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 Caution: Analyzing the Week’s Reversal and Prospects
Friday saw a significant reversal across the indexes, signaling caution and suggesting a potential for further pullback. However, this should not overshadow charts showing promising setups, as the coming week’s developments remain unpredictable. While Friday’s signal indicates possible weakness or consolidation, a sideways move could allow some of the better setups to continue progressing.
Despite mixed signals during the past week, the major indexes exhibited tight action, with prices remaining above their 21-day exponential moving averages. Friday’s price action may be attributed to funds closing out positions, as it marked the end of both the month and the first half of the year. Trading was choppy throughout the day as markets reacted to signs of cooling inflation and the fallout from President Joe Biden’s debate the previous night.
Nasdaq – Weekly Chart
Next week will be critical before drawing any conclusions. If the market continues to pull back, swimming against the tide becomes more challenging. Despite the violent pullback, the weekend scanner results remain robust. The equal-weight S&P 500 ETF is setting up well, with price action consolidating towards the apex of a significant pattern even as the broader indexes pull back.
RSP – Invesco S&P 500 Equal Weight ETF
LINK TO CHART – https://schrts.co/MivINIhj
The weekend scanner results indicate strength, with the red-light/green-light breadth system attempting to curl higher. The small-cap Russell index is setting up in a potentially bullish formation, with many banking stocks appearing in the scanner results, including the KRE ETF in the daily setups sector of the report. Advancers edged out decliners on the New York Stock Exchange and the Nasdaq, with high trading volume due to the annual rebalancing of the Russell indexes.
Russell 2000 (ETF) – Weekly Chart
The Red-Light/Green-Light Breadth System
Right now, there are many ways for active investors to take advantage of the stock market rally. Over the past few weeks, some traders have been busy jumping in and out of trades, capturing gains and cutting losses as the market shifted. Others have preferred to hold their current positions, taking a more relaxed approach. The key is to find a trading style that works best for you. Whether you’re trading frequently or occasionally, having a clear plan and an updated watchlist can help you effectively navigate the market’s ups and downs.
What Worked Last Week
Looking ahead, the latest Fed minutes and the forthcoming jobs report are poised to play a significant role as we head into the shortened Independence Day trading week. On Friday, the Dow Jones Industrial Average edged down 41 points, or 0.1%, the S&P 500 dipped 0.4%, and the Nasdaq Composite fell 0.7%. Notably, the S&P 500 and Nasdaq came close to their record highs, having traded above those levels earlier in the day. For the year’s first half, the Dow gained 3.8%, the S&P 500 advanced 14.5%, and the Nasdaq Composite surged 18%. With these movements in mind, let’s dive into a detailed chart analysis of the major indexes better to understand their recent performance and potential future trajectories.
When analyzing the S&P 500, monitoring how the price reacts at the 21-day exponential moving average is crucial. If this “line in the sand” fails to hold, the next level of support to watch is the previous breakout level, as highlighted on the chart. Pay close attention to the price behavior at this retest level. A pullback to this level may allow the 50-day moving average time to catch up. When analyzing indexes, it’s best to take it one day at a time and focus on price reactions rather than making bold predictions that can create biases.
S&P 500 – Daily Chart
When analyzing the Nasdaq, the same philosophy applies. Monitor how the price action reacts at the 21-day exponential moving average. If this moving average fails to hold, the next level of support is approximately at the previous breakout level.
Nasdaq – Daily Chart
The Dow Jones Industrial Average remains in its sideways consolidation phase.
Dow Jones Industrial Average – Daily Chart
The 10-year Treasury yield continues to consolidate below the previous breakout line despite ending the week up by 2%.
10-Year US Treasury Yield
The US dollar continues to consolidate sideways, forming a potentially bullish pattern. This technical setup could be pivotal in determining whether the market rally persists. If the Federal Reserve fails to cut interest rates, it may further support the US dollar trend. A breakout from this pattern could exert downward pressure on major stock market indices. With the US election approaching, maintaining stability is likely a priority for policymakers. Therefore, while it’s important to be aware of these dynamics, it’s crucial to take it one day at a time and react to actual market movements rather than making bold predictions.
US Dollar – Weekly Chart
Crude oil remains positioned bullishly as the weekly PPO momentum indicator is set up for a potential bullish cross signal off the zero line. Additionally, the XLE Energy ETF is appearing in the daily setups section of the report.
Crude Oil – Weekly Chart
The TSX declined by 66.37 points, or 0.3%, to close at 21,875.79 on Friday. Over the month, the TSX fell by 1.8% as investors shifted from resource shares to technology stocks, resulting in a quarterly decline of 1.3%. However, energy stocks are showing promising setups, and the TSX has consolidated into what appears to be a weekly bullish flag continuation pattern. If energy stocks begin to outperform, it could support the TSX and activate the bullish flag pattern. Next week should provide further insights.
TSX – Weekly Chart
Sometimes, it’s best to keep things simple. When looking at the chart of copper, there’s no need to draw any lines because the 21-day exponential moving average is doing it for us. The moving average acts as a clear signal line, providing perfect support during the uptrend and resistance during the current drawdown period. If the price reclaims the 21-day EMA, it could be considered bullish. However, as long as the price continues to consolidate below this line, there is no actionable signal to the upside.
Copper – Daily Chart
The price action of gold continues to consolidate within its sideways trading range. There is no reason to make predictions until a breakout occurs in either direction. Interestingly, some gold miner charts, including Kinross Gold, have been showing up in scanner results. Often, the performance of metal producers can lead the price of the commodity itself. This is worth noting.
Gold – Daily Chart
Silver – Daily Chart
Earlier this week, uranium mining stocks were showing promising setups, with Cameco appearing in the daily setups report. However, Friday’s price action was discouraging, reflecting the broader market trend. Currently, the price is testing a support line and the 40-week (200-day) moving average. Monitor the price action next week for any directional moves.
Uranium Theme – Global X Uranium ETF
Bitcoin appears to be at a critical juncture on the chart as it consolidates above its upward-sloping 200-day moving average. Ideally, it would be favorable for Bitcoin to hold this level. A breakdown below the 200-day moving average would be concerning.
Bitcoin – Daily Chart
Ethereum continues to chop around within its downward-sloping channel. For a technically bullish outlook on Ethereum, the price action should ideally break above the channel’s upper trendline and reclaim the 50-day moving average. A breakout above these two levels would be a technically bullish signal. Until then, expect more of the same.
Ethereum – Daily Chart
US Daily Setups
ABXXF – Abaxx Technologies Inc.
Abaxx Technologies was featured in the Canadian setup section on Thursday. The price action is now attempting to break out above a horizontal resistance line.
LINK TO CHART – https://schrts.co/vrgAbmCm
ADBE – Adobe Systems, Inc.
Adobe Systems is trading just below a major horizontal resistance line. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/kpwefPRq
AMD – Advanced Micro Devices, Inc.
AMD continues to consolidate below a significant horizontal resistance level. Keep this chart on your watchlist and monitor for any potential signs of movement.
LINK TO CHART – https://schrts.co/kzpAyyEN
AMKR – Amkor Technology, Inc.
Amkor Technology is setting up for another potential 52-week high breakout.
LINK TO CHART – https://schrts.co/rYwWJYPV
APPF – AppFolio, Inc.
AppFolio is consolidating below its 52-week highs. Keep this stock on your watchlist and monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/QtYHeSsT
AVDX – AvidXchange Holdings Inc.
AvidXchange continues to appear in scanner results as it approaches a horizontal resistance line. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/GnxqjSkw
BWIN – The Baldwin Insurance Group, Inc.
The Baldwin Insurance is attempting to move higher from a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/QtgHdeHa
CRS – Carpenter Tech Corp.
Carpenter Tech is attempting to move higher from a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/jIZZDpvW
CYBR – CyberArk Software Ltd.
CyberArk Software continues to move higher from the recently highlighted continuation pattern.
LINK TO CHART – https://schrts.co/vskMBAXW
GEN – Gen Digital Inc.
Gen Digital is attempting to move higher from a bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/BBEAXpWv
IGV – iShares Expanded Tech-Software Sector ETF
The iShares Expanded Tech-Software Sector ETF is consolidating below its recent highs. Keep this chart on your watchlist and monitor for any potential breakout signals. If a breakout doesn’t occur, be aware that further consolidation might happen before it.
LINK TO CHART – https://schrts.co/VtdVnXIV
JPM – J.P. Morgan Chase & Co.
J.P. Morgan is attempting to move higher from the recently highlighted bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/kmjuRynr
KRE – SPDR S&P Regional Banking ETF
The SPDR S&P Regional Banking ETF is consolidating below its 52-week high. This pattern might need more time or consolidation, but it’s worth keeping on a watchlist. Monitor for upside momentum, which may lead to a breakout, as banks continue to appear in scanner results.
LINK TO CHART – https://schrts.co/BpJyxUSI
MNDY – Monday.com Ltd.
Monday.com is attempting to move higher. Monitor to see if an uptrend can resume.
LINK TO CHART – https://schrts.co/iAENCiXq
NOW – ServiceNow, Inc.
ServiceNow appears to be setting up below its all-time high. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/miyxFFUN
PLTR – Palantir Technologies, Inc.
Palantir Technologies continues to set up near its recent high.
LINK TO CHART – https://schrts.co/AMgnJCyN
RXST – RxSight Inc.
RxSight is attempting to move higher from a bullish flag continuation pattern, supported by robust volume.
LINK TO CHART – https://schrts.co/UPAAtDNB
TSLA – Tesla Inc.
Tesla is now pushing up toward the next horizontal level of resistance. Watch for any potential breakout signals.
LINK TO CHART – https://schrts.co/ceVHsuhS
UBER – Uber Technologies, Inc.
Uber is setting up below a significant horizontal resistance line. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/SWGapjHm
VLO – Valero Energy Corp
Valero Energy is attempting to move higher from a continuation wedge pattern.
LINK TO CHART – https://schrts.co/bNqSBWwc
XLE – Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund ETF is consolidating above the upper trendline and a potential breakout line of a falling channel. Monitor for a breakout above the zero line on the PPO indicator, which could indicate a continuation of the uptrend in the ETF.
LINK TO CHART – https://schrts.co/HSdaBZCM
Canadian Daily Setups
ABXX.NE – Abaxx Technologies Inc.
Abaxx Technologies continues to push higher from the recently highlighted pattern.
LINK TO CHART – https://schrts.co/uYJbUrGJ
ATRL.TO – SNC-Lavalin Group, Inc.
SNC-Lavalin appears to be setting up for another potential 52-week high breakout.
LINK TO CHART – https://schrts.co/jWmPtEcB
CEU.TO – CES Energy Solutions Corp.
CES Energy Solutions is breaking out again from an area of consolidation.
LINK TO CHART – https://schrts.co/cgBqHhsA
DFY.TO – Definity Financial Corp.
Definity Financial continues to show signs of upward strength from the consolidation pattern we’ve been monitoring.
LINK TO CHART – https://schrts.co/yBpgUyUk
ENB.TO – Enbridge, Inc.
Enbridge is set up for a potential bullish flag or falling channel retest breakout.
LINK TO CHART – https://schrts.co/wnmxNXPQ
FFH.TO – Fairfax Financial Holdings Ltd.
Fairfax Financial is consolidating below its all-time highs. Monitor for any signs of a continuation of the uptrend.
LINK TO CHART – https://schrts.co/jCBXVzYJ
IGM.TO – IGM Financial Inc.
IGM Financial continues to set up for a potential breakout from a large consolidation/continuation pattern.
LINK TO CHART – https://schrts.co/EsrKiDXK
KEL.TO – Kelt Exploration Ltd.
Kelt Exploration continues to consolidate below a significant horizontal resistance line. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/iUEPchkS
PRL.TO – Propel Holdings Inc.
Propel Holdings appears to be setting up below a horizontal trigger line. Monitor for any potential breakout signals.
LINK TO CHART – https://schrts.co/pMuqNFXr
PTK.V – POET Technologies Inc.
POET Technologies is set up for a potential wedge breakout, supported by volume. Monitor for any confirmation signals.
LINK TO CHART – https://schrts.co/HNWuWvdV
SES.TO – Secure Energy Services Inc.
Secure Energy Services is attempting to start trending from an area of consolidation.
LINK TO CHART – https://schrts.co/WcFWWnmK
TFII.TO – TFI International Inc.
TFI International appears to be breaking out from a rounded bottom pattern.
LINK TO CHART – https://schrts.co/mJSuqrRY
WSP.TO – WSP Global Inc.
WSP Global appears to be setting up for a continuation wedge breakout.
LINK TO CHART – https://schrts.co/sGBdhfnK
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 – 2024-06-29
AA, AAON, ABBV, ABCB, ABNB, ABR, ABXXF, ACIW, ACMR, ADBE, ADEA, ADSK, ADUS, AFL, AGYS, AI, AIR, AIT, ALAB, ALKT, ALLE, ALSN, ALTR, AMAL, AMAT, AMD, AMK, AMKR, ANET, ANF, ANIP, APAM, APO, APP, ARE, ARIS, ARLO, ARLP, AROC, ASND, ATGE, ATO, AU, AVB, AVDX, AVGO, AX, AXP, AZO, BAC, BAND, BBVA, BCO, BHE, BIIB, BK, BKR, BLK, BLX, BPOP, BRC, BTDR, BURL, BWIN, BXP, BYRN, C, CAMT, CARG, CASH, CAT, CAVA, CBRE, CCAP, CCB, CCL, CCS, CDRE, CECO, CENX, CFB, CFG, CHCO, CHKP, CHRD, CHRW, CHTR, CIB, CIEN, CINF, CLBT, CLS, CMCSA, CME, CMPR, CNA, CNO, CNP, COF, COKE, CPB, CPT, CR, CRBG, CRDO, CRH, CRM, CRS, CRTO, CRUS, CRVL, CSWC, CSWI, CSX, CTVA, CUBI, CVLG, CVLT, CVNA, CVX, CXT, CYBR, CZR, DB, DD, DDOG, DDS, DEFTF, DFIN, DFS, DG, DLR, DLTR, DOC, DOCN, DOCU, DORM, DOV, DPZ, DTM, DVN, EBAY, EDR, EDU, EFX, EG, EGY, ELV, EMR, ENLC, ENSG, ENTG, ENV, ENVA, EOG, EPAC, EPAM, EPD, EQH, EQIX, EQR, ESOA, ESS, ET, EVR, EWBC, EXP, EZPW, F, FANG, FBP, FCNCA, FDX, FFIV, FICO, FIHL, FIS, FITB, FLR, FLS, FNF, FOR, FORM, FOX, FROG, FRPT, FRT, FSV, FTAI, FTI, FTV, GCT, GDRZF, GEL, GEN, GEO, GFL, GLD, GLRE, GLW, GM, GMS, GPN, GRBK, GRMN, GRPN, GS, GTLS, GVA, GWRE, H, HALO, HBAN, HCC, HD, HEAR, HG, HLI, HLNE, HLT, HLX, HNI, HOLX, HOOD, HPE, HQY, HRB, HTGC, HUBS, HUM, HWKN, IAG, IBCP, IBM, IBOC, IBP, IDCC, IDR, IESC, IHG, IIPR, ING, INTC, INTU, INVH, IRM, IT, ITGR, ITT, IWM, JEF, JNPR, JPM, KAI, KB, KBH, KD, KEY, KIM, KLAC, KMI, KMX, KNTK, KNTNF, KRE, KRT, KRYS, LAUR, LGND, LHX, LINC, LMB, LMND, LMT, LNG, LOGI, LOVE, LPLA, LRCX, LRN, LUV, LYFT, LYV, LZB, MAA, MAIN, MARA, MATX, MBIN, MBWM, MCHP, MCO, MCY, MFC, MGM, MHK, MHO, MIRM, MKC, MLI, MLM, MMYT, MNDY, MO, MOD, MOG/A, MORN, MPLX, MPWR, MRO, MS, MTB, MTSI, MTX, MU, MUFG, MYGN, NBIX, NBN, NCDL, NCLH, NCNO, NDAQ, NDSN, NEM, NGS, NGVC, NHC, NMIH, NMM, NNE, NOW, NPO, NR, NSSC, NTB, NTNX, NTRS, NUE, NWPX, NXPI, NYT, ODD, ODFL, OFG, OIH, OII, OKE, OKTA, OLED, ORCL, ORRF, OSK, OTIS, OXY, PAA, PAGP, PATK, PAY, PEG, PEGA, PFBC, PFE, PFSI, PIPR, PJT, PLTR, PNC, PNTG, PNW, POST, PPC, PR, PRCT, PRDO, PSA, PSX, PTC, PTGX, PWP, QCRH, QRVO, RDNT, REG, REGN, RF, RHP, RJF, RMD, ROK, ROP, RS, RXST, SANM, SAP, SCHW, SCS, SDRL, SEZL, SF, SFM, SHAK, SHEL, SIMO, SKT, SKYW, SLM, SMFG, SMH, SNAP, SOLV, SPG, SPPP, SPSC, SPXC, SQ, SRE, SRPT, SSBK, SSNC, STE, STEP, STLD, STRA, STT, STZ, SWKS, SYF, SYK, T, TDS, TDW, TEL, TER, TEX, TFC, TFII, TFPM, TGLS, TGT, TMDX, TNC, TOST, TPB, TPL, TPR, TRGP, TRMB, TRN, TRNS, TSLA, TSM, TSN, TSQ, TTMI, TWST, TXN, TYL, UAL, UBER, UDR, UEC, UFPT, UMBF, UNH, UNM, UNP, URI, USB, USLM, UTHR, UTI, VERX, VICI, VITL, VLO, VRNS, VRTS, VSEC, VTR, VTRS, VVV, VZ, WABC, WAL, WAT, WELL, WES, WFC, WHD, WM, WMB, WS, WST, WTFC, WULF, WYNN, XLE, XLF, XLRE, XME, XOM, XOP, ZBRA, ZIM, ZIMV, 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 – 2024-06-29
ABXX.NE, AD/UN.TO, ADBE.NE, AGF/B.TO, AI.TO, AIDX.TO, AIF.TO, AKG.TO, ALA.TO, AMD.NE, AND.TO, AOI.TO, ARE.TO, ASCU.TO, ASE.CA, ATRL.TO, ATZ.TO, BBD/B.TO, BDI.TO, BDT.TO, BEI/UN.TO, BLN.TO, BRMI.TO, CEU.TO, CF.TO, CGX.TO, CHE/UN.TO, CJT.TO, CLS.TO, CMG.TO, CRM.NE, CSH/UN.TO, CSU.TO, DEFI.NE, DFN/PA.TO, DFY.TO, DII/B.TO, DIR/UN.TO, DIV.TO, DNTL.TO, DOO.TO, DR.TO, DRDR.TO, DRM.TO, ECN.TO, EDV.TO, EFN.TO, EFX.TO, EIT/UN.TO, ELE.V, ENB.TO, EQB.TO, FAR.TO, FCD/UN.TO, FCR/UN.TO, FCU.TO, FFH.TO, FFN.TO, FIL.TO, FSV.TO, FSZ.TO, FTN.TO, FTT.TO, GASX.V, GAU.TO, GEI.TO, GEO.TO, GFL.TO, GFR.TO, GIP.V, GRID.TO, GSY.TO, GTWO.TO, H.TO, HAI.TO, HBM.TO, HME.V, HOM/U.TO, HWX.TO, IAU.TO, IGM.TO, INTC.NE, IPCO.TO, JWEL.TO, K.TO, KEI.TO, KEL.TO, KMP/UN.TO, KNT.TO, KXS.TO, LB.TO, LGC.V, LUN.TO, MATR.TO, MDA.TO, MDP.TO, MEG.TO, MFC.TO, MFG.V, MRG/UN.TO, MTY.TO, NFI.TO, NOA.TO, NOVC.TO, NVA.TO, NVEI.TO, OIII.V, OSI.V, OVV.TO, PFE.NE, PMZ/UN.TO, PNG.V, POU.TO, PRL.TO, PSI.TO, PTK.V, QIPT.TO, RAY/A.TO, RBX.V, RCH.TO, RCK.V, REAL.TO, RECO.V, REI/UN.TO, RY.TO, SBC.TO, SEI.V, SES.TO, SFTC.TO, SJ.TO, SKE.TO, SOIL.TO, SRV/UN.TO, SSL.TO, STLR.TO, SU.TO, SVI.TO, TA.TO, TCW.TO, TFII.TO, TFPM.TO, TM.V, TOI.V, TOT.TO, TRP.TO, TSLA.NE, TSU.TO, TVE.TO, TXG.TO, UNH.NE, VHI.TO, VOXR.TO, VZLA.V, WELL.TO, WILD.TO, WPK.TO, X.TO, ZDC.V