SYS Research – Weekend Report – June 8, 2024

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

With a heavy heart, I share the sad news that our dear friend and mentor, Greg, has passed away. Greg had the biggest heart and was always there to help anyone. His kindness, generosity, and unwavering support touched us all deeply. He was more than a mentor; he was a guiding light and a beacon of hope for many in our field. Greg changed my life profoundly, just as he did for countless others who had the privilege of knowing him. His legacy of compassion and dedication will live on in all of us. He will be greatly missed. Please keep Greg’s family in your thoughts and prayers during this difficult time.

Major Indexes Slip After Strong Jobs Report

The major indexes slipped after a surprisingly strong jobs report on Friday morning. This led to the 10-year Treasury yield experiencing its largest one-day gain in two months, rebounding sharply from a support line as the market adjusted its expectations for future Federal Reserve rate cuts. Consequently, the U.S. dollar surged, also bouncing from a support level.

10-Year US Treasury Yield

US Dollar – Weekly Chart

Throughout the day, stocks moved between gains and losses. When reviewing what worked last week, S&P sectors were mixed: utilities faced the largest decline, while technology saw the biggest gains. This pattern aligns with the major indexes, as the Nasdaq’s weekly chart remains the strongest despite a two-day pullback to close the week.

What Worked Last Week

When examining the red-light/green-light breadth system, it’s evident that market breadth is weakening, which corresponds with the lackluster scanner results this weekend. Despite this, we identified a few promising setups for the daily setups section of the report that are worth monitoring.

The Red-Light/Green-Light Breadth System

Despite a weak close to the week, the weekly chart of the S&P 500 is still positioning itself just below new highs, with price action consolidating above its upward sloping 10-week (or 50-day) moving average. Take note of the PPO indicator, which is forming a bullish pattern.

S&P 500 – Weekly Chart

The Nasdaq weekly chart also maintains a bullish setup, with price action consolidating below its recent highs and above its upward-sloping 10-week (or 50-day) moving average. Take note of the PPO indicator, which is forming a bullish pattern.

Nasdaq – Weekly Chart

The Dow Jones price action isn’t as promising as that of the S&P 500 and the Nasdaq. Currently, the price is struggling with the underside of a horizontal resistance line.

Dow Jones Industrial Average – Daily Chart

The Russell 2000 is exhibiting weak price action similar to the Dow, with a downward-sloping weekly PPO momentum indicator. The price action has also failed to hold above its 10-week (or 50-day) moving average. That said, the price action is consolidating toward the apex of a potential continuation pattern. The upper and lower trendlines of this pattern present a directional binary event: a breakout above the upper trendline would be bullish, while a break below the lower trendline would be bearish.

Russell 2000 (ETF) – Weekly Chart

The crude price action rebounded from a potential support line, with the weekly PPO momentum indicator testing the zero line. This rebound could suggest that sentiment has finally bottomed out. Next week will provide more clues, so be prepared to watch and react. Energy stocks often serve as a directional indicator; if they start to appear on the momentum scanner, it could signal a potential clue.

Crude Oil – Weekly Chart

The TSX continues to trade around its 10-week (or 50-day) moving average. Historically, the TSX often follows commodity trends. Therefore, the price action of oil, copper, and gold could provide important directional clues for the TSX’s future movements.

TSX – Weekly Chart

The price of copper has retraced to retest the recent breakout line and its 10-week (or 50-day) moving average. Keep an eye on this area next week to see how the price reacts.

Copper – Weekly Chart

The price action in gold is concerning, as it failed to hold its 10-week (or 50-day) moving average, slicing through it like a hot knife through butter upon the release of jobs data. This movement is inverse to the U.S. dollar and the 10-year Treasury yield.

Gold – Weekly Chart

Silver is nearing its recent breakout line and its 10-week (or 50-day) moving average. Watch this level to see how the price action reacts. However, silver usually correlates with gold, which is concerning given gold’s recent performance. Additionally, the rollover movement in the PPO indicator from its high is also troubling. Next week will provide more insights.

Silver – Weekly Chart

The price of Bitcoin continues to trade above its 10-week (or 50-day) moving average as it consolidates below its all-time highs. Stay alert for any potential breakout signals.

Bitcoin – Daily Chart

Despite a weak close to the week, the Nasdaq and S&P 500 are at record highs and still show a bullish configuration on the weekly charts. Although market breadth has not been stellar according to the red-light/green-light breadth system, there has been ample depth for setups to continue to appear. Most importantly, a large number of stocks continue to make appearances in the daily setups. As long as the indexes’ price action can maintain their positions above the 21-day exponential moving average, the best setups still have a chance to work. Continue to build your watchlists and trade according to your own personal rules while always defining downside risk. Now, onto the daily setups.

US Daily Setups

AAPL – Apple, Inc.

Apple appears to be setting up on the right side of a significant multi-month consolidation pattern. Monitor closely for any potential breakout signals that could suggest a strong upward move.

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

 

AMD – Advanced Micro Devices, Inc.

AMD continues to consolidate in what appears to be a rounded bottom pattern below a horizontal resistance or trigger line. Monitor closely for any potential breakout signals that could indicate a significant upward move.

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

 

BROS – Dutch Bros Inc.

Dutch Bros appears to be attempting a breakout. Monitor closely to see if the price can start trending above its moving averages.

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

 

CARG – CarGurus, Inc.

CarGurus appears to be breaking out from an area of consolidation. Monitor for continued signs of upward momentum to confirm this breakout.

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

 

CRWD – CrowdStrike Holdings, Inc.

CrowdStrike appears to be setting up on the right side of a consolidation pattern, positioned below its all-time high. Monitor for any potential breakout signals that could indicate a move toward new highs.

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

 

ERJ – Embraer Aircraft

Embraer Aircraft appears to be consolidating in the form of a potential bullish flag continuation pattern. Monitor closely to see if the price action can maintain its trend above the upward-sloping moving averages, indicating continued upward momentum.

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

 

ORCL – Oracle Corp.

Oracle appears to be setting up on the right side of a significant multi-month consolidation pattern. Monitor closely for any potential breakout signals that could indicate a strong upward move.

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

 

PINS – Pinterest Inc.

Pinterest appears to be breaking out from a bullish flag continuation pattern. Monitor for signs of sustained upward momentum to confirm this breakout.

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

 

PSTG – Pure Storage, Inc.

Pure Storage appears to be breaking out as the price action attempts to continue trending above its upward-sloping moving averages. Monitor for sustained upward momentum to confirm this breakout.

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

 

V – Visa Inc.

Visa appears to be set up for a potential breakout from a continuation pattern. Monitor closely for any signs of upward momentum that could confirm this move.

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

 

Canadian Daily Setups

AIDX.TO – Healwell AI Inc.

As mentioned previously, Healwell AI is the gift that keeps on giving. This continues to hold true as the price action breaks out to another new high, consistently trending above its upper-sloping moving averages in accordance with system rules.

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

 

FORA.TO – VerticalScope Holdings Inc.

VerticalScope is attempting to break out from a continuation pattern supported by robust volume. Monitor closely for signs of sustained upward momentum that could confirm this breakout.

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

 

FTG.TO – Firan Technology Group Corp.

Firan Technology appears to be set up for a potential breakout from a continuation pattern. Monitor for any signs of upward momentum that could confirm this move.

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

 

GIL.TO – Gildan Activewear, Inc.

Gildan Activewear continues to attempt a breakout to a 52-week high. Monitor closely for signs of sustained upward momentum that could confirm this breakout.

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

 

GTE.TO – Gran Tierra Energy Inc.

Gran Tierra Energy is consolidating in the form of a potential continuation pattern situated below its 52-week high. Monitor for any signs of a breakout that could indicate a continuation of the upward trend.

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

 

SES.TO – Secure Energy Services Inc.

Secure Energy Services is attempting to break out from a multi-month area of consolidation. Monitor closely for signs of sustained upward momentum that could confirm this breakout.

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

 

TCW.TO – Trican Well Service Ltd.

Trican Well Service appears to be finally breaking out above the upper trendline of the consolidation pattern we’ve been monitoring for months. Watch closely for signs of sustained upward momentum to confirm this breakout.

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

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 – 2024-06-08

AAPL, ABBV, ABT, ACGL, ADM, ADP, AFL, AGX, AGYS, AI, AIZ, AJG, ALKT, ALL, AMD, AME, AMK, ANET, APD, APTV, ARLP, AVGO, AXON, AZO, BAC, BDX, BECN, BJ, BK, BKNG, BRK/B, BRO, BSX, BUR, BWIN, CAMT, CARG, CARR, CASH, CASY, CB, CCAP, CCL, CDRE, CDW, CGBD, CHCO, CHKP, CI, CIB, CNA, COF, COLL, COST, CPRT, CRDO, CRWD, CSL, CSWC, CTAS, CTLT, CVLG, CVNA, CYBR, DAL, DEFTF, DFS, DKS, EG, EME, EMN, ENLC, ERJ, EW, EXPE, EZPW, F, FI, FIS, GD, GDRZF, GE, GIL, GILD, GM, GPC, GRVY, HCA, HIG, HLT, HON, HPE, HPQ, HQY, HTGC, HWM, IBKR, IBM, ICFI, IFF, IGIC, IHI, INCY, INVH, IP, IREN, IRM, IT, ITGR, J, JKHY, JNPR, JPM, KB, KDP, LII, LLY, LMB, LMT, LNC, LRCX, LVS, MA, MAIN, MBIN, MCK, MDT, MMC, MMM, MPLX, MRK, MRO, MS, MSI, MTD, MU, MUSA, NKE, NMM, NSIT, NTB, NTRA, NVO, OC, ODD, OLED, ONON, ONTO, OPRA, ORCL, PAA, PANW, PAYC, PAYX, PINS, PKG, PLMR, PNC, PRMW, PRU, PSTG, PTGX, PWR, PYPL, RCL, RDNT, REGN, RNR, ROP, ROST, RPAY, SBLK, SKWD, SKX, SKYW, SLB, SMR, SPB, SRPT, STX, STZ, SYF, TEVA, TFII, TJX, TMDX, TMO, TMUS, TPR, TRV, TSM, TSQ, TT, TYL, UBER, UDR, URBN, V, VBNK, VERX, VRNS, VRSK, WES, WRB, WSO, WTW, XLF, XLK, XLV, 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 – 2024-06-08

AAPL.NE, AAV.TO, AIDX.TO, ALA.TO, AMD.NE, ARCH.V, ARE.TO, ASE.CA, ATD.TO, ATD/A.TO, AVGO.NE, BFM.V, BLN.TO, BOS.TO, BRK.NE, CLS.TO, CM.TO, CMG.TO, COST.NE, CPLF.TO, CPX.TO, CSU.TO, CWB.TO, DC/A.TO, DCBO.TO, DEFI.NE, DFN.TO, DGS.TO, DLCG.TO, DNTL.TO, DOL.TO, DR.TO, DRX.TO, FFH.TO, FFN.TO, FORA.TO, FWZ.V, GIL.TO, GLXY.TO, GRZ.V, GTE.TO, GTII.CA, GTWO.TO, GXP.CA, H.TO, HME.V, HMR.V, HRX.TO, JPM.NE, KPT.TO, KSI.TO, LGC.V, LLY.NE, LSPD.TO, MATR.TO, MDP.TO, MFC.TO, NETZ.NE, NGEN.V, NVEI.TO, NWC.TO, POW.TO, PRMW.TO, PRQ.TO, PYPL.NE, QTRH.TO, RAY/A.TO, SAP.TO, SEI.V, SES.TO, STEP.TO, TCL/A.TO, TCW.TO, TF.TO, TFII.TO, TIH.TO, TINY.V, TM.V, TSU.TO, TUO.V, TVK.TO, UBER.NE, VBNK.TO, VISA.NE, VLE.TO, VNP.TO, WE.V, WELL.TO, ZZZ.TO

 

SetYourStop Blog Request

Enter your name and email to be alerted with new ideas.

Please wait...

Thank you for sign up!

Scroll to Top