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 Surge Toward Peaks Amidst Economic Signals
The stock market enjoyed a robust week, with key indexes surging toward record highs or reaching their 52-week peaks. The rally began strongly as the Dow Jones, S&P 500, and Russell 2000 reclaimed their 50-day moving averages on Monday. The Dow and S&P 500 continued their ascent towards record levels throughout the week, while the Nasdaq and Russell experienced a temporary pause.
Last week’s market rally witnessed broad-based advancement, with leading stocks emerging from various sectors. The breadth system indicates resilience, with a new set of stocks leading the charge, buoyed by expectations of impending interest rate cuts.
What Worked Last Week
The Red-Light/Green-Light Breadth System
The Dow Jones Industrial Average surged by 2.2%, extending its winning streak to eight sessions. With a heavier weighting towards financials, it outpaced the S&P 500, marking eight consecutive days of gains for the first time since December. Currently standing at 39,513, the Dow is now just 0.7% below its all-time highs, signaling optimism for Dow 40,000. Although this streak falls short of breaking records—a 13-day winning streak for the Dow occurred as recently as July—it reflects positive momentum, characteristic of bull markets known for above-average returns.
Dow Jones Industrial Average – Daily Chart
May has demonstrated strong performance for the S&P 500, with a notable surge of 3.7%, sharply contrasting with April’s decline of 4.2%. Year-to-date, the S&P 500 index has recorded a 9% increase. This past week marked its third consecutive weekly gain, with a 1.85% uptick, while the price action exhibits signs of challenging horizontal resistance levels to continue its uptrend.
S&P 500 – Daily Chart
Meanwhile, the Nasdaq composite advanced by 1.1% over the week. However, it faces resistance overhead, resulting in a halt in price momentum. Similarly, the small-cap Russell 2000 climbed, marking a gain of 1.2%. Nonetheless, its price action remains near a trigger line. Investors should closely monitor for potential breakouts above the resistance lines depicted on all index charts, as they are poised for such movements. Currently, the Dow stands as the only index to have closed above this threshold.
Nasdaq – Daily Chart
Russell 2000 (ETF) – Daily Chart
The 10-year Treasury yield edged up slightly to 4.5% after reaching a one-month low of 4.42% intraday on Tuesday. Price action rebounded from the 10-week or 50-day moving average, indicating a level to monitor closely going into next week.
10-Year US Treasury Yield
The U.S. dollar strengthened by 0.24% to reach 105.18 for the week, with the price action maintaining above the 10-week or 50-day moving average. This gain marks the dollar’s first weekly increase following two consecutive weeks of declines. The price action is currently oscillating between the upper horizontal resistance line at approximately 106.38 and the 10-week moving average. Observing the price action closely next week will provide clues regarding its next directional move.
US Dollar – Weekly Chart
U.S. crude oil futures saw a modest rise of 0.2% to $78.26 a barrel last week, yet the price action continues to linger below the lower trendline of the weekly bullish flag and remains under the 40-week or 200-day moving average. It’s now a pivotal moment to observe and react, monitoring whether the price action can reclaim these crucial levels. Nevertheless, many Canadian energy names are displaying strength, with some even surging to new highs.
Crude Oil – Weekly Chart
On Friday, the TSX index closed lower due to a drop in oil prices and robust jobs data, which tempered expectations for Bank of Canada interest rate cuts. Despite hitting an intraday record high of 22,470.27, the index pulled back to finish down 66.9 points, or 0.3%, at 22,308.93. However, this decline followed its most significant weekly gain in nearly five months, with a notable 1.7% increase. Interestingly, even though it ended Friday in negative territory, the price action maintained its position comfortably above the 50-day moving average.
TSX – Daily Chart
The price action in copper continues to demonstrate strength.
Copper – Weekly Chart
Gold and gold miners saw a strong week in terms of price action. Gold itself is currently forming a weekly bullish flag continuation pattern. Keep an eye out for any breakout signals, as they could indicate a continuation of the breakout, which would favor our gold mining stocks.
Gold – Weekly Chart
The price action in silver is highly bullish, reflecting a robust week for silver mining stocks. Silver itself is currently exhibiting a bullish flag continuation pattern on the weekly chart. Be vigilant for breakout signals, as they may indicate a continuation of the recent breakout, maintaining momentum in the silver miners observed in scanner results. SIL and SILJ represent the silver miner ETFs to watch closely.
Silver – Weekly Chart
The uranium theme ended the week on a weak note, driven by weakness in NexGen Energy, which announced raising money at 9% to purchase uranium at current spot prices. This move exerted downward pressure across the sector, coinciding with a drop in spot prices. Analyzing the chart of the URA ETF, it’s observed that price action tends to trend above the 10-week moving average when upside momentum is strong, thereby aiding in identifying potential levels of downside risk.
Uranium Theme – Global X Uranium ETF
The 50-day moving average of Bitcoin persists in acting as resistance, as anticipated. As previously discussed, this level presents a red-light/green-light scenario. A price move above would be deemed bullish, indicating positive momentum, while price action below is considered bearish, signaling its current downturn.
Bitcoin – Daily Chart
As we delve into our daily setups, let’s heed the wisdom of Nicolas Darvas: “I believe in analysis and not forecasting.” Instead of attempting predictions like many market pundits, let’s prioritize reacting to price action. With our scanner yielding robust results and major indexes positioned below all-time highs, we must tailor our watchlists accordingly and align our actions with our individual trading objectives. With a broad-based rally underway and the possibility of precious metals continuing their breakout, keeping a close eye on top stocks across various sectors is crucial. Take a moment to assess your holdings—spot any underperformers that might need to go, and look for chances to strengthen your positions in the market leaders. Beware the trap of fixating on ideology, as it can blind us to unfolding opportunities. Let’s remain vigilant and attuned to what’s actually happening in the market. Now, let’s dive into today’s setups.
US Daily Setups
AXP – American Express Co.
American Express is breaking out to another new high. Keep a close eye on its price action for potential further developments.
LINK TO CHART – https://schrts.co/SyddCPdB
CCAP – Crescent Capital BDC Inc.
Crescent Capital appears to be breaking out from a consolidation pattern to new all-time highs. Monitor closely for confirmation of this breakout.
LINK TO CHART – https://schrts.co/cEvdsxNi
FLUT – Flutter Entertainment Plc
Flutter Entertainment appears to be set up for a potential horizontal resistance line breakout. Keep a close watch on its price action for confirmation of this breakout.
LINK TO CHART – https://schrts.co/HeBYzPwb
KNTK – Kinetik Holdings Inc.
Kinetik Holdings appears set up for a 52-week high breakout. Watch its price action closely for confirmation of this breakout.
LINK TO CHART – https://schrts.co/fqhnZqYj
MATX – Matson, Inc.
Matson appears to be set up for a potential continuation pattern breakout. Keep monitoring closely for confirmation of this breakout.
LINK TO CHART – https://schrts.co/sqGSXJnM
MLM – Martin Marietta Materials
Martin Marietta Materials is consolidating below its all-time high. Monitor closely for any potential breakout signals that could suggest a continuation of the uptrend.
LINK TO CHART – https://schrts.co/ytZXyjkC
MSFT – Microsoft Corp.
Microsoft appears to be consolidating in the form of a potential continuation pattern. Keep a close eye on its price action for confirmation of this pattern.
LINK TO CHART – https://schrts.co/giamzfDV
REX – Rex American Resources Corp.
Rex American Resources is consolidating below its all-time high. Keep a close watch for any potential breakout signals.
LINK TO CHART – https://schrts.co/WjmpUduD
SMR – NuScale Power Corporation
NuScale Power appears to be set up for a potential horizontal resistance line breakout, supported by a surge in volume. Keep monitoring closely for confirmation of this breakout.
LINK TO CHART – https://schrts.co/qwcYSzcQ
TSCO – Tractor Supply Co.
Tractor Supply continues to consolidate in the form of a potential bullish flag continuation pattern. Keep an eye on its price action for confirmation of this pattern.
LINK TO CHART – https://schrts.co/KfPAFWIq
TSM – Taiwan Semiconductor Mfg
Taiwan Semiconductor is now breaking out from the recently highlighted pattern. Keep monitoring closely for confirmation of this breakout.
LINK TO CHART – https://schrts.co/QBIAFsZk
WFC – Wells Fargo & Co.
Wells Fargo is pushing to new all-time highs. Keep a close watch on its price action for potential further developments.
LINK TO CHART – https://schrts.co/SdBYXsKA
XLP – Consumer Staples Select Sector SPDR Fund
The Consumer Staples Select Sector SPDR Fund ETF appears to be breaking out from a significant multi-year consolidation pattern. Keep a close eye on its price action for confirmation of this breakout.
LINK TO CHART – https://schrts.co/fHCezRaK
XME – SPDR S&P Metals and Mining ETF
The SPDR S&P Metals and Mining ETF appears to be potentially set up in the form of a continuation pattern. Monitoring for confirmation of this pattern.
LINK TO CHART – https://schrts.co/uscuNysT
Canadian Daily Setups
BEPC.TO – Brookfield Renewable Corporation
Brookfield Renewable continues its breakout. Monitor closely for any further developments.
LINK FOR CHART – https://schrts.co/sXniqNAA
CPH.TO – Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals is attempting a 52-week high breakout. Keep a close eye on its price action for confirmation of this breakout.
LINK FOR CHART – https://schrts.co/KePhUghn
EXE.TO – Extendicare Inc.
Extendicare is attempting to break out from a continuation pattern leading up to its earnings date. Keep monitoring closely for confirmation of this breakout.
LINK FOR CHART – https://schrts.co/bWPxuzhf
FFH.TO – Fairfax Financial Holdings Ltd.
Fairfax Financial is attempting to trend to a new all-time high from a continuation pattern. Watch its price action for confirmation of this trend.
LINK FOR CHART – https://schrts.co/XJuWFNAy
MSFT.NE – Microsoft Corporation – Canadian Depository Receipt
Microsoft is consolidating in the form of a potential continuation pattern. Keep a close watch on its price action for confirmation of this pattern.
LINK FOR CHART – https://schrts.co/KavzJdPM
SII.TO – Sprott Inc.
Sprott continues to show strength as price action sets up for a potential 52-week high breakout. Keep monitoring closely for confirmation of this breakout.
LINK FOR CHART – https://schrts.co/QxbzxFuc
STLC.TO – Stelco Inc.
Stelco is setting up in the form of a bullish triangle. Monitor closely for any potential breakout signals.
LINK FOR CHART – https://schrts.co/vjCISrMy
VHI.TO – VitalHub Corp.
VitalHub is consolidating below its all-time high. Following its most recent earnings report, the company just became profitable. Monitor closely for any potential breakout signals.
LINK FOR CHART – https://schrts.co/rbNkWUAy
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 – 2024-05-11
A, ABBNY, ACA, ADEA, ADI, ADM, ADP, AEP, AFL, AGYS, AJG, ALL, AM, AMAT, AMCR, AMP, AMWD, ANET, APOG, APP, APPF, ARE, ASML, ASPN, ASR, ATGE, AVGO, AWK, AXP, AXS, AZEK, BAH, BCO, BG, BHE, BIO, BJ, BKNG, BLBD, BLD, BLK, BPOP, BRBR, BRK/B, BRO, BROS, BSY, BV, BZ, CAG, CAH, CARG, CASY, CAVA, CBRE, CBZ, CCAP, CCB, CCEP, CDNS, CECO, CENT, CENTA, CFB, CHD, CHRW, CHTR, CINF, CL, CLX, CMA, CMI, CNA, CNM, COF, COST, CPA, CPB, CPNG, CRAI, CRM, CROX, CRTO, CRUS, CRVL, CRWD, CSWI, CTAS, CUBI, CVLT, DGX, DHI, DHR, DLTR, DOC, DOCN, DOCU, DRI, DRS, DXPE, EAT, EBAY, EFX, EG, EGO, EHC, EL, ENSG, ENTG, ENV, ENVA, EPAC, EPD, EQH, ESTC, EVR, EXPD, EXR, FAST, FBIN, FCN, FDX, FE, FG, FICO, FIS, FLUT, FMC, FN, FRPT, FTAI, GEHC, GEN, GIL, GILD, GIS, GLRE, GMED, GNTX, GOLF, GRBK, GRVY, GSK, GSL, GWW, HBAN, HCA, HEI, HIG, HLI, HLT, HON, HOV, HRB, HRL, HSY, IAG, IBKR, IDCC, IDR, IDT, IDXX, IESC, IEX, INTU, IQV, IRM, ISRG, IT, ITB, IVZ, JKHY, JPM, K, KALU, KB, KD, KDP, KHC, KKR, KMX, KNF, KNTK, KNTNF, KO, KR, KTOS, L, LDOS, LECO, LEN, LGND, LII, LMAT, LMB, LPLA, LW, MAR, MAS, MATX, MCD, MCK, MDLZ, MFC, MKC, MKTX, MLI, MLM, MMC, MMM, MNST, MO, MOG/A, MSFT, MSI, MTB, MTD, MTRN, MTSI, MU, MUFG, MUSA, MYGN, MYRG, NCNO, NDAQ, NDSN, NGVC, NICE, NMIH, NOC, NOW, NPO, NRG, NSIT, NVS, NWS, NWSA, O, OBDC, ODFL, OMC, OSIS, OSK, OTIS, OTTR, OZK, PAYX, PCAR, PEG, PEGA, PEP, PFG, PG, PGR, PHM, PM, PNTG, POOL, POST, POWL, PPL, PRU, PSA, PSN, PWP, QCOM, RBC, RDDT, RDNT, REG, REGN, RELX, REVG, RF, RGA, RPM, RTX, RUSHA, RYAN, SCCO, SCHW, SEM, SF, SFM, SII, SKWD, SMH, SMR, SNPS, SPXC, SQSP, SRE, STE, STLA, STLD, STRL, STT, STX, STZ, SWIN, SWK, SYY, TCOM, TECH, TEVA, TEX, TFC, TFII, TIPT, TK, TKO, TMHC, TMO, TNP, TOL, TORXF, TPB, TPX, TRIN, TRN, TSCO, TSM, TTEK, TXN, TXRH, TYL, UBS, UHS, ULTA, UMBF, UNH, UNM, URI, USB, V, VEL, VERX, VLTO, VMC, VRSK, VRTX, VZ, WAB, WAT, WCN, WDOFF, WFC, WM, WMB, WRB, WSO, WTFC, WTS, WTW, XLC, XLF, XLP, XLV, XYL, 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 – 2024-05-11
AC.TO, ACO/X.TO, ACOP.V, AD/UN.TO, AIM.TO, AKG.TO, ALA.TO, AOI.TO, APR/UN.TO, ATD.TO, ATD/A.TO, ATRL.TO, AYA.TO, BBD/B.TO, BDT.TO, BEP/UN.TO, BEPC.TO, BK.TO, BK/PA.TO, BMO.TO, BNS.TO, BOS.TO, BPF/UN.TO, BRAG.TO, BRK.NE, BRVO.V, CAS.TO, CCA.TO, CM.TO, CNE.TO, COST.NE, CPLF.TO, CPX.TO, CRT/UN.TO, CS.TO, CU.TO, CURA.TO, DFN/PA.TO, DIV.TO, DOO.TO, DR.TO, ECN.TO, EIT/UN.TO, EMA.TO, EXE.TO, FFH.TO, FFN.TO, FFN/PA.TO, GAU.TO, GEI.TO, GGD.TO, GIL.TO, GTWO.TO, GWO.TO, H.TO, HBM.TO, HPS/A.TO, IAG.TO, IBAT.CA, IMG.TO, K.TO, KEY.TO, KNT.TO, KTN.V, L.TO, LB.TO, LBS.TO, LMN.V, LNR.TO, LUG.TO, MCDS.NE, MFC.TO, MG.TO, MRU.TO, MSFT.NE, NA.TO, NEO.TO, NFI.TO, NVA.TO, NXR/UN.TO, ODV.V, OR.TO, OTEX.TO, PNG.V, PNP.TO, PRMW.TO, QBR/B.TO, RML.V, RSI.TO, SAP.TO, SGD.V, SIA.TO, SII.TO, SJ.TO, SLI.V, SPB.TO, STLC.TO, TCW.TO, TECK/B.TO, TFII.TO, TRP.TO, TRUL.CA, VHI.TO, VOXR.TO, VZLA.V, WCN.TO, WDO.TO, WED.V, WIL.V, WRN.TO, WSP.TO, X.TO, YAK.V, YGR.TO
