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 Update – January 14, 2024: Rally Resumes Despite Economic Ambiguity

In the wake of a challenging start to 2024, the stock market demonstrated remarkable resilience last week, rebounding strongly after a brief retreat. Major indexes and leading stocks found support at key levels, notably highlighted by our bull flag retests discussed in the previous weekend’s report. This resurgence included a notable breakout from Nvidia, one of our top ideas. Despite traders holding onto hopes for a soft-landing economy and a dovish Federal Reserve, the S&P 500 struggled to reach a record closing high, ending the week less than 0.1% higher.

The S&P 500 index exhibited a robust 1.8% surge, reaching new 52-week highs and approaching its all-time peak, propelled by the successful bull flag retest of the 21-exponential day moving average highlighted in our last weekend’s report. Despite this remarkable performance, the benchmark stock index concluded Friday’s trading session with a marginal increase of less than 0.1%, hovering within 0.3% of a record high that has steadfastly held for over two years. This near miss of the historical peak underscores the market’s tenacity and the potential for a breakthrough in the sessions ahead.

S&P 500 – Daily Chart

The Nasdaq Composite experienced a robust 3.1% surge, staging a rebound from the bull flag retest line pinpointed in our previous weekend’s report. However, this bullish momentum encountered resistance at the critical 15,000 level. The tech-centric Nasdaq Composite concluded Friday’s trading session with a marginal 0.02% uptick, as the price action gracefully floated above the 21-exponential day moving average. This delicate balance above the moving average underscores the market’s resilience and sets the stage for potential further upside movements.

Nasdaq – Daily Chart

The Dow Jones Industrial Average posted a modest gain of 0.3% in the week’s stock market trading. It briefly surpassed a record high on Friday before experiencing a decline of 0.3%, amounting to a 118-point decrease on the day. This nuanced movement reflects the dynamic nature of the market, with brief highs giving way to some corrective measures. The Dow’s resilience, despite the decline, indicates ongoing market activity and sets the stage for potential shifts in the coming sessions.

Dow Jones Industrial Average – Daily Chart

The small-cap Russell 2000 saw a notable jump on Monday, showing promising momentum. However, the week concluded with the index closing flat, encountering resistance at the upper trendline of its bull flag consolidation. This resistance is currently undergoing a test against the recent breakout level, emphasizing the market’s cautious stance. The Russell 2000’s ability to navigate this consolidation phase will be crucial in determining its future trajectory and potential for sustained upward movement.

Russell 2000 (ETF) – Weekly Chart

Examining market breadth, the red-light/green-light breadth system indicates weakness in 2024, marked by a recent red-light cross. However, market leadership remains broad, exemplified by Nvidia, Microsoft, and our successful uranium theme this week.

The Red-Light/Green-Light Breadth System

The dollar index retraced its gains on Friday, prompted by an unexpected decline in U.S. producer prices for December. This development has heightened expectations of an early U.S. rate cut. The price action on the chart closely resembles the setup seen in the 10-year Treasury note, consolidating in the form of a bull flag retest of a support line. It’s noteworthy that the price remains trapped below the 200-day or 40-week moving average, indicating a cautious market sentiment regarding the dollar’s performance. Monitoring this consolidation pattern will be key in assessing the potential trajectory of the dollar index in the upcoming sessions.

US Dollar – Weekly Chart

U.S. crude oil futures experienced a 1.5% decline, settling at $72.68 a barrel last week. The price action continued to tread along the upper boundary of the support line that we’ve been diligently monitoring. Notably, on Friday, the energy sector gained 0.66 points, propelled by a 0.9% increase in oil prices. This uptick followed overnight air and sea strikes conducted by the U.S. and Britain on Houthi targets in Yemen. The evolving geopolitical landscape is contributing to fluctuations in oil prices, and careful monitoring of this dynamic situation is crucial for a comprehensive understanding of the market forces at play.

Crude Oil – Weekly Chart

Canada’s main stock index demonstrated strength on Friday, achieving its highest weekly closing level in 21 months. This ascent was propelled by gains in technology and resource shares, coupled with bullish technical signals for the market. The TSX composite index concluded the week with a gain of 71.82 points, representing a 0.3% increase, closing at 20,990.22. This marks its highest weekly closing level since April 2022. The week’s performance underlines a consistent upward trajectory, with price action maintaining its momentum above the recent base breakout line. This positive momentum suggests a favorable market environment, and continued observation will be essential to gauge potential future developments.

TSX – Weekly Chart

The price of gold executed a bull flag retest of the 50-day moving average, accompanied by a notable surge in volume. Our ongoing observation focuses on the significant basing pattern unfolding on the weekly timeframe. The daily chart presents a binary scenario, emphasizing a critical juncture for gold. The outcome hinges on whether the price sustains its trend above the 50-day moving average or not. This pivotal moment underscores the importance of closely monitoring gold’s price action for potential signals of a sustained upward trend.

Gold – Daily Chart

Gold – Weekly Chart

Our uranium theme experienced an exceptionally bullish week, driven by a surge in spot prices, influencing our uranium miners, including Cameco, Denison Mines, and the Sprott Physical Uranium Trust. This upward momentum was triggered by Kazakhstan-based miner Kazatomprom signaling a production shortfall in 2024. On Friday, Cameco delivered a robust performance, concluding the day with a notable increase of 6.99%, while Denison Mines surged impressively, achieving a significant 10% gain in our Canadian setups. Notably, the Global X Uranium ETF closed the week with a remarkable uptick of nearly 17%, fueled by bullish volume. This overall bullish momentum underscores the substantial impact of supply dynamics on commodity prices and strategically positions these companies within the current market conditions.

Uranium Theme – Global X Uranium ETF

The Bitcoin theme experienced significant developments last week as regulators finally cleared the path for spot Bitcoin ETFs to enter the market. This led to a surge in existing funds that converted to the new model, and new funds quickly accumulated trading volume, causing bitcoin prices to skyrocket. Bitcoin reached 20-month highs above $45,000 at the beginning of 2024 and briefly touched $49,000 on Thursday, marking its highest level since December 2021. However, by the end of the first trading Thursday, most funds saw a decline, and Bitcoin erased some of its ETF-fueled gains. The week concluded with Bitcoin’s price action resting on its upward-sloping 50-day moving average.

Bitcoin – Daily Chart

Attention may now shift to Ethereum as it emerges as a potential candidate for a spot ETF. The chart exhibits a bullish trend, following the recently highlighted breakout, with price action consistently above its upward-sloping 50-day moving average. Furthermore, there are indications of consolidation in the form of a bull flag pattern. It’s essential to emphasize our strategy, aiming to be reactive rather than predictive, in contrast to the forecasting approaches adopted by many prominent market pundits. Monitoring Ethereum’s price action and pattern developments will be crucial in assessing its potential trajectory.

Ethereum – Daily Chart

The U.S. marijuana theme, highlighted last week after a breakout in volume on the AdvisorShares Pure US Cannabis ETF, continues to show promising developments. We noted that the price action was poised for a potential bottoming pattern breakout. Last Friday, the momentum persisted with a surge in volume, pushing the price above the trigger line. This Friday, the price action conducted a bull flag retest of that breakout, accompanied by even larger volume, indicating the potential initiation of a broader theme. This surge coincides with a rescheduling push for the drug from governors. For further exploration of opportunities in the U.S. cannabis sector, more cannabis-related tickers are detailed in the Canadian setups section of today’s report.

From Bitcoin ETF Frenzy to Emerging Cannabis Theme

MSOS – 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.

When assessing what worked last week, the market presented a compelling mix of dynamics. Energy, communications, real estate, and utilities notably emerged as the top-gaining segments of the S&P 500 on Friday, marking a noteworthy shift, especially for energy and utilities, which faced a challenging week. Conversely, bank shares experienced a predominantly downward trajectory following earnings reports from major lenders. Despite these sector-specific movements, the broader market rally displayed resilience, with stocks navigating a modest pullback to start 2024. Notably, the S&P 500, Nasdaq Composite, and leading stocks found solid support, facilitating bullish pullbacks and successful bull flag retests, as highlighted in our previous weekend’s report. Simultaneously, several stocks are in the process of forming new consolidations, often positioned just above or at the top of a base or continuation pattern. As we actively monitor these developments, maintaining vigilant watchlists becomes crucial, particularly with the emergence of new sector themes, such as those related to U.S. marijuana companies.

What Worked Last Week

US Daily Setups

AVGO – Broadcom Inc.

Broadcom is attempting a trend higher from a bull flag continuation pattern which is located below new highs.

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

IBM – International Business Machines

IBM is attempting to break out from a continuation pattern, positioned below new highs.

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

MELI – MercadoLibre Inc.

MercadoLibre is attempting to break out to a new 52-week high, signaling the potential continuation of the trend.

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

MSFT – Microsoft Corp.

The Microsoft setup continues to appear bullish.

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

MSOS – AdvisorShares Pure US Cannabis ETF

The AdvisorShares Pure US Cannabis ETF appears to be breaking out with volume from its bottoming pattern, following up on a bull flag retest.

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

SPOT – Spotify Technology S.A.

Spotify is attempting to trend higher from a continuation pattern.

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

VIST – Vista Oil & Gas SAB

Vista Oil & Gas is setting up near new highs in the form of a continuation pattern. Keep a close eye for a potential breakout, which would suggest the continuation of the uptrend.

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

Canadian Daily Setups

CJT.TO – Cargojet Inc.

The Cargojet setup appears to be breaking out from its bottom base.

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

CURA.TO – Curaleaf Holdings, Inc.

The Curaleaf setup appears to be mirroring the price action of the MSOS ETF as it pops higher from a bull flag pattern.

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

GLO.TO – Global Atomic Corporation

The Global Atomic setup is presently breaking out from its recently highlighted bottoming base, echoing the price action across all our uranium-themed setups.

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

GTII.CA – Green Thumb Industries Inc.

The Green Thumb setup appears to be breaking out from its bottoming pattern, accompanied by bullish volume.

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

TOU.TO – Tourmaline Oil Corp.

Tourmaline Oil continues to fluctuate around its breakout line. Monitor for a directional confirmation.

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

TRUL.CA – Trulieve Cannabis Corp.

Trulieve Cannabis has reached the apex of a consolidation area with a bullish volume profile, indicating a potential setup for a bottoming base breakout.

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

VERS.NE – VERSES Technologies Inc.

VERSES Technologies continues to appear on momentum scans, with price action setting up on the right side of a rounded bottom pattern accompanied by a bullish volume profile.

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

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 – 2024-01-14

A, ABBNY, ABBV, ABT, ACA, ACGL, ACM, ACMR, ACN, ADP, ADSK, AEM, AEP, AER, AES, AFL, AGI, AIG, AIR, AIT, AJG, AKAM, ALG, ALL, ALPN, ALTR, AMGN, AMR, ANET, AOS, APH, APO, APP, APPF, ARCB, ARCH, ATGE, ATO, AVAV, AVGO, AVY, AWK, AXON, AZO, BAESY, BAH, BAM, BCC, BK, BLDR, BLK, BMI, BR, BRK/B, BRO, BRZE, BSX, BUR, BVN, BWXT, BYRN, C, CACI, CAG, CAH, CASY, CBOE, CBZ, CCAP, CCEP, CCJ, CCOI, CDNS, CDRE, CELH, CHD, CHE, CHKP, CIEN, CL, CLS, CLX, CMS, CNM, CNO, COO, COPX, COR, COST, CQP, CR, CRBG, CRESY, CRM, CSAN, CSWC, CSWI, CSX, CTAS, CTSH, CVLT, CW, CWAN, CWCO, CYBR, D, DASH, DAVA, DBX, DCI, DDOG, DECK, DG, DHT, DINO, DKS, DLB, DLO, DLR, DNN, DOCU, DRS, DSGR, DSGX, DTM, DUK, DV, E, EA, EADSY, EC, ECL, ED, EDU, EFX, EGO, EHC, EMR, ENSG, EPAM, EPD, EQIX, EQR, ERIE, ESE, ESOA, ESS, ET, ETR, ETRN, EVR, EVRG, EXPD, FA, FAST, FCFS, FCN, FDS, FE, FI, FICO, FLT, FMX, FN, FNF, FOX, FRO, FRPT, FRSH, FRT, FSS, FSV, FTNT, FWRG, GBX, GD, GDX, GDXJ, GDYN, GEL, GEN, GEOS, GGG, GIB, GIFI, GIII, GILD, GLD, GLOB, GLP, GNRC, GOLF, GOOG, GOOGL, GSHD, GWRE, GWW, HCC, HCI, HEI, HESM, HII, HLNE, HLT, HMY, HNI, HOLX, HRI, HTGC, HURN, HWM, IBKR, IBM, IBN, IBP, ICE, IESC, IFF, IHG, INFA, INSW, INTA, INTU, IRM, ISRG, IT, ITGR, ITRI, ITT, IWF, J, JBHT, JKHY, JNJ, JOE, K, KD, KGC, KHC, KIM, KMB, KMI, KO, KOF, KOP, KR, KRT, L, LAUR, LDOS, LECO, LEU, LHX, LIN, LINC, LLY, LMT, LOGI, LRN, LSEA, MA, MAA, MAIN, MANH, MCO, MDLZ, MDT, MELI, META, METC, MMC, MNSO, MNST, MOD, MPC, MPLX, MRK, MSFT, MSI, MSM, MSOS, MTRN, MYRG, NATR, NBIX, NCNO, NDAQ, NDSN, NEE, NEU, NHC, NI, NLR, NMIH, NOA, NOC, NOV, NOW, NRP, NS, NSC, NSIT, NTNX, NTRS, NU, NUE, NVMI, NVO, NWSA, NXE, NXT, NYT, OBDC, OKE, OKTA, ONTO, ORLY, OSG, OTTR, PAA, PAGP, PAM, PANW, PARR, PAYX, PBA, PBR, PBR/A, PCOR, PEAK, PG, PGR, PGTI, PLMR, PLNT, PM, POWL, POWW, PPL, PRDO, PRI, PRIM, PSN, PSX, PTC, PWSC, QCOM, QLYS, QQQ, QSR, RACE, RAMP, RDY, REGN, RELX, REVG, REX, RGA, RHP, ROAD, ROCK, ROP, RPD, RRC, RS, RSG, RTX, RWAY, S, SAIA, SAIC, SAP, SCCO, SCS, SFM, SHOP, SHW, SIGI, SLV, SO, SPG, SPGI, SPOT, SPXC, SPY, SRE, SRUUF, STE, STNG, STX, STZ, SUN, SWN, SYK, SYY, T, TDG, TDY, TEX, TFX, TGS, TM, TMUS, TNK, TNP, TRAK, TRI, TRMD, TROW, TRV, TSCO, TSM, TSN, TSQ, TT, TTEK, TTWO, TW, TWLO, TXT, TYL, UDR, UEC, UGP, UHS, UNP, URA, URBN, URG, URI, URNJ, URNM, USAP, USO, UUUU, V, VEL, VGT, VIST, VIV, VLO, VNOM, VRSK, VRTS, VRTX, VST, VTR, VZ, WAB, WAT, WDAY, WELL, WES, WFRD, WIRE, WIX, WM, WMG, WMT, WPM, WRK, WSM, WTW, WWD, XLB, XLC, XLK, XLP, XLRE, XLU, XME, XP, XRAY, YUM, 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 – 2024-01-14

AAUC.TO, AAV.TO, AAWH/U.CA, ABX.TO, ACT.CA, AD/UN.TO, ADEN.TO, AEM.TO, AGF/B.TO, AGI.TO, AKG.TO, AMRQ.V, AMX.V, AOI.TO, AP/UN.TO, ARE.TO, ARIS.TO, ARX.TO, ASE.CA, ASTL.TO, ATH.TO, ATS.TO, ATZ.TO, AW/UN.TO, AX/UN.TO, AYA.TO, AYR/A.CA, BAM.TO, BCE.TO, BEI/UN.TO, BHC.TO, BIR.TO, BK.TO, BNS.TO, BPF/UN.TO, BTB/UN.TO, BTO.TO, CAD.V, CAR/UN.TO, CAS.TO, CCL/B.TO, CCO.TO, CDR.TO, CEU.TO, CG.TO, CGO.TO, CHE/UN.TO, CIX.TO, CJ.TO, CJP.NE, CJT.TO, CL.CA, CLS.TO, CMG.TO, CNC.V, CNQ.TO, CNR.TO, COST.NE, CP.TO, CR.TO, CRDL.TO, CRM.NE, CRT/UN.TO, CS.TO, CSU.TO, CURA.TO, CXB.TO, D/UN.TO, DBM.TO, DGS.TO, DIR/UN.TO, DIV.TO, DML.TO, DND.TO, DNTL.TO, DRM.TO, DSG.TO, ECO.TO, EFN.TO, EFR.TO, EIT/UN.TO, ELD.TO, EMA.TO, EMP/A.TO, ENB.TO, ENGH.TO, ENS.TO, ETG.TO, EU.V, FAP.TO, FAR.TO, FCU.TO, FDR.V, FIL.TO, FM.TO, FNV.TO, FR.TO, FSV.TO, FSY.TO, FSZ.TO, FTS.TO, FTT.TO, FVI.TO, FWZ.V, GAU.TO, GEI.TO, GIB/A.TO, GLO.TO, GMG.V, GOOG.NE, GTII.CA, HAI.TO, HBM.TO, HDI.TO, HITI.V, HPS/A.TO, IAU.TO, IFP.TO, IGM.TO, IIP/UN.TO, ILLM.TO, IMG.TO, INE.TO, IPCO.TO, IPO.TO, ISO.V, IVN.TO, K.TO, KMP/UN.TO, KNT.TO, KXS.TO, LI.V, LIF.TO, LUN.TO, MATR.TO, MDI.TO, MFI.TO, MI/UN.TO, MSFT.NE, MTA.V, MTL.TO, MVP.TO, MVRS.NE, MX.TO, NET/UN.V, NGD.TO, NGEX.V, NOA.TO, NPR.V, NVA.TO, NWC.TO, NWH/UN.TO, NXE.TO, NXR/UN.TO, OGC.TO, OIII.V, OLA.TO, OR.TO, OSK.TO, PAAS.TO, PAY.TO, PET.TO, PEY.TO, PHX.TO, PHYS.TO, PLTH.CA, PLZ/UN.TO, PMZ/UN.TO, PNE.TO, PNRL.V, POU.TO, PPL.TO, PRU.TO, PRYM.TO, PSK.TO, PTK.V, PTM.TO, PUR.V, PXT.TO, QBR/B.TO, QSR.TO, QTIP.NE, RCH.TO, RCI/B.TO, RDE.NE, RET/A.V, RSI.TO, SASK.CA, SCR.TO, SES.TO, SGD.V, SGR/UN.TO, SHOP.TO, SIA.TO, SII.TO, SIL.TO, SIS.TO, SJ.TO, SLF.TO, SOY.TO, SPB.TO, SSL.TO, SU.TO, SUNN.CA, T.TO, TCL/A.TO, TCN.TO, TER.CA, TFII.TO, TFPM.TO, TH.TO, TIH.TO, TIXT.TO, TKO.TO, TNZ.TO, TOT.TO, TOU.TO, TRI.TO, TROY.CA, TRP.TO, TRUL.CA, TSND.TO, TSU.TO, TWM.TO, TXG.TO, U/U.TO, U/UN.TO, URC.TO, URE.TO, VERS.NE, VHI.TO, VLE.TO, VRNO.NE, VZLA.V, WCN.TO, WDO.TO, WPK.TO, WPM.TO, WSP.TO, WUC.CA, X.TO, YAK.V, ZOCT.NE