SYS Research – Weekend Report – March 16, 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

Stocks Stumble Amid Inflation Jitters

Stocks stumbled on Friday, capping another week of losses, as hotter-than-expected inflation data jolted markets. Concurrently, the weekly PPO momentum indicator hinted at a potential short-term peak. Adding to the turbulence was the occurrence of “triple witching,” a quarterly event where derivative contracts tied to index options, index futures, and single-stock options expire simultaneously, often triggering increased volatility. Historically, this period tends to coincide with market pullbacks, raising questions about the depth of the impending correction.

Navigating this uncertainty requires a keen eye rather than bold predictions. The ongoing market rally may be encountering a pause initiated by Nvidia’s March 8th downturn, underscoring the importance of profit-taking strategies tailored to individual goals. Scaling out positions, coupled with employing stop-loss measures, becomes crucial as stocks approach extremes.

Nvidia – Daily Chart

Looking ahead, investors brace for continued volatility amidst a trio of significant events in the upcoming week. The Federal Reserve convenes its meeting, culminating in policymakers’ latest projections for Fed rate adjustments. Nvidia’s four-day GTC Conference kicks off, promising revelations about a new AI chip and other AI-related announcements. Microsoft’s “New Era Of Work” event on March 21st will also showcase AI features and more. Given the potential for a substantial market correction and the impending events, a cautious approach to new investments in the short term is advisable. Nonetheless, staying vigilant and maintaining updated watchlists remain essential to navigate potential market shifts.

On Friday, the S&P 500 declined by 0.6%, while the Dow Jones Industrial Average and the Nasdaq Composite dropped by 0.5% and 1%, respectively. All three indices closed the week lower, marking the S&P 500’s first consecutive weekly decline since October. In contrast, the Russell 2000 Index of small-cap stocks saw a modest increase of 0.40%, accompanied by a 1.53% rise in the Cboe Volatility Index, in anticipation of heightened volatility associated with triple witching.

S&P 500 – Daily Chart

Nasdaq – Daily Chart

Dow Jones Industrial Average – Daily Chart

Russell 2000 (ETF) – Daily Chart

In last week’s trading, the Dow Jones Industrial Average closed marginally lower, while the S&P 500 index dipped by 0.1%. The Nasdaq composite experienced a 0.7% decline, slipping below its 21-day moving average and the critical 16,000 level. Market breadth was notably poor, with the small-cap Russell 2000 plummeting by 2.1%. Take note of how the red-light/green-light breadth system is setting up for a potential red-light signal, and observe how the weekly PPO momentum indicator on each chart is starting to roll over.

The Red-Light/Green-Light Breadth System

S&P 500 – Weekly Chart

Nasdaq – Weekly Chart

Dow Jones Industrial Average – Weekly Chart

Russell 2000 (ETF) – Weekly Chart

When examining what worked last week, the weakening breadth is confirmed. Energy stands out as the outlier, consistent with the scanner results observed throughout the week.

What Worked Last Week

Bond yields surged, with the yield on the 10-year U.S. Treasury note climbing to 4.304%, compared to 4.088% the previous week. Technically, price action is currently positioned below a potential trigger line. A breakout above this level would be considered potentially bearish for stocks, as indicated by many indicators on the indexes.

10-Year US Treasury Yield

On Friday, the dollar reached a more than one-week high following a mixed release of data indicating the stability of the U.S. economy, albeit with some areas of weakness. This suggests that the Federal Reserve may lean towards maintaining higher interest rates for an extended period or reducing the planned number of rate cuts this year. The dollar index, which tracks the U.S. currency against six major peers, registered a weekly gain of 0.4%, marking its most significant increase since mid-January.

US Dollar – Weekly Chart

U.S. crude oil futures surged by 3.3% to $80.58 a barrel last week, sustaining a solid momentum above the 10-week or 50-day moving average. This breakout from our identified pattern confirms the bullish trend, consistent with the scanner results, which have consistently highlighted the XLE and OIH ETFs in our daily setups.

Crude Oil – Weekly Chart

The TSX index extended its winning streak on Friday, marking its fifth consecutive weekly gain. The materials group led the charge, driven by a surge in copper prices to nearly one-year highs. The Toronto Stock Exchange closed up 0.1% at 21,849.15, near its highest level since April 2022. The index posted a 0.5% gain for the week, marking its longest winning streak in 11 months. Notably, there has been a notable rotation into cyclicals this week, buoyed by oil surpassing $80 and the breakout in copper, as previously highlighted by scanner results and emphasized in our daily setups. Resource shares, accounting for roughly 30% of the Toronto market, saw a 1% gain in the materials group, including precious and base metals miners and fertilizer companies. This rotation comes as the tech and semiconductor sectors, which have been leading, face pressure following Nvidia’s earnings report.

TSX – Weekly Chart

Copper surged by 2% to reach its highest level since April of last year, propelled by a breakout from the pattern we’ve been monitoring. This uptick coincided with investors deliberating a potential output cut in China, the world’s leading producer of the metal. The scanner results have consistently hinted at this imminent breakout, with the COPX copper miner ETF featuring prominently in the scanner results and daily setups. It’s worth noting that producers often lead the price of the commodity, as evidenced in this instance. Copper stocks have been prominently featured in the Canadian daily setups for several weeks, with SCCO, FCX, and TECK identified in the US daily setups prior to the breakout. Additionally, we shared a copper watchlist featuring relevant tickers earlier in the week. At SetYourStop, our objective is to equip you with the information necessary to make informed decisions. Once the breakout occurs, chart postings typically cease, as it becomes incumbent upon each individual to manage their own trade and define their downside risk, recognizing that everyone may have different objectives.

Copper – Weekly Chart

Gold prices retreated this week, consolidating within what appears to be a potential bull flag continuation pattern. It’s essential to monitor the price action closely as it approaches the 21-exponential day moving average. Confirmation of the bull flag pattern and a continuation of the uptrend above the moving average would be significant developments to watch for.

Gold – Daily Chart

The price of silver remains poised for a potential breakout from the significant consolidation pattern we’ve been monitoring. This week, we highlighted the SLV silver ETF in our daily setups as price action hinted at a potential breakout. Stay vigilant and be prepared to react accordingly as the situation unfolds.

Silver – Weekly Chart

Uranium stocks were notably active in Friday’s scanner results and have been included in today’s daily setups. It’s important to closely watch this trend to see if price action can sustain its upward movement. This is particularly relevant following the recent weekly price action observed in the SMR setup shared last week. Additionally, given the ongoing discussions about the energy shortage affecting the crypto mining sector and the surge in AI, it’s essential to remain attentive to developments in the uranium market. Note the relationship between the price and the 50-day moving average, particularly in the context of the horizontal resistance line drawn in the daily setups. This illustrates how moving averages can accomplish the same task with less effort. A breakout above the 50-day moving average would be interpreted as bullish, indicating a potential continuation of the uptrend.

Uranium Theme – Global X Uranium ETF

Bitcoin’s price action is currently undergoing a pullback, as previously suggested earlier in the week in the Slack Workspace. The pattern observed in BTC’s price resembles that of NVDA. Throughout this period, we’ve been closely monitoring the 20-day moving average or the middle Bollinger band as a key trend level. Yesterday, price action notably bounced off this moving average, underscoring its significance. Additionally, it’s important to take note of the upper band hooking lower. Such a hook in the bands often signals a potential top or short-term top, and conversely, it can indicate a bottom when the lower band curls higher in a similar fashion. Should BTC break below the 20-day moving average, it could suggest a deeper pullback to test the 50-day moving average.

Bitcoin – Daily Chart

Transitioning from the introductory segment of the report to the daily setups section, we heed the wisdom of legendary trader Paul Tudor Jones, who emphasized the relentless pursuit of knowledge in navigating the complexities of the market. As we delve into the daily setups, let us remember Jones’s insight: “The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge. Because trading is the ultimate game based on a knowledge of human psychology. The biggest losses come from those periods when you have something the market knows you don’t have.” With this in mind, let’s examine today’s market dynamics and potential opportunities while managing downside risk.

US Daily Setups

CVI – CVR Energy Inc.

CVR Energy is attempting to break out from a multi-month consolidation pattern. Keep a close eye on this breakout attempt for confirmation and potential signs of sustained upward momentum.

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

 

GM – General Motors Co.

General Motors attempts to trend higher from a bull flag continuation pattern with a bullish volume profile throughout the chart. Keep a close watch for confirmation of this trend and signs of sustained upward momentum.

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

 

MSOS – AdvisorShares Pure US Cannabis ETF

The AdvisorShares Pure US Cannabis ETF is attempting to break out from a falling wedge spurred by rescheduling news. Note the bullish volume pattern and monitor closely for continued upside momentum.

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

 

NUE – Nucor Corp.

Nucor is currently attempting to break out from a continuation pattern. Watch this breakout attempt closely for confirmation and potential signs of sustained upward momentum.

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

 

RTX – Raytheon Technologies Corp.

Raytheon appears to be setting up below horizontal resistance. Monitor for a potential breakout.


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

 

SRUUF – Sprott Physical Uranium Trust

The Sprott Physical Uranium Trust is attempting to trend higher from a falling wedge, while the PPO momentum indicator is setting up for a bullish cross. Take note of the large volume by a price bar on the left side of the chart. This area of resistance is significant, as identified by that volume by price bar. Monitor for a potential breakout or failure at this level, as the ETF sits at a critical juncture.

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

 

STLD – Steel Dynamics, Inc.

Steel Dynamics is set up for a potential new all-time high breakout. Keep a close watch for confirmation of this development and signs of sustained upward momentum.

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

 

URA – Global X Uranium ETF

The Global X Uranium ETF is consolidating in the form of a falling wedge continuation pattern. Take note of the large volume by price bar on the left side of the chart, which indicates accumulation and distribution. A breakout above that horizontal resistance line would be significant and suggest a continuation of the uptrend.

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

 

Canadian Daily Setups

CCO.TO – Cameco Corp.

Cameco is potentially setting up below a significant horizontal resistance line. Monitor closely for any potential breakout signals that may indicate a shift in the price action.

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

 

EDV.TO – Endeavour Mining Corp.

Endeavour Mining appears to be setting up in the form of a bottoming pattern. Monitor closely for any potential breakout or signs of a reversal in the price action.

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

 

GTII.CA – Green Thumb Industries Inc.

Green Thumb Industries is attempting to break out from a bull flag retest. Keep a close eye for confirmation of this breakout and potential signs of sustained upward momentum.

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

 

LAC.TO – Lithium Americas Corp.

Lithium Americas appears to be set up on the right side of a bottoming pattern. Monitor closely for any potential breakout.

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

 

RTX.NE – RTX Corp – Canadian Depository Receipt

Raytheon is attempting to break out from a bull flag continuation pattern. Keep a close eye for confirmation of this breakout and potential signs of sustained upward momentum.

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

 

TRUL.CA – Trulieve Cannabis Corp.

Trulieve Cannabis is attempting to break out from a bullish continuation pattern. Look for confirmation of this breakout and potential signs of sustained upward momentum.

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

 

TSND.TO – TerrAscend Corp.

TerrAscend has set up below a significant trigger line. Monitor closely for any signs of upside momentum, especially as the PPO momentum indicator gives a bullish cross.

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

 

U/UN.TO – Sprott Physical Uranium Trust

The Sprott Physical Uranium Trust is set up in the form of a potential falling wedge, while the PPO momentum indicator is set up for a possible bullish cross. Monitor closely for any signs of upside momentum that could propel the price past the horizontal resistance line.

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

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 – 2024-03-16

A, AAON, ABBNY, ACGL, ACIW, ACM, ADI, ADM, AEL, AEM, AEO, AEP, AER, AFL, AFYA, AGM, AGO, AGYS, AIG, AIT, AIZ, ALG, ALL, ALLE, ALPN, ALSN, AMCR, AMP, AMWD, ANF, AOS, APAM, APG, APO, APOG, ARE, ARIS, ARLO, AROC, ATI, ATKR, AVB, AWI, AXON, AYI, AZO, AZZ, BBVA, BBW, BBY, BCC, BCO, BCSF, BECN, BELFA, BIO, BITQ, BITW, BKR, BLD, BLDR, BLOK, BRBR, BRC, BRK/B, BRKR, BROS, BVN, BWMX, BX, C, CACI, CAH, CAMT, CAPL, CASY, CAT, CBT, CBZ, CCAP, CCL, CCS, CE, CEG, CENT, CFB, CFG, CHRD, CI, CINF, CIVI, CL, CLSK, CM, CMG, CMI, CNA, CNM, COIN, COLL, COOP, COP, COPX, COR, CPB, CPT, CR, CRI, CROX, CRS, CSGP, CSL, CSWC, CVI, CVNA, CVS, CW, CXT, D, DAL, DCI, DE, DEFTF, DHI, DHT, DK, DLB, DLO, DMLP, DNN, DOCN, DOV, DRI, DTE, DTM, DVA, DY, EADSY, EAT, ECL, EG, EGO, EGY, EIX, ELMD, ELV, EME, EMN, EMR, ENLC, ENSG, EPAC, EPD, EQR, ERIE, ESAB, ESOA, ESS, ET, EVRG, EWBC, F, FANG, FBIN, FCFS, FCN, FCNCA, FCX, FERG, FINMY, FIS, FIVE, FIX, FLR, FLS, FMX, FRPT, FTAI, FTI, FWRG, GBDC, GCT, GDX, GDXJ, GE, GFF, GIC, GIS, GMS, GPC, GPI, GPOR, GPS, GRBK, GRC, GRVY, GVA, GWW, HAL, HAS, HBAN, HEES, HES, HIG, HLX, HMC, HNI, HOLX, HOOD, HRI, HTGC, HWKN, HWM, IBOC, ICFI, ICLR, IDR, IDT, IFF, IGIC, INFA, INVH, IP, IRM, IT, ITA, ITB, ITRN, ITT, ITW, IWM, JBI, JCI, JPM, KAI, KBH, KEX, KEY, KGC, KMI, KNSL, KNTK, KOP, KR, KVUE, KWR, L, LAUR, LBRT, LDOS, LEN, LI, LII, LKQ, LOGI, LOW, LPG, LPLA, LPX, LYV, MAA, MAIN, MAMA, MAS, MBC, MCK, MCO, MCY, MET, MGM, MHK, MKC, MLI, MLR, MMM, MMYT, MNST, MOD, MOGA, MOS, MPC, MPLX, MPTI, MRNA, MRO, MSI, MSOS, MSTR, MTB, MTD, MTDR, MTH, MU, MUSA, MYRG, NATR, NCLH, NDAQ, NEE, NEU, NGVC, NI, NMIH, NOC, NOG, NPO, NR, NRG, NSIT, NTAP, NTRA, NTRS, NUE, NVR, NX, NXE, NXT, OBDC, OC, ODC, OIH, OMI, ONON, ONTO, OR, ORCL, OSG, OSK, OTIS, OXY, PAA, PAGP, PARR, PATK, PCAR, PFG, PFGC, PGR, PHM, PM, PNR, PNW, POOL, POWW, PPL, PR, PRI, PRIM, PRU, PSN, PSNL, PSX, PWP, PWR, QTRX, RACE, RCL, RDNT, REGN, REVG, REX, RF, RGA, RJF, ROCK, ROL, ROP, RS, RTX, RUSHA, RUSHB, RYAAY, RYAN, SA, SAH, SCCO, SCHW, SFM, SHEL, SKWD, SM, SMR, SNX, SPG, SPXC, SQSP, SRUUF, STLA, STLD, STZ, SWAV, SWBI, SYM, SYY, T, TAP, TDW, TECH, TEX, TGLS, TIPT, TNC, TNK, TOL, TRGP, TRI, TRIP, TRNS, TSCO, TSN, TXN, TXT, UAL, UBS, UDR, UFPT, UHS, UNM, URBN, URI, USAC, USAP, USFD, USO, VCTR, VEL, VIST, VLGEA, VLO, VNT, VRRM, VRT, VSEC, VVV, WAT, WCN, WEC, WES, WFC, WFRD, WIRE, WM, WMB, WMS, WOR, WRB, WRK, WSO, WTFC, WTS, WWD, WY, XHB, XLB, XLE, XLI, XLU, XOP, XP, YPF, ZBRA, ZWS

 

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 – 2024-03-16

AAWH/U.CA, AC.TO, ACB.TO, ACO/X.TO, AD/UN.TO, AEM.TO, ALA.TO, ALS.TO, ARCH.V, ARG.TO, ARX.TO, ASCU.TO, ATD.TO, ATD/A.TO, ATH.TO, ATRL.TO, AYA.TO, AYR/A.CA, BBD/B.TO, BEI/UN.TO, BHC.TO, BK/PA.TO, BMO.TO, BNE.TO, BNS.TO, BTB/UN.TO, CAD.V, CF.TO, CGG.TO, CHE/UN.TO, CHP/UN.TO, CIX.TO, CL.CA, CM.TO, CMG.TO, CNC.V, CNR.TO, CP.TO, CPG.TO, CPH.TO, CPX.TO, CRDL.TO, CRON.TO, CSU.TO, CURA.TO, CVS.NE, CXB.TO, DC/A.TO, DF.TO, DFN.TO, DFN/PA.TO, DGS.TO, DML.TO, DND.TO, DOL.TO, DPM.TO, DR.TO, EDV.TO, EIF.TO, EIT/UN.TO, ELD.TO, ELE.V, ENS.TO, EQX.TO, ERF.TO, ERO.TO, ESI.TO, ETG.TO, ETHC.NE, EU.V, EXE.TO, FAR.TO, FFH.TO, FFN.TO, FFN/PA.TO, FIL.TO, FM.TO, FNV.TO, FOM.TO, FR.TO, FRU.TO, FTN.TO, FTS.TO, FTT.TO, FVI.TO, GLO.TO, GOLD.TO, GOLD.V, GTII.CA, GURU.TO, HAI.TO, HBM.TO, HITI.V, HUT.TO, HWX.TO, IIP/UN.TO, IPCO.TO, IVN.TO, JAG.TO, K.TO, KPT.TO, KRR.TO, L.TO, LAC.TO, LBS.TO, LCS.TO, LNR.TO, LUG.TO, LUN.TO, MATR.TO, MAU.V, MDI.TO, MEEC.V, MMED.NE, MOOO.CA, MX.TO, MXG.TO, NG.TO, NGD.TO, NGEX.TO, NOVC.TO, NTR.TO, NWH/UN.TO, NXE.TO, OGC.TO, OGI.TO, OLA.TO, OR.TO, OSK.TO, PAAS.TO, PD.TO, PET.TO, PEY.TO, PKI.TO, PRQ.TO, PSK.TO, PSLV.TO, PTK.V, QTRH.TO, RAY/A.TO, RBY.TO, REG.V, RTX.NE, RUS.TO, SBC.TO, SDE.TO, SEA.TO, SES.TO, SFTC.TO, SHLE.TO, SHOW.CA, SIA.TO, SIL.TO, SKE.TO, SLF.TO, SOIL.TO, SPB.TO, SSL.TO, STLC.TO, STN.TO, SU.TO, SVM.TO, SWP.TO, TBRD.V, TD.TO, TECK/B.TO, TER.CA, TFII.TO, THNC.TO, TKO.TO, TLRY.TO, TNT/UN.TO, TOT.TO, TOU.TO, TRI.TO, TRUL.CA, TSND.TO, TSU.TO, TTNM.TO, TVE.TO, TXG.TO, U/U.TO, U/UN.TO, URB/A.TO, VERS.NE, VRNO.NE, VZLA.V, WCN.TO, WCP.TO, WED.V, WEED.TO, WFG.TO, WIFI.CA, WJX.TO, WUC.CA

 

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