SYS Research – Weekend Report – October 26, 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

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A Volatile Week Amid Earnings, Geopolitical Unrest, and Bond Market Swings

Global stocks experienced a mixed performance this past week, largely driven by escalating political uncertainties, shifts in commodity prices, and notable earnings reports. Investors are bracing for a potentially volatile period ahead, particularly with the upcoming U.S. presidential election and the Federal Reserve’s next meeting. Here’s a breakdown of the week’s key market events and movements across various sectors.

When reviewing what worked last week, 10 out of 11 S&P sector groups ended down, while the Red-Light/Green-Light Breadth System showed an accelerated decline.

What Worked Last Week

The Red-Light/Green-Light Breadth System

Stock Market Summary

The S&P 500 ended the week down 1%, impacted by losses in utilities and financials, while modest gains in technology and communication services provided some balance. The Nasdaq Composite outperformed, rising 0.6% for the week and notching a fresh record high, buoyed by strength in megacap tech stocks such as Tesla (TSLA), Taiwan Semiconductor (TSM), and Astera Labs (ALAB), all performed nicely during Friday’s session. The Dow Jones Industrial Average dropped 0.61% to 42,114.40, primarily due to weakness in traditional sectors, while McDonald’s (MCD) plunged 3% amid the ongoing fallout from an E. coli outbreak linked to its Quarter Pounder burgers.

S&P 500 – Daily Chart

Nasdaq – Daily Chart

Dow Jones Industrial Average – Daily Chart

Small-Caps and TSX Under Pressure

The Russell 2000 index, which tracks small-cap stocks, fell 0.5% on Friday and ended the week down 3%. Small-cap stocks have been particularly sensitive to the rising bond yields, which affect companies with higher variable-rate debt burdens. In Canada, the TSX Composite Index posted its longest daily losing streak since April, closing lower for five consecutive days. The TSX ended the week at 24,463.67, down 1.45%. Real estate and consumer discretionary sectors led the decline as investors turned cautious ahead of a potentially turbulent period. However, the TSX remains up 1.93% since the start of October.

Russell 2000 (ETF) – Daily Chart

TSX – Daily Chart

Treasury Yields, U.S. Dollar, and Bond Market Volatility

The 10-Year U.S. Treasury Yield climbed to 4.232%, as market participants looked to upcoming employment data and the Federal Reserve’s next meeting for guidance on interest rate decisions. The bond market saw increased volatility, with high-yield bonds, as represented by the High Yield Bond ETF (JNK), breaking below critical support levels. This movement often signals that institutional investors are growing more cautious about the economic outlook.

10-Year US Treasury Yield

High Yield Bond ETF (JNK)

The U.S. dollar also saw notable movement, advancing against the yen for a fourth consecutive weekly gain, with the dollar index rising 0.8% to 104.13. The yen weakened to 152.22 per dollar, highlighting investor concerns over economic stability amid global uncertainties.

US Dollar – Weekly Chart

Commodities Overview: Oil, Gold, Silver, Copper, Uranium and Bitcoin

Crude oil prices rose sharply due to ongoing geopolitical tensions in the Middle East, with West Texas Intermediate (WTI) settling at $71.78 per barrel, up 4.5% for the week. Brent crude also gained 3.13% to close at $75.46 per barrel, driven by fears of supply disruptions after Israeli airstrikes against Iran. The oil market remains sensitive to any developments in the region that could impact production or distribution.

Crude Oil – Weekly Chart

Gold recorded its seventh consecutive weekly increase, rising 0.9% to $2,754.60 an ounce. The precious metal is benefiting from a confluence of factors, including rising geopolitical risks, U.S. election uncertainty, and inflation concerns. Silver also gained 1.64% for the week, closing at $33.788 per ounce. Both metals are seeing strong demand as safe-haven assets. Copper prices remained relatively flat, ending at $9,509.50 per ton, with analysts suggesting that recent Chinese stimulus measures may offer some support in the coming months.

Gold – Daily Chart

Silver – Daily Chart

Copper – Daily Chart

The uranium sector lost some momentum this week, but the overall theme continues to gain traction, driven by growing interest in nuclear energy as a key component of the global clean energy transition. This week, price action pulled back into its trading range, indicating a period of consolidation.

Uranium Theme – Global X Uranium ETF

Bitcoin continues to display volatility, with investors closely monitoring its price action, looking for any signs of potential signs of upside momentum. The cryptocurrency remains in focus as market participants gauge its behavior amid broader financial market shifts. The daily Bollinger Band configuration on the weekly chart for Bitcoin indicates a potentially explosive setup, with traders paying close attention to any breakout signals.

Bitcoin – Weekly Chart

Magnificent Seven Earnings and Economic Data Ahead

The coming week brings significant earnings reports from the Magnificent Seven—including Microsoft (MSFT)Apple (AAPL)Amazon (AMZN)Google-parent Alphabet (GOOGL), and Meta Platforms (META)—which could profoundly impact market sentiment. These tech titans collectively hold a market valuation exceeding $12 trillion, and their comments on AI monetization, capital spending, and economic trends are expected to be pivotal for the broader market.

In addition to earnings, key economic data releases are on tap, including the Personal Consumption Expenditures (PCE) Price Index and the October jobs report. The Federal Reserve’s November 6-7 meeting will also be closely monitored for clues on future monetary policy. Rising bond yields and the political landscape, with the U.S. election just days away, add further uncertainty to the market outlook.

Navigating Uncertainty with Caution

The market remains in a delicate balance, influenced by a myriad of factors ranging from political uncertainties to earnings and macroeconomic data. As volatility increases, investors may want to focus on sectors showing resilience, such as technology and energy. Monitoring upcoming earnings reports and economic data could provide important insights into the economy’s health and potential market directions. While opportunities exist, it’s crucial to maintain a cautious approach, especially with geopolitical risks and bond market volatility remaining at the forefront.

“Riding momentum is key, but knowing where to place your stop defines whether you walk away with gains or losses.” – Linda Raschke

Now, onto the daily setups.

US Daily Setups

ALAB – Astera Labs Inc.

Astera Labs is attempting to break out above a horizontal resistance line. This move indicates potential bullish momentum as the stock seeks to establish itself above this critical level, which could signal a shift in market sentiment.

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

 

BKR – Baker Hughes Company

Baker Hughes continues to set up below the upper trendline of the recently highlighted continuation pattern. This positioning suggests that the stock may be poised for a breakout as it approaches this key resistance level, indicating a potential continuation of its upward momentum.

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

 

DDOG – Datadog Inc.

Datadog appears to be setting up on the right side of a significant multi-month consolidation pattern.

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

 

DUOL – Duolingo Inc.

Duolingo is consolidating in the form of a potential continuation pattern. This setup indicates a period of indecision that could precede a further move in the prevailing trend, reflecting the stock’s strength as it navigates through this phase.

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

 

FUTU – Futu Holdings Ltd.

Futu is consolidating in the form of a potential bullish flag or a continuation wedge. This pattern suggests that the stock may be preparing for a breakout, indicating the possibility of continued upward momentum as it resolves this consolidation phase.

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

 

KEX – Kirby Corp.

Kirby appears to be setting up on the right side of a significant multi-month consolidation pattern located below new highs. This positioning indicates that the stock may be preparing for a breakout as it navigates through this key resistance level.

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

 

LOAR – Loar Holdings Inc.

Loar is now starting to push up above the horizontal resistance line of the pattern we have been highlighting. This movement indicates potential bullish momentum as the stock seeks to establish itself above this critical level, suggesting a shift in market sentiment.

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

 

RMD – Resmed, Inc.

Resmed appears to be breaking out from a continuation pattern. This breakout suggests strong bullish momentum, indicating that the stock may continue to attract buying interest as it moves above this key technical level.

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

 

RMTI – Rockwell Medical Technologies, Inc.

Rockwell Medical Technologies appears to be set up in the form of a bullish flag continuation pattern, supported by a bullish volume profile. Additionally, the PPO momentum indicator is curling higher from the zero line, reinforcing the potential for upward movement as the stock consolidates.

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

 

SCCO – Southern Copper Corp.

Southern Copper appears to be setting up below the next trigger line. This positioning suggests that the stock may be poised for a breakout as it approaches this critical resistance level, indicating potential for upward momentum.

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

 

TBBB – BBB Foods Inc.

BBB Foods is attempting to break out to a new all-time high. This effort reflects strong bullish momentum and increased buying interest as the stock approaches this significant resistance level, potentially indicating a continuation of its upward trend.

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

 

TDS – Telephone & Data Systems Inc.

Telephone & Data Systems appears to be set up in the form of a potential bullish continuation pattern, following the recent breakout we highlighted and past setups. Notably, price action is consolidating above its upward-sloping moving average, in line with system rules, indicating potential strength as it prepares for the next move.

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

 

TSM – Taiwan Semiconductor Mfg

Taiwan Semiconductor is attempting to move higher from a bullish flag continuation pattern as price action rebounds from its upward-sloping moving average. This setup indicates potential bullish momentum, suggesting the stock may be poised for further upward movement.

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

 

TXRH – Texas Roadhouse Inc.

Texas Roadhouse is attempting to break out to a new high, supported by robust volume. This strong buying interest suggests potential bullish momentum as the stock seeks to establish itself above this key resistance level.

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

 

USM – United States Cellular Corp.

United States Cellular appears to be set up in the form of a potential bullish flag retest of the recent breakout level. This setup indicates that the stock is consolidating as it tests this critical support area, suggesting the possibility of renewed upward momentum.

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

 

WS – Worthington Steel Inc.

Worthington Steel appears to be setting up on the right side of a significant multi-month basing pattern. This configuration indicates that the stock may be preparing for a breakout as it gains momentum from this extended consolidation phase.

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

 

YPF – YPF Sociedad Anonima

YPF Sociedad Anonima is attempting to break out from a bullish flag retest of the recent breakout line. This movement suggests potential bullish momentum as the stock consolidates and seeks to establish itself above this key level.

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

 

Canadian Daily Setups

BDT.TO – Bird Construction Inc.

Bird Construction is attempting to move higher from a bullish flag continuation pattern. This setup indicates potential upward momentum as the stock seeks to build on its previous gains and maintain bullish sentiment.

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

 

DLCG.TO – Dominion Lending Centres Inc.

Dominion Lending Centres appears to be setting up below a 52-week high. This positioning suggests that the stock is consolidating as it approaches this significant resistance level, indicating potential for a breakout as it gains momentum.

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

 

LAC.TO – Lithium Americas Corp.

Lithium Americas continues to attempt a bottoming pattern breakout. This effort indicates that the stock is showing signs of recovery and could be positioning itself for a potential upward trend if it successfully clears key resistance levels.

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

 

PEY.TO – Peyto Exploration & Development Corp.

Peyto Exploration is attempting to move higher from the recent bullish flag retest. This action suggests that the stock is regaining momentum as it looks to establish itself above key resistance levels.

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

 

PRB.TO – Probe Gold Inc.

Probe Gold appears to be consolidating in the form of a potential bullish flag continuation pattern. This setup indicates a period of indecision that may precede a further upward move.

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

 

PTM.TO – Platinum Group Metals Ltd.

Platinum Group Metals continues to experience robust volume as price action breaks out above the horizontal resistance line we recently highlighted. This strong buying interest suggests a significant bullish momentum.

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

 

TUD.V – Tudor Gold Corp.

Tudor Gold is attempting to break out from a bull flag continuation pattern. Notably, a large volume by price bar suggests accumulation throughout this pattern, indicating strong buying interest that could support a successful breakout as the stock moves higher.

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

 

WEED.TO – Canopy Growth Corp.

Canopy Growth is attempting to move higher from a bottoming wedge, supported by increased volume.

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

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 – 2024-10-26

AAON, AAPL, ACA, ADI, ADSK, AGX, AIRG, ALAB, ALGN, ALKT, AM, AMAL, AMAT, AMZN, ANSS, AON, APP, AQST, ARGT, ARGX, ARLP, ATR, ATYR, AVAV, AVGO, AXON, AXR, AYI, BAP, BBAR, BCPC, BEKE, BFLY, BHE, BILI, BKNG, BKR, BLTE, BMA, BMEA, BWXT, BY, BYRN, CAAS, CAKE, CANG, CAPR, CART, CASY, CCEP, CDNS, CECO, CENX, CEPU, CHH, CHKP, CHN, CHRW, CHTR, CIBR, CIGI, CINF, CLBT, CLPT, CLS, CNC, CNK, CNQ, COF, COO, CORT, CPNG, CPRX, CRDO, CRH, CRM, CRS, CRUS, CSWC, CURI, CVNA, CVX, CZR, DASH, DCI, DCTH, DDOG, DECK, DELL, DFS, DJT, DLR, DORM, DOYU, DQ, DUOL, EA, EAT, EDN, ELMD, ELV, ENLC, EPAC, EQIX, EQT, ESOA, ET, FANG, FAST, FFIV, FICO, FINV, FLEX, FLXS, FN, FOUR, FRHC, FSV, FTAI, FTEL, FUTU, GBX, GD, GDS, GGAL, GIL, GILD, GKOS, GLD, GLNG, GOOG, GOOGL, GSHD, GWW, H, HCM, HEAR, HIMS, HLIT, HLT, HPQ, HQY, HTHT, IBTA, ICFI, IDE, IGIC, IGV, IMO, INDO, INOD, INTA, IONQ, IREN, IRM, IRS, ITCI, IWF, JANX, JETS, KARO, KEX, KEYS, KGS, KNF, KR, KRNT, KVYO, KWEB, LAZ, LBRDK, LENZ, LEU, LFT, LFVN, LGND, LHX, LIT, LNTH, LOAR, LOMA, LULU, LUMN, LUNR, LVS, MAR, MCHP, MCRI, MDU, MGM, MLI, MLR, MNDY, MOD, MOH, MP, MRX, MSFT, MSGE, MSOS, MTSI, MU, NBXG, NGNE, NGS, NIO, NVDA, NVMI, NXPI, NYT, OCUL, ODFL, OII, OKLO, ONON, OPBK, OPRA, OR, PACS, PAM, PANW, PCAR, PEGA, PENN, PLNT, PLTR, PRCT, PRMW, PTC, PTGX, PYPL, QCRH, QFIN, QQQ, RAIL, RBA, RBC, RBLX, RBRK, RDDT, RELX, RERE, RGTI, RMD, RMTI, ROK, ROKU, RUSHA, RZLT, S, SBUX, SCCO, SEIC, SERV, SEZL, SFM, SHAK, SKYW, SMCI, SMH, SMR, SMWB, SN, SNA, SNEX, SNY, SOFI, SPOT, SQ, SQM, SUPN, SUPV, TBBB, TCBX, TDG, TDS, TECX, TEL, TG, TGS, TGTX, THRD, TKNO, TLN, TMHC, TPL, TPR, TRMB, TSLA, TSM, TTD, TTGT, TTMI, TTWO, TXN, TXRH, TZOO, UAA, UAL, ULTA, USAP, USLM, USM, UTI, VCYT, VERB, VERX, VGT, VIST, VMC, VRNS, VRT, VRTX, VSEC, WB, WDC, WHG, WLDN, WS, WT, WULF, WYNN, XLC, XLK, XLY, XOMA, XPEV, XPO, YPF, ZIM, ZS, 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 – 2024-10-26

AAPL.NE, ABRA.V, AC.TO, ACB.TO, AFM.V, AIF.TO, ALS.TO, AMZN.NE, ARX.TO, ATH.TO, ATX.V, AVGO.NE, AYR/A.CA, BAM.TO, BDGI.TO, BDT.TO, BEP/UN.TO, BIP/UN.TO, BK/PA.TO, BTE.TO, CAE.TO, CCL/B.TO, CCO.TO, CDR.TO, CEE.TO, CEU.TO, CFP.TO, CHR.TO, CIG.TO, CIGI.TO, CIX.TO, CJ.TO, CL.CA, CLS.TO, CNO.V, CNQ.TO, CPH.TO, CRDL.TO, CVE.TO, CXB.TO, DGHI.V, DLCG.TO, DML.TO, DND.TO, DRX.TO, E.TO, EDV.TO, EFX.TO, ELE.V, ESI.TO, FCD/UN.TO, FDR.V, FISH.V, FM.TO, FNV.TO, FOM.TO, FSV.TO, FSZ.TO, FTN.TO, GIL.TO, GLXY.TO, GMIN.TO, GOOG.NE, GPV.V, GTII.CA, HAI.TO, HBM.TO, HITI.V, HME.V, HODL.CA, IFA.TO, IFP.TO, IMO.TO, IMP.TO, INTC.NE, ISO.TO, ITR.V, KEL.TO, KLD.V, LAC.TO, LGO.TO, LIF.TO, LRA.V, LULU.NE, LUN.TO, MAU.V, MCB.TO, MDA.TO, MDI.TO, MDNA.TO, MEG.TO, MGRO.CA, MGRO.V, MPCT/UN.TO, MSFT.NE, MTA.V, MX.TO, NGEN.V, NICU.V, NVDA.NE, NVEI.TO, OBE.TO, OGI.TO, OR.TO, OTEX.TO, OVV.TO, PEY.TO, PHYS.TO, PNG.V, PPL.TO, PRB.TO, PRL.TO, PRQ.TO, PRU.TO, PSI.TO, PTM.TO, PUR.V, PYPL.NE, PZA.TO, QBR/B.TO, RBA.TO, SES.TO, SGD.V, SIA.TO, SLS.TO, SMCI.NE, STLC.TO, STN.TO, SU.TO, TF.TO, TFPM.TO, TGH.V, TOT.TO, TOU.TO, TOY.TO, TPZ.TO, TRP.TO, TRUL.CA, TSLA.NE, TUD.V, TVE.TO, URE.TO, VHI.TO, VNP.TO, VRNO.NE, WCP.TO, WED.V, WEED.TO, WEX.V, WFG.TO, WJX.TO, WPK.TO, YGR.TO

 

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