TO, BN.TO, BNS.TO, BPF/UN.TO, BTB/UN.TO, CCL/B.TO, CEU.TO, CHP/UN.TO, CL.CA, CM.TO, CMG.TO, CNC.V, CNR.TO, CP.TO, CRDL.TO, CRON.TO, CRR/UN.TO, CSH/UN.TO, CSU.TO, CTS.TO, CURA.TO, CVE.TO, CVO.TO, CWB.TO, DBM.TO, DCBO.TO, DE.V, DF.TO, DFN.TO, DFN/PA.TO, DFY.TO, DGS.TO, DHT/UN.TO, DIR/UN.TO, DIS.NE, DND.TO, DNTL.TO, DOL.TO, DR.TO, DRX.TO, DSG.TO, EDR.TO, EFN.TO, EIF.TO, EIT/UN.TO, EMA.TO, ENGH.TO, ENS.TO, EQB.TO, ERO.TO, ETHC.NE, FCD/UN.TO, FFH.TO, FFN.TO, FIL.TO, FN.TO, FTN.TO, GEI.TO, GFL.TO, GIB/A.TO, GIL.TO, GLXY.TO, GOLD.TO, GOLD.V, GOOG.NE, GRA.TO, GSY.TO, GTII.CA, GUD.TO, H.TO, HAI.TO, HD.NE, HITI.V, HPS/A.TO, IBAT.CA, IFC.TO, IIP/UN.TO, IMG.TO, IMO.TO, IVN.TO, JUSH.CA, KEY.TO, KMP/UN.TO, L.TO, LBS.TO, LCS.TO, LCX.V, LFE.TO, LNR.TO, LUG.TO, LUN.TO, MDNA.TO, MEG.TO, MFC.TO, MI/UN.TO, MOOO.CA, MRE.TO, MRU.TO, NFI.TO, NGEX.V, NOA.TO, NOU.V, NOVC.TO, NVEI.TO, OGI.TO, OLA.TO, OR.TO, PBY/UN.TO, PLC.TO, PLTH.CA, PNRL.V, POW.TO, PPL.TO, PRMW.TO, PSK.TO, PWI.TO, QTRH.TO, RBA.TO, RCH.TO, RCI/B.TO, REI/UN.TO, RUP.TO, RUS.TO, RY.TO, SBC.TO, SEA.TO, SES.TO, SGD.V, SLF.TO, SU.TO, SVI.TO, SVM.TO, TBRD.V, TCL/A.TO, TD.TO, TECK/B.TO, TER.CA, TFII.TO, TIXT.TO, TKO.TO, TOI.V, TPZ.TO, TRI.TO, TRUL.CA, TRZ.TO, TSND.TO, TSU.TO, VHI.TO, VRNO.NE, WCN.TO, WDO.TO, WJX.TO, WN.TO, WPK.TO, WRN.TO, WSP.TO, XTC.TO, ZEN.V
