SYS Research – Weekend Report – November 1, 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

Navigating Pre-Election Volatility and Fed Rate Speculation

Investors are navigating mixed economic signals and heightened volatility as we enter a pivotal week for U.S. markets, characterized by election anticipation and a closely watched Federal Reserve meeting. Here’s a complete breakdown of the current market status to keep you informed and prepared.

What Worked Last Week

The Red-Light/Green-Light Breadth System

Market Performance Overview

The U.S. stock markets closed higher on Friday, November 1, recovering from earlier losses following a weaker-than-expected October jobs report. The Nasdaq Composite gained 0.8%, closing at 18,239.92, though it ended the week down 1.5%, snapping a seven-week winning streak. Encountering resistance at the 21-day exponential moving average, the index remains up 21.5% for the year.

Nasdaq – Daily Chart

Nasdaq – Weekly Chart

The S&P 500 rose 0.4% to end at 5,728.80 on Friday, despite a 1.4% weekly decline. This marks the second consecutive week of losses for the index, which is down to its 10-week moving average but up 20.1% year-to-date. Meanwhile, the Dow Jones Industrial Average gained 0.7%, finishing at 42,052.19. Despite Friday’s gains, the Dow posted a 0.2% weekly dip, with stocks like Intel (INTC) and Amazon.com (AMZN) lifting the index, while Apple (AAPL) weighed it down following weaker-than-expected quarterly results.

S&P 500 – Weekly Chart

Dow Jones Industrial Average – Weekly Chart

The Russell 2000 index, which tracks smaller U.S. companies, rallied 0.6% Friday to close at 2,210.13, though it remained flat for the week. The recent rise in Treasury yields has added pressure on growth-sensitive sectors, influencing performance across market indices.

Russell 2000 (ETF) – Weekly Chart

Treasury Yields and Fed Outlook

In the bond market, the 10-year Treasury yield climbed eight basis points to 4.361%, reaching its highest level since July 2. This yield increase, alongside the two-year Treasury yield now at 4.20%, highlights market expectations of a Federal Reserve rate cut on Thursday. With the October jobs report showing only 12,000 new positions—far below the expected 125,000—the probability of a 25-basis-point rate cut has strengthened, aligning with the Fed’s recent hints of a cautious approach toward economic growth.

10-Year US Treasury Yield

TSX Summary

Canada’s TSX Composite Index closed 0.4% higher at 24,255.16 on Friday, driven by technology and consumer discretionary stocks as optimism picked up heading into a seasonally strong period. The index saw a 0.9% weekly decline, largely influenced by energy and interest-rate-sensitive stocks, as Canadian investors anticipate volatility from U.S. election outcomes and the Fed’s impending rate decision. Magna International (MG.TO) surged 6.5% on strong third-quarter earnings, while Air Canada (AC.TO) gained nearly 14% after raising its annual profit forecast and announcing share buybacks. These gains provided essential support, even as declines in the energy sector and higher bond yields pressured the index.

TSX – Daily Chart

Commodities and Currency Movements

In commodities, investor sentiment fluctuated with safe-haven demand and mixed economic data. Gold prices moved modestly throughout the week, eventually closing 0.1% lower at $2,736.90 per ounce on Friday. Despite this minor pullback, gold ETFs saw increased buying activity among Western investors, according to the World Gold Council, as both institutional and retail investors looked to hedge against market volatility.

Gold – Weekly Chart

Silver – Weekly Chart

Copper held steady on Friday, with three-month contracts on the London Metal Exchange closing at $9,547.50 per metric ton. Demand forecasts remain cautiously optimistic, though election uncertainty and potential U.S. fiscal policies could influence prices in the coming weeks. Meanwhile, the Global X Uranium ETF (URA) dipped 0.52%, closing at $30.56 as market interest in uranium remains sensitive to both energy sector trends and international regulatory shifts.

Copper – Daily Chart

Uranium Theme – Global X Uranium ETF

Oil prices showed resilience on Friday amid geopolitical tensions, with Brent crude closing at $73.10 per barrel and WTI at $69.49 per barrel, both up around 0.4% on the day. However, both benchmarks recorded a weekly decline, with Brent down 4% and WTI down 3%, pressured by record U.S. production levels of 13.5 million barrels per day, as the U.S. Energy Information Administration reported. Companies like ExxonMobil and Chevron also noted record outputs that contribute to this supply glut.

Crude Oil – Weekly Chart

The U.S. Dollar Index (DXY) rose 0.07% to 104.20 to close the week following the jobs report, recovering from earlier lows as traders shifted focus to next week’s critical economic events.

US Dollar – Weekly Chart

Bitcoin experienced a modest decline today, closing at $69,535.70, yet achieved a 2.24% gain over the week. In the current market environment, cryptocurrencies like Bitcoin exhibit increased volatility, mirroring investor caution and a shift towards alternative assets ahead of the U.S. presidential election. Analysts suggest that a victory for Donald Trump could positively influence Bitcoin’s trajectory.

Bitcoin – Weekly Chart

Conclusion: Managing Volatility Ahead

With critical events on the horizon, market volatility is expected to intensify. The upcoming U.S. presidential election presents two diverging economic visionsDonald Trump advocates lower taxes but supports tariffs that could impact global trade, while Kamala Harris may pursue higher taxes and a more stringent approach to corporate mergers. A split Congress could also influence fiscal policy, shaping both domestic and global economic strategies.

At the same time, the Federal Reserve is likely to announce a 25-basis-point rate cut on Thursday. With both election outcomes and Fed policy poised to affect markets into year-end, investors are advised to approach with caution. A balanced portfolio with allocations across sectors and safe-haven assets may help mitigate potential risks as we enter this critical period. Watch how Bitcoin reacts post-election, as the week chart is still set up for a potential breakout.

“Momentum without a stop is just a thrill ride. With a stop, it becomes a strategy.” – Paul Tudor Jones

Now, onto the daily setups.

US Daily Setups

AMSC – American Superconductor Corp.

American Superconductor is currently attempting to break out from a consolidation area. This movement suggests potential bullish momentum as the stock seeks to establish itself above this key level. Monitor price action closely to confirm a sustained breakout, which could indicate a continuation of the upward trend.

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

 

BFLY – Butterfly Network, Inc.

Butterfly Network is exhibiting positive price action following its recent earnings report, moving upward from the continuation pattern we’ve been monitoring.

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

 

COCO – Vita Coco Company Inc.

Vita Coco is exhibiting positive price action, attempting to break out from a substantial two-year consolidation pattern. This movement suggests renewed investor interest and potential for continued upward momentum as the stock seeks to establish itself above this significant resistance level.

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

 

GTLB – Gitlab Inc.

Gitlab is currently forming the right side of a significant bottoming pattern. This technical setup suggests that the stock may be transitioning from a downtrend to an uptrend, indicating potential bullish momentum. Monitor price action closely for confirmation of this reversal, as a sustained move above key resistance levels could signal a continuation of the upward trend.

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

 

HALO – Halozyme Therapeutics Inc.

Halozyme Therapeutics is currently forming a potential continuation pattern, indicating a period of consolidation that may precede a resumption of the prior uptrend. Monitor for a breakout above the pattern’s resistance level, as this could signal renewed bullish momentum.

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

 

IDCC – InterDigital Inc.

InterDigital is exhibiting positive price action following its recent earnings report. The company reported third-quarter earnings per share (EPS) of $1.63, surpassing the consensus estimate of $0.24. Additionally, revenues reached $140.11 million, exceeding expectations of $105.52 million.

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

 

LULU – Lululemon Athletica Inc.

Lululemon is exhibiting positive price action as it attempts to break out from the bottoming pattern previously highlighted. This movement suggests potential bullish momentum as the stock seeks to establish itself above this key level.

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

 

MBLY – Mobileye Global Inc.

Mobileye is currently exhibiting signs of upward movement from a bottoming pattern. Notably, the Percentage Price Oscillator (PPO) momentum indicator is approaching a breakout above the zero line, accompanied by increased trading volume. This convergence of technical factors suggests potential bullish momentum. Monitor price action closely to confirm a sustained breakout.

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

 

Canadian Daily Setups

ALS.TO – Altius Minerals Corp.

Altius Minerals appears to be setting up near its 52-week high. This positioning suggests potential bullish momentum as the stock consolidates around this key level. Monitor for a breakout, as a sustained move above could indicate continued upward movement.

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

 

HMR.V – Homerun Resources Inc.

Homerun Resources appears to be setting up in the form of a potential continuation wedge. This pattern suggests consolidation that may lead to a breakout, indicating possible upward momentum if the stock clears resistance.

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

 

KXS.TO – Kinaxis Inc.

Kinaxis is approaching the apex of a multi-year consolidation pattern. This positioning suggests the potential for a breakout, indicating possible upward momentum if the stock surpasses resistance.

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

 

MDNA.TO – Medicenna Therapeutics Corp.

Medicenna Therapeutics is initiating a breakout from the previously identified pattern. This movement suggests potential bullish momentum as the stock surpasses resistance levels. Monitor the price action closely to confirm the sustainability of this breakout.

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

 

SHLE.TO – Source Energy Services Ltd.

Source Energy Services is approaching the apex of a multi-month consolidation pattern. This positioning suggests the potential for a breakout, indicating possible upward momentum if the stock surpasses resistance. Monitor SHLE’s price action closely for confirmation of this movement.

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

 

TGH.V – Tornado Global Hydrovacs Ltd.

Tornado Global Hydrovacs is currently forming a potential bullish flag pattern. This technical setup suggests a period of consolidation that may precede a continuation of the prior uptrend. Monitor for a breakout above the flag’s resistance line, as this could signal renewed upward momentum.

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

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 – 2024-11-01

A, AA, AAOI, ABNB, ABT, ACLX, ACM, ADMA, ADPT, ADSK, AGIO, AGX, AKRO, ALB, ALKT, ALTO, AMSC, AMTM, AMZN, ANET, ANSS, AORT, APH, APLT, ARGX, ARMK, ASPI, ATRC, AVPT, AYI, BA, BBVA, BCPC, BCRX, BECN, BFLY, BGC, BHE, BITW, BJ, BKNG, BLTE, BNTC, BRBR, BSIG, BTSG, BV, CAAS, CAH, CAN, CANG, CART, CDNS, CDXC, CDZI, CF, CHD, CHTR, CIFR, CLBT, CLOV, CLPT, CLS, CLX, CMG, CNC, CNO, COCO, COGT, COR, CRDO, CRM, CRS, CRWD, CSCO, CVCO, CVRX, CVX, DAL, DAY, DDI, DELL, DFS, DG, DLTR, DOCS, DOCU, DOGZ, DORM, DPZ, DQ, DRS, DRUG, DSGX, EAT, EDN, EFXT, ELDN, EME, ERAS, ERIC, EVR, EXEL, EXPE, EXTR, FDS, FI, FLEX, FLR, FLS, FSLR, FSV, FTAI, FVRR, GIL, GLW, GME, GMED, GNRC, GRFS, GSAT, GTLB, GVA, HALO, HERO, HES, HIMS, HOLX, HON, HPE, HPQ, HQY, HTHT, HUT, IBB, IDCC, IESC, IGV, IHI, IKT, INCY, INOD, INTC, IRS, ITCI, IVZ, JBL, JBT, JETS, JKS, KAI, KNTNF, KR, KRYS, KVYO, LBRDK, LENZ, LEU, LFVN, LGND, LINC, LMAT, LMND, LOB, LULU, LUMN, LUNR, LYFT, MA, MBLY, MCD, MCK, MD, MEC, MIRM, MMYT, MNDY, MOH, MPTI, MRVL, MTH, MTZ, MWA, NBXG, NEOV, NGNE, NOW, NTRA, NVDA, NWG, NWPX, NYT, OC, OLLI, PAY, PDEX, PEGA, PESI, PHAT, PL, PLBY, PLL, PLXS, PODD, POWL, PPC, PRCT, PRIM, PRMW, PTCT, PTGX, PWP, RBBN, REPL, RGA, RH, RKLB, RMTI, ROOT, RUSHA, RVTY, SBUX, SDA, SE, SEIC, SEM, SFM, SG, SHAK, SHLS, SKYW, SNAP, SOUN, SPB, SPRY, STE, STLD, SYK, TARS, TCOM, TEAM, TECH, TEL, TG, TGTX, THRD, TILE, TKNO, TMO, TOST, TPB, TRMB, TROW, TSM, TTWO, TWLO, TZOO, U, UAL, ULTA, VBNK, VCYT, VEEV, VERX, VIRT, WAT, WBD, WST, XBI, XLY, XPEV, YPF, YUMC, ZIM, ZM, ZTS, ZWS, ZYXI

 

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 – 2024-11-01

AAUC.TO, ABXX.NE, AC.TO, AFM.V, AGF/B.TO, ALDE.V, ALS.TO, AMZN.NE, APR/UN.TO, ARE.TO, ARG.TO, ASTL.TO, ATRL.TO, ATS.TO, ATZ.TO, AYR/A.CA, BA.NE, BAM.TO, BBD/B.TO, BHC.TO, BNS.TO, BTE.TO, CAS.TO, CCL/B.TO, CDAY.TO, CEU.TO, CFP.TO, CHE/UN.TO, CHR.TO, CIA.TO, CJT.TO, CLS.TO, CM.TO, CNL.TO, COV.V, DCBO.TO, DCM.TO, DNG.TO, DNTL.TO, DOL.TO, DSG.TO, DTOL.TO, ECN.TO, EFX.TO, EMX.V, ENB.TO, EPRX.TO, ESI.TO, FFH.TO, FIH/U.TO, FM.TO, FSZ.TO, GIL.TO, GMIN.TO, HBM.TO, HITI.V, HMR.V, HODL.CA, HSLV.CA, HUT.TO, IAG.TO, IFC.TO, IFOS.V, IFP.TO, IGM.TO, INTC.NE, KEY.TO, KNT.TO, KSI.TO, KXS.TO, L.TO, LAC.TO, LMN.V, LQWD.V, LULU.NE, MDA.TO, MDNA.TO, MG.TO, MKO.V, MTL.TO, NEO.TO, NOA.TO, NTR.TO, NVDA.NE, NVEI.TO, NWC.TO, NXLV.V, ONEX.TO, OR.TO, PNG.V, POW.TO, PRU.TO, PTI/UN.TO, QSR.TO, RAY/A.TO, RBA.TO, RCG.TO, SES.TO, SHLE.TO, SHOP.TO, SIS.TO, SJ.TO, SOY.TO, SSL.TO, STC.TO, STEP.TO, STLC.TO, STN.TO, SXP.TO, TGH.V, TNZ.TO, TOT.TO, TRI.TO, TRUL.CA, TUO.V, TVE.TO, TVK.TO, TXG.TO, VBNK.TO, VHI.TO, VISA.NE, WCN.TO, WSP.TO, XTG.TO, ZDC.V

 

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