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 Surges as Jobs Report Spurs Interest Rate Cut Hopes
The stock market closed at record levels on Friday, driven by the latest jobs report, which raised hopes for an interest rate cut—a scenario that bodes well for commodity stocks. Treasury yields responded to the news, with the 10-year Treasury note falling seven basis points to 4.28% and the two-year note slipping nine basis points to 4.6%. These shifts contributed to the S&P 500 index gaining 1.95% for the week and the Nasdaq Composite jumping 3.5%. Meanwhile, the Dow Jones Industrial Average rose 0.7%. However, the small-cap Russell 2000 declined 1%, although it continues to consolidate within a well-defined trading range.
The discretionary, communication, and technology sectors led the S&P 500, in line with our analysis from a couple of weeks ago when our scanner identified these ETFs, which we subsequently highlighted in our weekend report. Despite concerns about market breadth, which is starting to show signs of improvement, most of our top setups are performing robustly, with a continuous influx of new ideas emerging from the scanner results. If you have made recent buys, they are likely performing well within system rules. However, it remains essential to have a stop-loss order or another form of risk management in place if the market experiences a pullback or rotation. Regularly reviewing your watchlists and portfolios is crucial. Commodities appear to be the new focus of the week.
What Worked Last Week
The Red-Light/Green-Light Breadth System
The S&P 500 continues to trend above its 21-day exponential moving average, adhering to system rules. This exemplifies how systematic trading can eliminate subjective thoughts, feelings, and emotions. Despite many pundits trying to call a top during this trend, the price action has only dipped below the 21-day exponential moving average a few times since the October low.
S&P 500 – Daily Chart
Like the S&P 500, the Nasdaq continues to trend above its 21-day exponential moving average, reaching a new all-time high.
Nasdaq – Daily Chart
The Dow Jones Industrial Average continues to consolidate sideways within the trading range we’ve been monitoring. The price action remains above the 21-day exponential moving average. Monitor for potential signs of upside momentum that could lead to a breakout from this consolidation.
Dow Jones Industrial Average – Daily Chart
The Russell 2000 shows a pattern similar to the Dow Jones Industrial Average. While the Nasdaq and S&P 500 nearly mirror each other, the Dow Jones and Russell 2000 display similar sideways consolidation. Watch for signs of upside momentum in the Russell 2000, which could lead to a breakout from this consolidation. Until then, the price action continues to move sideways.
Russell 2000 (ETF) – Daily Chart
The 10-year US Treasury yield appears to have peaked as price action forms a potential head-and-shoulders topping pattern following the recent jobs report.
10-Year US Treasury Yield
The US dollar finished the week lower, correlating with the 10-year Treasury yield. This weakness follows the recent jobs report, suggesting that the Fed may finally be able to cut interest rates.
US Dollar – Weekly Chart
Crude oil continues to trade sideways within its defined range, marked by highs and lows on the chart. This week, price action remained strong, with the PPO momentum indicator on the weekly chart forming a bullish cross at the zero line. US crude oil futures rose 1.99% to $83.16 a barrel for the week, marking a 10.1% increase over the last four weeks. Despite some end-of-day selling in oil prices, it is noteworthy that oil stocks were weak all day while oil prices remained higher. Often, the producers of a commodity will lead, making this a key factor to watch heading into next week.
Crude Oil – Weekly Chart
The TSX is forming a potential multi-year cup-and-handle consolidation/continuation pattern. Given how commodities reacted this week following the recent jobs report, the TSX may be gearing up for a breakout. Monitor for signs of upside momentum and continued strength in the commodity sector, which could propel the price action out of this textbook pattern.
TSX – Weekly Chart
Last week, we identified the 21-day exponential moving average as a potential signal line. As shown on the chart, it has served as reliable support during uptrends and resistance during downtrends. Two days ago, price action broke above the 21-day moving average, with momentum following suit—copper futures were up 6.1% for the week. The price is now above both the 21-day exponential and the 50-day moving average. Monitor for signs of upside momentum, which may indicate a continuation of the recent uptrend.
Copper – Daily Chart
Gold had a strong week, rising 2.6%, although price action remains between the upper and lower trendlines of its consolidation area. Similar to the oil chart, producers often lead the commodity. Gold miners performed robustly, as highlighted in earlier daily reports. Monitor for continued upside momentum, which may lead to a breakout from this pattern as the metal enters a seasonal period of strength.
Gold – Daily Chart
Price action is finally breaking out from the bullish flag continuation pattern we’ve been charting, leaping silver 7.4% for the week. We’ve shared many silver stocks and silver ETFs throughout the week in the daily setup report. Monitor for continued upside strength, which would benefit our precious metal mining stocks.
Silver – Daily Chart
The uranium theme continues to consolidate along the 40-week or 200-day moving average and the lower trendline of its consolidation area. In today’s daily setups, the Sprott Uranium Miners ETF, which tracks the spot price of uranium, was featured as it appeared on momentum scans. Monitor this level for signs of upside strength, which may lead to a continuation of the uptrend. A breakdown below this level would negate any potential bullish signals.
Uranium Theme – Global X Uranium ETF
Below is the candleglance view of all the mining ETFs featured in the July 3 Daily Setups Report. All six, except uranium, show signs of strength and robust follow-through. To view the charts and download a copy, see the July 3 report. – LINK
Mining ETFs – Daily Charts
The price of Bitcoin experienced a sharp decline due to the German government selling and the release of compensated tokens from Mt. Gox. The price action closed the day with a significant wick on the candle, indicating potential support. Monitor to see if this area represents a capitulation point. Interestingly, there were bullish stock options signals within the Bitcoin miners today, with some even closing positive.
Bitcoin – Daily Chart
The chart of Ethereum is similar to that of Bitcoin. Price action closed the day, wicking off the lower trendline of its sideways consolidation. Monitor to see if this level can hold, as it may have implications for crypto stocks, especially with the anticipated ETF launch this month.
Ethereum – Daily Chart
Solana is at an interesting juncture. Solana’s price action remained positive for much of the day, demonstrating relative strength compared to Bitcoin and Ethereum. Monitor to see if this level can hold, as it would be bullish, especially for Galaxy Digital, featured in today’s daily setups. Galaxy Digital is the biggest validator of Solana, holding the most tokens.
Solana – Daily Chart
US Daily Setups
AMD – Advanced Micro Devices, Inc.
AMD is attempting to break out above its horizontal resistance or trigger line. Monitor closely for signs of continued upside momentum to confirm this move.
LINK TO CHART – https://schrts.co/FHafrppJ
CDRE – Cadre Holdings Inc.
Cadre is showing signs of a potential breakout from its continuation wedge pattern. Watch for further indications of upside momentum, which could confirm a sustained move higher.
LINK TO CHART – https://schrts.co/YxZPNZdu
ENVX – Enovix Corporation
Enovix is attempting to move higher from a bullish flag continuation pattern as it pushes above a horizontal resistance line, identified by the cluster of volume-by-price bars on the left side of the chart. Monitor to see if the price action can continue to float higher above its upward sloping moving averages.
LINK TO CHART – https://schrts.co/zwTnKRSK
MNDY – Monday.com Ltd.
Monday.com continues to perform well, following its breakout from a continuation pattern, with the price action now approaching its recent high. Monitor for sustained strength as it tests this key level.
LINK TO CHART – https://schrts.co/bvsAfnhK
NU – Nu Holdings Ltd.
Nu Holdings is attempting to move higher from a bullish flag, retesting its recent breakout line. Monitor for continued strength to confirm this upward move.
LINK TO CHART – https://schrts.co/ANPamGVb
PLTR – Palantir Technologies, Inc.
Palantir is now attempting to break out from the consolidation pattern we’ve been monitoring. Watch for signs of sustained upward momentum to confirm this breakout.
LINK TO CHART – https://schrts.co/CHbvpRDj
Canadian Daily Setups
AEM.TO – Agnico-Eagle Mines Ltd.
Agnico-Eagle Mines continues to push higher from the recently highlighted bullish continuation pattern, with the PPO momentum indicator breaking back above the zero line. Monitor for a continuation of upside momentum to confirm this move.
LINK TO CHART – https://schrts.co/cdkBSSBM
AGI.TO – Alamos Gold Inc.
Alamos Gold is seeing strong follow-through from the pattern highlighted in yesterday’s daily setups. Monitor for continued upward momentum to confirm this move.
LINK TO CHART – https://schrts.co/zGSvvJDX
GLXY.TO – Galaxy Digital Holdings Ltd.
Watch to see how the crypto market reacts over the weekend. If price action finds a bottom, Galaxy Digital might be worth monitoring as it retests the breakout line and moves toward the apex of a consolidation pattern. A break below this level could negate any short-term bullish signals.
LINK TO CHART – https://schrts.co/gkJFStiN
NGT.TO – Newmont Goldcorp Corporation
Newmont Goldcorp appears to be breaking out above a significant horizontal resistance line. Monitor for sustained upward momentum to confirm this breakout.
LINK TO CHART – https://schrts.co/yWHtZiQz
PAAS.TO – Pan American Silver Corp.
Pan American Silver is experiencing strong bullish follow-through, with the PPO momentum indicator resetting at the zero line. Monitor for a continuation of upside momentum, which could suggest a continuation of the uptrend.
LINK TO CHART – https://schrts.co/YucIKMYY
U/UN.TO – Sprott Physical Uranium Trust
Sprott Physical Uranium Trust is appearing on momentum scans as its price action attempts to curl higher from the lower trendline of a consolidation pattern. Monitor for signs of upside momentum, as this could propel it back to the upper line of the pattern and bode well for the uranium mining stocks.
LINK TO CHART – https://schrts.co/uCWNRfrk
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 – 2024-07-05
AA, AAON, AAPL, ABR, ACIW, ACMR, ADBE, ADEA, ADI, ADSK, ADUS, AEM, AEP, AGI, AI, AJG, ALKT, ALNY, ALRM, ALTR, AMD, AMGN, AMK, AMT, AMZN, ANET, ANSS, APH, APPF, ARLP, ARM, ASML, ASND, ATGE, AU, AVB, AVDX, AWK, AXON, AXP, BA, BAX, BBVA, BCO, BIIB, BIO, BITQ, BJ, BJRI, BKNG, BLK, BR, BRBR, BRK/B, BRO, BROS, BSX, BSY, BURL, BVN, BWIN, BYRN, BZFD, CAMT, CARG, CAVA, CCAP, CCEP, CDNS, CDRE, CECO, CEG, CFLT, CHD, CHKP, CIB, CIFR, CL, CMG, CNP, COPX, COST, CPAY, CPB, CPNG, CPRT, CPT, CRDO, CRM, CRTO, CRUS, CRVL, CRWD, CSWC, CSWI, CTAS, CTLT, CVNA, CWAN, CYBR, DASH, DDOG, DOC, DOCU, DUK, E, EBAY, ECL, EDR, EFX, EGO, EIX, ENSG, ENVX, EQR, ERO, ESS, ETSY, EVR, EW, EXR, FAST, FCX, FDX, FE, FI, FICO, FINMY, FLR, FLUT, FROG, FRPT, FRT, FUTU, GCT, GDDY, GDX, GDXJ, GEV, GFI, GFL, GLD, GMED, GNRC, GOOG, GOOGL, GRMN, GRVY, GSK, GWRE, HASI, HIMS, HIVE, HLI, HLNE, HMY, HOLX, HTGC, HUBB, HUM, HUT, IAG, IBM, IBN, ICLR, IDCC, IDR, IFF, IGV, IHI, IIPR, IMMR, INFA, ING, INTC, INTU, INVH, IOT, IR, IREN, ISRG, IT, ITCI, ITGR, IWF, JNJ, JNPR, KB, KEYS, KGC, KIM, KKR, KLAC, KMB, KNF, KNTNF, KO, KR, KRYS, KTOS, LAUR, LGND, LH, LLY, LMAT, LMND, LNG, LNT, LPG, LRCX, LYV, MA, MAG, MAIN, MAMA, MAR, MCK, MCO, MELI, META, METV, MIRM, MKC, MMC, MNDY, MO, MPWR, MSFT, MSI, MTSI, MUFG, NBIX, NCNO, NDAQ, NEE, NEM, NFLX, NHC, NOW, NRDS, NTNX, NTRA, NU, NVO, NVS, NXPI, O, OBDC, ODD, ODFL, OKTA, OLED, OLLI, ON, ONTO, OR, ORCL, OSIS, OTIS, PAAS, PAGS, PANW, PARA, PCOR, PEG, PFE, PG, PINS, PIPR, PJT, PLD, PLMR, PLTR, PM, POST, PPG, PRCT, PRDO, PSA, PSTG, PTC, PWP, QCOM, QQQ, QRVO, RCL, RDNT, REG, RELX, RMD, ROL, ROP, ROST, RSG, RYAN, SA, SAP, SBSW, SCCO, SHEL, SIL, SILJ, SIMO, SLV, SMFG, SMH, SMR, SNAP, SNPS, SO, SOUN, SPGI, SPNS, SPOT, SPPP, SPSC, SPY, SQ, SRE, STE, STZ, SWKS, T, TBBB, TCOM, TDS, TEL, TGLS, TGTX, TJX, TKO, TMDX, TMUS, TORXF, TOST, TPB, TRI, TRMB, TSLA, TSM, TT, TTD, TTE, TWST, TXRH, TYL, UAN, UBS, UDR, UFPT, UPS, USO, UTHR, V, VECO, VERX, VGT, VIST, VRNS, VRRM, VRSK, VRTX, VSEC, VTR, VZ, WDOFF, WELL, WGMI, WING, WM, WMT, WPM, WRK, WSO, WTW, WULF, XLB, XLC, XLK, XLP, XLRE, XLU, XLY, ZBH, ZS
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 – 2024-07-05
AAPL.NE, ABRA.V, ABX.TO, ADBE.NE, AEM.TO, AG.TO, AGF/B.TO, AGI.TO, AIDX.TO, AKG.TO, AMD.NE, AMZN.NE, ARG.TO, ARTG.V, ASM.TO, ATX.V, ATZ.TO, AYA.TO, BFM.V, BITF.TO, BLX.TO, BRM.V, BTO.TO, CAD.V, CAR/UN.TO, CEE.TO, CEF.TO, CG.TO, CGX.TO, CIA.TO, COST.NE, CS.TO, CXB.TO, DC/A.TO, DPM.TO, DRDR.TO, DSV.TO, DV.V, EDR.TO, EDV.TO, EIT/UN.TO, ELD.TO, EQX.TO, ERO.TO, FAP.TO, FCU.TO, FDR.V, FIL.TO, FNV.TO, FOM.TO, FR.TO, FTG.TO, GATO.TO, GAU.TO, GDV.TO, GEO.TO, GGD.TO, GOLD.TO, GOOG.NE, GRA.TO, GTWO.TO, HBM.TO, HIVE.V, HME.V, HUT.TO, HWO.TO, IMG.TO, INO/UN.TO, INTC.NE, IVN.TO, JAG.TO, JWEL.TO, K.TO, KNT.TO, KTN.V, L.TO, LGC.V, LLY.NE, LUG.TO, LUN.TO, MAG.TO, MAU.V, MDP.TO, META.NE, MKO.V, MSA.TO, MSFT.NE, MTA.V, MVRS.NE, NFG.V, NFLX.NE, NG.TO, NGD.TO, NGEN.V, NGT.TO, NPI.TO, NVEI.TO, OGC.TO, OR.TO, ORA.TO, PAAS.TO, PAY.TO, PHYS.TO, PNG.V, PRU.TO, PRYM.TO, PSLV.TO, PTK.V, RBA.TO, RECO.V, RUP.TO, SEI.V, SGD.V, SIL.TO, SKE.TO, SOY.TO, SVM.TO, T.TO, TGO.TO, TKO.TO, TNZ.TO, TUO.V, U/UN.TO, VZLA.V, WDO.TO, WMT.NE, WN.TO, WPM.TO