SYS Research – Weekend Report – March 10, 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.

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

Indexes Retreat Amidst Tech Turbulence and Inflation Watch

In a departure from early gains, major stock indexes closed lower on Friday. The Nasdaq Composite, flirting with an all-time high, experienced a 1.2% decline, signaling a potential shift in market sentiment. Following suit, the S&P 500 closed nearly 0.7% lower, while the Dow Jones Industrial Average showed relative resilience with a modest 0.2% drop.

Nasdaq – Daily Chart

S&P 500 – Daily Chart

Dow Jones Industrial Average – Daily Chart

The tech sector faced headwinds as the “Magnificent Seven” tech stocks, leaders in this year’s market rally, had a challenging week. Notably, Nvidia witnessed a dramatic 5.6% reversal after reaching new highs earlier in the day, sparking concerns about broader implications for the technology sector and the market at large. Ensure to manage downside risk according to your own personal strategy. It’s crucial to note that Joe Biden recently mentioned the anticipation of lower interest rates before the election, a factor that could potentially influence the market.

Nvidia – Daily Chart

Major chipmakers, including Broadcom, Intel, Microchip Technology, and ON Semiconductor, grappled with a challenging week, each experiencing a drop of at least 4%. In contrast, the VanEck Vectors Semiconductor ETF (SMH), tracking a basket of semiconductor companies, also dropped 4% on Friday.

VanEck Vectors Semiconductor ETF – Daily Chart

When assessing what worked and what didn’t last week, Costco Wholesale emerged as the S&P 500’s worst performer on Friday, tumbling 7.6% after missing quarterly sales estimates. Intel significantly impacted the Dow Jones Industrial Average with a 4.6% decline. Small-cap stocks, measured by the Russell 2000, were less affected, closing down a mere 0.1%. Defensive sectors like utilities, real estate, and energy outperformed, while the technology and consumer discretionary sectors faced challenges.

What Worked Last Week

The collective picture still showcases a resilient market breadth when evaluating the red-light/green-light breadth system alongside sector ETFs and small caps.

The Red-Light/Green-Light Breadth System

The weekly performance of the Russell 2000 continues to exhibit a robust setup.

Russell 2000 (ETF) – Weekly Chart

Investors are now turning their attention to upcoming events. While initial optimism from the U.S. jobs report waned, focus shifted to critical economic data releases, including the Consumer Price Index on Tuesday, U.S. retail sales on Thursday, and the Empire State Manufacturing survey on Friday. Positive inflation data could impact the case for earlier Fed rate cuts, potentially influencing the market. Additionally, the upcoming week features earnings reports from key tech companies like Adobe, Oracle, and Jabil, offering further insights into the sector’s health.

In the fixed-income arena, the 10-year Treasury yield saw a significant drop of 9 basis points, ending the week at 4.09%, marking its third straight weekly decline. Meanwhile, the two-year Treasury yield, more closely linked to Fed policy, retreated by 5 basis points, settling at 4.48%. Federal Reserve Chief Jerome Powell emphasized once again this week that there’s no urgency to implement rate cuts. Despite the unchanged stance following the jobs report and economic data, there’s a prevailing sentiment that these indicators may have alleviated concerns about a potential reduction in the frequency of rate cuts by the Fed.

10-Year US Treasury Yield

On Friday, the dollar exhibited modest weakness against major peers and was on track for its weakest weekly performance against the euro this year, marked by a failure at horizontal resistance on the chart. The euro experienced a slight 0.06% decline against the dollar, settling at $1.09425. Earlier in the session, the common currency reached an eight-week high, securing an almost 1% gain. This performance signifies its most significant weekly strength against the greenback since the week ending December 22nd.

US Dollar – Weekly Chart

Euro to US Dollar – Weekly Chart

The TSX Composite index edged lower on Friday, although it secured its fourth straight weekly gain. Bigger-than-expected gains in both U.S. and Canadian jobs supported the index despite a 0.3% decline on Friday. The energy sector fell 0.7%, influenced by a 1.2% drop in oil prices. Uranium miners, which appeared on the scanner results Thursday, saw declines, with Nexgen Energy Ltd down 8.7% and Cameco Corp down 6.2%.

TSX – Weekly Chart

The Global X Uranium ETF, along with uranium miners, experienced rejection from the underside of the 10-week or 50-day moving average. This occurred after a potential bullish signal was highlighted on Thursday, as mentioned above.

Uranium Theme – Global X Uranium ETF

The price action in crude oil concluded the week with a 2.45% decline.

Crude Oil – Weekly Chart

The price of copper showed strength at the beginning of the week, indicating a potential breakout from the monitored pattern. However, on Friday, the resistance line rejected the price as the broader market experienced a downturn. Keep a close watch next week to see if price action can successfully break out.

Copper – Weekly Chart

Gold is hitting all-time highs, yet the VanEck Gold Miners ETF (GDX) remains tethered at half its 2011 value despite the surge in gold prices. This stark incongruity is evident in GDX’s 20% slump over the last two years, juxtaposed with the S&P 500’s concurrent 20% ascent. The aggregated market value of gold mining stocks, hovering around $300 billion, is eclipsed by individual corporate behemoths like Home Depot. The undervaluation of gold mining stocks suggests a potential for a substantial mean reversion. It’s crucial to note that this doesn’t constitute a prediction but underscores the prospect of a noteworthy turnaround. Keep a close eye on gold mining stocks.

Gold – Weekly Chart

Silver is coiling tightly near the triangle’s apex, which we’ve monitored for months. With gold hitting new all-time highs, be vigilant for ongoing signs of upward strength in the silver market that may signal potential breakout opportunities.

Silver – Weekly Chart

The price of Bitcoin has reached an all-time high and is persistently trending above its 20-day moving average, as discerned from the Bollinger Bands. In the world of technical analysis, the adage “a trend is your friend until the one time it’s not” serves as a cautionary reminder allowing one to ride a trend until the one time it isn’t.

Bitcoin – Daily Chart

As we transition to the daily setups section, it is crucial to embrace the wisdom shared by trading luminary William Eckhardt: “You have to minimize your losses and try to preserve capital for those very few instances where you can make a lot in a very short period. What you can’t afford to do is throw away your capital on suboptimal trades.” This valuable perspective highlights the importance of risk management and strategic decision-making in navigating the complex world of financial markets. Now, onto the daily setups!

US Daily Setups

ARLO – Arlo Technologies, Inc.

Arlo Technologies is consolidating within a bullish flag continuation pattern situated beneath a trigger line. Watch for potential indications of upward momentum.

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

 

CAH – Cardinal Health, Inc.

Cardinal Health is attempting to break out to a new 52-week high from a bullish flag continuation pattern. Keep a watchful eye on this development for potential upward momentum.

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

 

CF – CF Industries Holdings, Inc.

CF Industries is persistently indicating a potential breakout from its bottoming pattern. Stay attentive for confirmation and any signs of upward momentum.

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

 

CLSK – CleanSpark, Inc.

CleanSpark seems to be breaking out from a bull flag continuation pattern positioned beneath its 52-week high. Keep a close watch for confirmation and potential signs of upward momentum.

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

 

FNV – Franco-Nevada Corp.

Franco-Nevada is attempting to break out from a bottoming pattern accompanied by heightened trading volume. Keep a watchful eye for confirmation and potential signs of increased momentum.

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

 

IOT – Samsara Inc.

Samsara is breaking out from a consolidation zone, accompanied by increased trading volume, reaching a new 52-week high. Keep a close watch for confirmation and signs of sustained momentum.

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

 

METC – Ramaco Resources, Inc.

Ramaco Resources is attempting to break out from a continuation pattern. Pay attention to the bullish volume profile persisting throughout the consolidation period following the November surge higher.

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

 

SCCO – Southern Copper Corp.

Southern Copper appears to be gearing up for a potential breakout to a new high. Stay attentive for confirmation and signs of upward momentum in the coming sessions.

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

 

SQ – Block, Inc.

Block is positioning itself below its 52-week high and a trigger line. Monitor closely for any indications of upward momentum in the near term that could lead to a breakout.

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

 

SYM – Symbotic Inc.

Symbotic seems to be forming on the right side of a multi-month consolidation area, displaying a bullish volume profile. Watch for potential developments and signs of upward momentum.

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

 

Z – Zillow Group, Inc. Class C

Zillow is currently setting up below its 52-week high. Watch for any potential signs of upside momentum in the coming sessions.

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

 

Canadian Daily Setups

CAD.V – Colonial Coal International Corp.

Colonial Coal is attempting to trend higher from a significant multi-year consolidation pattern. Monitor for potential confirmation and signs of an upward trend.

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

 

CTS.TO – Converge Technology Solutions Corp.

Converge Technology continues to exhibit signs of upside strength, building on its breakout. Watch for further confirmation and sustained upward momentum.

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

 

ENB.TO – Enbridge, Inc.

Enbridge continues to display signs of strength in its price action as it attempts to break out from a significant multi-consolidation pattern. Keep a close eye for further confirmation and potential sustained upward movement.

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

 

FNV.TO – Franco-Nevada Corp.

Franco-Nevada is attempting to break out from a bottoming pattern accompanied by bullish volume. Keep a close watch for confirmation and potential signs of sustained upward momentum.

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

 

TECK/B.TO – Teck Resources Ltd.

Teck Resources seems poised on the right side of a significant multi-year sloppy basing pattern. Watch for potential indications of upside momentum that could lead to a breakout.

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

 

TKO.TO – Taseko Mines Ltd.

Taseko Mines experienced a substantial surge in volume last Friday as its price action continues to attempt a breakout from the multi-year consolidation pattern we recently highlighted. Monitor closely for further signs of confirmation and potential sustained upward momentum.

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

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 – 2024-03-10

ACIW ACM ADM AEM AFRM AFYA AGI AGM AJG ALL ALRM AMK AMT ANIP AON ARE ARLO ASND ASR AU AVB AVDX BALL BAX BBWI BCSF BIO BITO BITQ BITW BLK BLOK BLX BMY BROS BTU BVN BX CAG CAH CAVA CBRE CCAP CCCS CCI CCL CECO CF CHD CHKP CINF CIVI CLSK CLX CMCSA CMI CNA CNX COIN COLL COP CPT CRAI CRBG CRM CSGP CSTM CSX CTRA CUK CVS CYBR D DAY DDS DIS DK DOCN DUK DUOL DVA DVN DXCM DY EAT EDR EGY EIX EL ELMD ELV EMN ENLC EOG EQR ERJ ES ESAB ESEA ESS ETHE ETR ETRN ETSY EVR EVRG EXPE EXR EZPW FANG FCFS FDIG FE FI FIS FLR FLT FOR FOUR FUTU FWRG GBDC GBTC GCT GEHC GEN GIFI GILD GIS GLD GNRC GOOG GOOGL GPC GPK GPN GPOR GRC GRMN GRVY GTES HAL HCA HESM HII HLT HMY HOLX HOOD HQY HRL HSY HUBB IAG IDT INCY INTU INVH IOT IP IVZ JCI JKHY JNJ K KGC KHC KKR KMX KNTNF KR KVUE LHX LMB LMND LNT LOGI LOW LRN LSEA LVS LYFT MA MAA MAR MARA MBC MCD MCY MDLZ METC MKC MMC MMM MMYT MO MOH MPC MPTI MRNA MRO MS MSI MSTR MTDR NBIX NCLH NDAQ NEE NGVC NICE NMM NOC NOG NPO NR NRG NSC NTNX NVS NWS NWSA O OBDC OC ODD ONON OPRA OR OTIS PAY PCAR PEGA PFBC PGR PKG PLD PM PNW POWW PPC PR PSA PSX PXD RAMP RCL RDY RHI ROL RSG RTX RVTY RYAN SBAC SCCO SFM SHOP SKM SM SMR SNAP SOVO SPB SPG SPGI SPLK SQ STE STEP STN STNE STRL STZ SWBI SYF SYK SYM SYY T TAP TDW TEAM TFC TFPM THC TNET TORXF TRAK TRIP TRMB TRMD TROW TSN UDR UGP UNP UPBD UPS USAP USLM V VIST VITL VLO VRRM VRTS VSEC W WAB WBA WDOFF WGMI WM WMB WPM WRB WY XEL XLE XLF XLRE XOM XOP XP XRAY Z ZG ZION

 

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 – 2024-03-10

ACB.TO ACQ.TO ACT.CA AD/UN.TO ADW/A.TO AEM.TO AKG.TO AMRQ.V AQN.TO ARE.TO ARIS.TO ATRL.TO BB.TO BDI.TO BDT.TO BGI/UN.TO BIP/UN.TO BIPC.TO BITC.TO BK.TO BK/PA.TO BLX.TO BMO.TO BNS.TO CAD.V CAR/UN.TO CEF.TO CF.TO CJT.TO CM.TO CPX.TO CRM.NE CRR/UN.TO CRRX.TO CRT/UN.TO CTS.TO DFN.TO DFN/PA.TO DFY.TO DIR/UN.TO DND.TO DNG.TO DRM.TO DSG.TO EFX.TO EIF.TO EIT/UN.TO EMX.V ENB.TO EQ.V EQX.TO ERF.TO ETHC.NE EXE.TO FFN/PA.TO FNV.TO FOM.TO FSV.TO FTN.TO FVI.TO GAU.TO GEO.TO GMIN.TO GOLD.TO GOLD.V GOOG.NE GOOS.TO GPAC.V HME.V IAU.TO IFC.TO IIP/UN.TO IMG.TO ITR.V IVN.TO KMP/UN.TO LBS.TO LGC.V LUN.TO MAU.V MDA.TO MDF.TO MDI.TO MEG.TO MMED.NE MOOO.CA MRG/UN.TO MRT/UN.TO MTA.V MUX.TO NA.TO NGEX.TO NXR/UN.TO OGC.TO OGI.TO OR.TO OVV.TO PAY.TO PET.TO PEY.TO PHYS.TO PNG.V PPL.TO PRB.TO PRMW.TO PRV/UN.TO PSLV.TO PSU/U.TO QBR/B.TO QIPT.TO RBA.TO RET/A.V SBC.TO SES.TO SFTC.TO SGD.V SHLE.TO SHOP.TO SHOW.CA SLF.TO STC.TO STLR.TO STN.TO TA.TO TBRD.V TECK/B.TO TFPM.TO THNC.TO TKO.TO TOY.TO TPZ.TO TRI.TO TRUL.CA TXG.TO VISA.NE WFG.TO WIFI.CA WPM.TO XOM.NE XTG.TO ZEN.V ZZZ.TO

 

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