SYS Research – Weekend Report – March 23, 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

S&P 500 Cools Off After a Hot Streak

After a vigorous run, the S&P 500 takes a moment to catch its breath, marking the end of a fiery week in the stock market. The rally, fueled by a dovish stance from the Federal Reserve and promising prospects in the realm of artificial intelligence (AI), witnessed notable fluctuations across major indices. The Dow Jones Industrial Average dipped by 0.8%, translating to a loss of 305 points, while the S&P 500 experienced a marginal decline of 0.1%. In contrast, the Nasdaq Composite managed to eke out a modest gain of 0.2%, achieving yet another record high. The small-cap Russell 2000 demonstrated resilience, climbing by 1.6% and reaching a 23-month closing pinnacle on Thursday before retracing slightly on Friday.

S&P 500 – Daily Chart

Nasdaq – Daily Chart

Dow Jones Industrial Average – Daily Chart

Russell 2000 (ETF) – Daily Chart

Despite Friday’s downturn, the Dow and S&P 500 exhibited commendable weekly performances, ascending by 2% and 2.3%, respectively, underscoring the market’s overall buoyancy. The Nasdaq fared even better, boasting a robust gain of approximately 2.9% over the week. The small-cap Russell 2000 closed higher by 1.6%

S&P 500 – Weekly Chart

Nasdaq – Weekly Chart

Dow Jones Industrial Average – Weekly Chart

Russell 2000 (ETF) – Weekly Chart

On the macroeconomic front, the 10-year Treasury yield saw a notable retreat, shedding 9 basis points to settle at 4.18%. This pullback follows a flirtation with 2024 highs earlier in the week, with the yield notably constrained beneath a horizontal resistance line.

10-Year US Treasury Yield

In the world of global currency markets, the dollar stayed on its upward path on Friday, looking set for a second week of gains in a row. This was fueled by subtle shifts in interest rate policies. While a small rate hike in Japan gave the yen a bit of a break, the dollar surged against most G-10 currencies. This was thanks to the strong U.S. economy and relatively high-interest rates, making the carry trade more attractive. However, a surprise rate cut by Switzerland, a first among major European central banks, signaled a clear change in monetary policy strategies. This shift was highlighted by a brief hiccup in the dollar’s momentum following the Federal Reserve’s announcement, briefly dimming the optimism in the precious metals market.

US Dollar – Weekly Chart

U.S. crude oil futures experienced a modest uptick in the commodities arena, edging up by 5 cents to close the week at $80.63 per barrel. This slight increase marked a step back from the lofty highs witnessed earlier in the year.

Crude Oil – Weekly Chart

Despite a downturn on Friday, the TSX extended its winning streak to six consecutive weeks, marking its longest stretch of weekly gains in three years. The commodity-linked index faced pressure as the U.S. dollar strengthened, resulting in a 0.5% decline to close at 21,984.08. However, the TSX reached its first record-high closing level in two years earlier in the week. For the week overall, the index managed to secure a 0.6% increase. This weekly winning streak stands as the lengthiest since December 2020, underscoring the recent strength of the TSX.

TSX – Weekly Chart

A prior level of resistance rejected the previous week’s momentum in copper.

Copper – Weekly Chart

The momentum in the gold breakout was halted by strength in the U.S. dollar.

Gold – Weekly Chart

The potential breakout in silver was also thwarted by strength in the U.S. dollar.

Silver – Weekly Chart

The uranium setup appears potentially bullish, with price action threatening to reclaim the 50-day moving average. Some uranium miner charts are also featured in daily Canadian and US setups.

Uranium Theme – Global X Uranium ETF

The price of Bitcoin is consolidating above its upward-sloping 50-day moving average.

Bitcoin – Daily Chart

The price of Ethereum is consolidating above its upward-sloping 50-day moving average.

Ethereum – Daily Chart

As we review what worked last week, it’s evident that market breadth remained robust, with 10 out of 11 S&P sectors ending positively. Our scanner results also highlighted several stocks across diverse sectors flashing potential buy signals. Traders who had held cash positions could have seized these opportunities. However, it’s crucial to exercise caution and refrain from aggressively increasing exposure, considering the market could be somewhat overextended. It’s wise to enter positions as close to risk levels as possible while having a thoroughly tested plan in place to mitigate losses. Utilizing stop-loss orders can automatically return one to cash in case of adverse market movements. Avoid purchasing stocks that have already seen significant price increases, including those in the highly hyped artificial intelligence sector. Instead, focus on developing watchlists of actionable stocks and setups, allowing for timely entry when optimal opportunities arise. This strategy enables investors to stay prepared for action, regardless of external noise generated by pundits and media outlets. Now, onto the daily setups.

What Worked Last Week

US Daily Setups

ACMR – ACM Research, Inc.

ACM Research seems to be attempting to break out of a bullish flag pattern.

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

 

ALL – Allstate Corp.

Allstate is attempting to trend higher from a continuation pattern.

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

 

AMZN – Amazon.com, Inc.

Amazon is currently consolidating below recent highs. Keep an eye on it for potential continuation of the uptrend.

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

 

ANET – Arista Networks, Inc.

Arista Networks appears to be attempting to break out from a period of consolidation.

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

 

ARM – Arm Holdings Plc

Arm Holdings seems to be consolidating in what could be a potential continuation pattern. Monitor for any signs of breakout signals.

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

 

BWMX – Betterware de Mexico S.A.P.I. de C.V

Betterware appears to be attempting a breakout above its 52-week high.

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

 

CCJ – Cameco Corp.

Cameco is poised for a potential breakout from a wedge pattern.

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

 

CW – Curtiss Wright Corp.

Curtiss Wright is breaking out to a new high.

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

 

DFH – Dream Finders Homes Inc.

Dream Finders Homes appears to be setting up for a potential breakout above its 52-week high.

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

 

DPZ – Domino’s Pizza Group LTD

Domino’s Pizza is attempting to trend higher from a continuation pattern.

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

 

GOOGL – Alphabet Inc.

Alphabet appears to be setting up below its 52-week high.

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

 

HCI – HCI Group, Inc.

HCI Group appears to be attempting to break out from a bullish continuation pattern.

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

 

META – Meta Platforms, Inc.

Meta Platforms is currently consolidating below its recent highs. Watch for any signs of a continuation of the uptrend.

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

 

MSOS – AdvisorShares Pure US Cannabis ETF

The AdvisorShares Pure US Cannabis ETF continues to set up near its 52-week high.

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

 

NTNX – Nutanix, Inc.

Nutanix is poised for a potential breakout from a bull flag continuation pattern.

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

 

NVDA – NVIDIA Corp.

Nvidia is attempting to trend higher from a continuation pattern.

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

 

TBBB – BBB Foods Inc.

BBB Foods is breaking out from an area of consolidation.

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

 

TRAK – ReposiTrak Inc.

ReposiTrak is breaking out from a continuation pattern.

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

 

Canadian Daily Setups

BDGI.TO – Badger Infrastructure Solutions Ltd.

Badger is starting to break out from a continuation pattern.

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

 

CCO.TO – Cameco Corp.

Cameco is set up for a potential breakout from a wedge pattern.

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

 

DML.TO – Denison Mines Corp.

Denison Mines appears to be attempting to trend higher from a falling wedge pattern.

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

 

ETG.TO – Entree Resources Ltd.

Entree Resources continues to exhibit bullish price action as it attempts to break out from its area of consolidation.

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

 

IVN.TO – Ivanhoe Mines Ltd.

Ivanhoe Mines seems to be consolidating in the form of a bullish pennant continuation pattern.

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

 

LAC.TO – Lithium Americas Corp.

Lithium Americas continues to set up, displaying what appears to be a bottoming pattern. Monitor for any signs of continued upside momentum.

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

 

MDA.TO – MDA Ltd.

MDA is set up in the form of a potential bullish continuation pattern.

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

 

STLC.TO – Stelco Inc.

Stelco continues to set up above the recent trigger line.

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

 

 TSND.TO – TerrAscend Corp.

TerrAscend appears to be setting up at a trigger line. Monitor for any signs of potential upside momentum.

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

 

WFG.TO – West Fraser Timber Co. Ltd.

West Fraser Timber continues to push higher from its significant multi-year consolidation pattern.

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

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 – 2024-03-23

AAL, ABBV, ACMR, ALG, ALL, ALSN, ALV, AMZN, ANET, ASR, ATI, AVGO, AZO, BAESY, BALL, BDX, BLBD, BLX, BMA, BSX, BUR, BWMX, BWXT, CAMT, CARG, CCJ, CCL, CCS, CDLX, CDW, CEG, CELH, CHD, CL, CNA, CNM, CNX, COLL, CPB, CRAI, CRH, CROX, CUK, CVLT, CVS, CW, DASH, DB, DD, DE, DFH, DK, DNN, DPZ, ECL, EGO, EGY, EME, ENTG, EPD, ERJ, ESTC, ETN, ETRN, EXP, EXPE, FERG, FLEX, FLR, FRPT, FSS, FTI, GDRZF, GEOS, GFL, GIFI, GIS, GOOG, GOOGL, GPK, HCA, HCI, HEI, HES, HLT, HLX, HMC, HOLI, HPE, HRB, HUBB, HUBS, HWKN, HWM, IBP, IHG, IMCR, IMO, INFA, INTC, ISRG, ITA, ITCI, ITGR, IWF, JBL, JELD, KEX, KEYS, KHC, KSPI, LECO, LEN, LH, LIN, LLY, LMT, LOGI, LPX, LRN, LSEA, LW, LWAY, MDLZ, MELI, META, METV, MKC, MMYT, MPC, MRK, MRNA, MTCH, MU, MUSA, MYRG, NCLH, NET, NFLX, NGS, NICE, NMM, NTNX, NTRA, NU, NVDA, NVT, NXE, NXT, ODP, OKTA, OLED, ONTO, ORLY, OSG, PCOR, PEG, PHM, PLNT, PRDO, PSX, PTC, QQQ, RACE, RCL, RDNT, RGA, ROAD, RRC, RSG, RTX, SAIA, SAP, SCCO, SFM, SHAK, SJM, SMH, SN, SNAP, SNX, SPOT, STE, STLD, STRL, STX, TBBB, TCOM, TDW, TDY, TJX, TNP, TRAK, TRIP, TSM, TXT, UEC, UFPT, UPBD, USAP, VECO, VERX, VGT, VIST, VST, WDAY, WDC, WING, WS, WSO, WY, XLK, XOM

 

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 – 2024-03-23

AAWH/U.CA, ABBV.NE, ACB.TO, ACQ.TO, AI.TO, AMX.V, AMZN.NE, ARG.TO, ARX.TO, ATH.TO, ATRL.TO, ATX.V, AVGO.NE, AYA.TO, BBD/B.TO, BBU/UN.TO, BDGI.TO, BGI/UN.TO, BHC.TO, BK.TO, BRAG.TO, BTB/UN.TO, CCO.TO, CIX.TO, CLS.TO, CNQ.TO, CPH.TO, CPLF.TO, CPX.TO, CRON.TO, CTRL.V, CURA.TO, CVE.TO, CVS.NE, DBM.TO, DML.TO, DND.TO, EDR.TO, ELD.TO, ERE/UN.TO, ETG.TO, EU.V, EVGN.V, FOM.TO, FTT.TO, GCL.TO, GDV.TO, GEI.TO, GFL.TO, GIL.TO, GLXY.TO, GOOG.NE, HBM.TO, HITI.V, HLF.TO, HPS/A.TO, HRX.TO, HTL.TO, HWX.TO, IMO.TO, INTC.NE, IVN.TO, KSI.TO, L.TO, LAC.TO, LBS.TO, LLY.NE, LMN.V, LUN.TO, MAU.V, MDA.TO, MMED.NE, MSR.V, MVRS.NE, MX.TO, NA.TO, NGEX.TO, NUAG.TO, NVA.TO, NVDA.NE, NVEI.TO, NXE.TO, OGI.TO, OLA.TO, PRV/UN.TO, PSI.TO, PWI.TO, RBA.TO, RML.V, RTX.NE, SIS.TO, SOIL.TO, SSL.TO, STLC.TO, SVM.TO, SYZ.TO, TA.TO, TCN.TO, TER.CA, TFII.TO, TLRY.TO, TRI.TO, TRP.TO, TSND.TO, UBER.NE, VLE.TO, VNP.TO, WEED.TO, WFG.TO, WILD.TO, WN.TO, WSP.TO, XTC.TO

 

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