Notice: The Weekend Report is provided for informational and educational purposes only and is not intended to be used as a stock-picking service or as financial advice. The charts and accompanying research are designed to support your analysis, serving as indicators rather than direct recommendations to buy or sell any security. The creator assumes no responsibility for actions taken by readers and strongly encourages individuals to fully understand the associated risks and potential outcomes before making investment decisions. Please note that any charts and/or information are intended to aid in research and should not be considered a definitive part of your personal trading strategy. Not all charts will lead to actionable buy or sell signals at any given time. Individuals should consider consulting a qualified financial advisor before making any investment decisions.
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
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SYS Daily Report – Weekend Edition
Key Indices and Commodities Close a Dynamic Week Amid Strong Economic Signals
The stock market extended its bullish momentum this week, with major indices climbing to record highs, supported by robust economic data, a resilient labor market, and a dovish outlook from central banks. While sectors like technology continued to outperform, caution signs emerged as markets edged into overextended territory. Sentiment indicators reflect heightened bullishness, with the Investor Intelligence Bulls vs. Bears survey reporting over 60% bullish sentiment, a level often associated with overextended markets. The CBOE Volatility Index (VIX) has also reached lows not seen since mid-July, suggesting complacency among investors.
These factors raise concerns about the sustainability of the current rally. A market driven by a limited number of stocks with elevated bullish sentiment may be vulnerable to a pullback. It is essential to focus on best-of-breed setups while carefully managing downside risks. As Mark Douglas says, embrace the randomness of the market, but don’t let it dictate your discipline. A trader’s edge is not about certainty but rather about having a higher probability of one outcome over another.
You don’t need to know exactly what will happen next to make money; however, remaining aware of market levels and preparing for potential pullbacks is critical. In the event of a pullback, managing downside risks is crucial while still taking advantage of upside momentum where it appears.
What Worked Last Week
The Red-Light/Green-Light Breadth System
S&P 500 – Record Highs on Continued Optimism
The S&P 500 hit an all-time high, closing at 6,090.27 with a 0.2% daily gain and a 1% increase for the week. The benchmark index remains 4% above its 50-day moving average, reflecting sustained momentum driven by investor optimism in artificial intelligence and favorable earnings reports. However, this elevated level also signals the potential for a near-term pullback.
S&P 500 – Daily Chart
Nasdaq – Tech-Driven Gains Propel Index
The Nasdaq Composite continued its remarkable run, rising 0.8% on Friday and 3.3% for the week to close at 19,859.77, near the pivotal 20,000 mark. With a staggering 32.3% year-to-date gain, the tech-heavy index has benefited from strong earnings from megacap stocks like Nvidia (NVDA), Apple (AAPL), and Meta Platforms (META). However, it is now 6.2% above its 50-day moving average, raising concerns of overextension.
Nasdaq – Daily Chart
Dow Jones – Resilient Despite Weakness
The Dow Jones Industrial Average underperformed this week, falling 0.3% on Friday and 0.6% for the week to close at 44,642.52. While Amazon.com (AMZN) led gains, UnitedHealth (UNH) lagged, dragging the index lower. Nevertheless, the Dow remains near its all-time highs, reflecting strength in blue-chip stocks.
Dow Jones Industrial Average – Daily Chart
Russell 2000 – Small Caps Stay Resilient
Small-cap stocks, represented by the Russell 2000, posted modest gains.
Russell 2000 (ETF) – Daily Chart
Treasury Yields and the Dollar – Easing Inflationary Pressures
The 10-year U.S. Treasury yield declined to 4.15%, its lowest level since late October, reflecting expectations of a 0.25% Fed rate cut at the Dec. 18 meeting. The U.S. Dollar Index strengthened slightly, rising 0.2% for the week. A stronger dollar can impact multinational companies’ earnings and commodity prices.
10-Year US Treasury Yield
US Dollar – Weekly Chart
Crude Oil – Energy Sector Slumps
U.S. crude oil futures dropped 1.4% for the week, settling at $67.20 per barrel. Concerns over a potential supply glut and weaker demand weighed on prices, causing energy stocks to fall sharply. Oil bulls are watching the lower trendline of the current pattern, as a breach below this level could accelerate selling momentum. The Energy Select SPDR ETF (XLE) declined 4.7%, making it one of the weakest-performing sectors of the week.
Crude Oil – Weekly Chart
TSX – Record Highs Amid Rate Cut Prospects
Canada’s TSX Composite Index hit a record high, closing at 25,691.8. The index rose 0.05% Friday and 0.22% for the week, marking its fifth consecutive weekly gain. Strength in technology stocks and expectations of a 50-basis-point rate cut from the Bank of Canada on Dec. 11 propelled gains. However, weakness in the energy sector tempered the advance.
TSX – Daily Chart
Copper – Industrial Indicator Holds Steady
Copper prices remained stable, with price action consolidating within its wedge pattern. As a key industrial metal, copper’s price is often seen as a barometer of global economic health.
Copper – Weekly Chart
Gold and Silver – Diverging Paths
Gold futures fell 0.8% to $2,659.60 for the week, extending a two-week losing streak. Meanwhile, silver futures rose 1.54% to $31.59, supported by industrial demand. While gold remains a safe-haven asset, silver’s dual role as both a precious and industrial metal continues to provide resilience.
Gold – Daily Chart
Silver – Daily Chart
Uranium – Sector Shows Momentum Despite Short-Term Weakness
The Global X Uranium ETF (URA) declined 0.44%, closing at $31.80. Despite a long-term bullish outlook on nuclear energy developments, the uranium sector experienced short-term weakness this week. Notably, several uranium mining stocks have appeared on momentum scans, including the Uranium Trust, featured in today’s setups section of the report.
Uranium Theme – Global X Uranium ETF
Bitcoin – Digital Gold Surges
Bitcoin (BTC) has surged past the pivotal $100,000 mark, marking a historic milestone and solidifying its position as a leading digital asset. This breakout comes amid increasing institutional adoption and supportive regulatory developments, signaling strong confidence in Bitcoin’s future.
Technically, BTC remains well above its key moving averages, confirming bullish momentum. While the Relative Strength Index (RSI) suggests Bitcoin is nearing overbought territory, the overall trend points to sustained strength with price action floating above its upward-sloping 20-day and 50-day moving averages.
Bitcoin – Daily Chart
Ethereum Breaks Free – A Bullish Surge from Consolidation Signals New Highs
Ethereum (ETH) has broken out of a significant consolidation pattern, signaling the potential for a substantial upward move. After months of trading below the key $4,000 resistance level, ETH recently surged above this threshold, gaining momentum as it pushed higher. The phrase “the bigger the base, the higher the space” aptly applies here, as Ethereum’s extended consolidation forms a solid foundation for this breakout.
Ethereum – Weekly Chart
The market’s upward trajectory is powered by strong earnings, dovish monetary policy signals, and optimism around high-growth sectors like technology. While indices like the S&P 500 and Nasdaq achieved record highs, caution is warranted as overextension levels and frothy sentiment raise the risk of a pullback. Investors are suggested to monitor key economic reports, including next week’s Consumer Price Index (CPI), and stay vigilant in managing portfolio risks amid an increasingly dynamic environment.
“To become a successful trader, you need to understand the market’s structure and, more importantly, your own mind.” – Mark Douglas
Now, onto the daily setups.
US Daily Setups
AI – C3.ai Inc.
C3.ai is attempting a 52-week high breakout.
LINK TO CHART – https://schrts.co/TQBDvfSE
COIN – Coinbase Global Inc.
Coinbase appears to be setting up below its 52-week high as price action consolidates above its upward-sloping moving average while the PPO Momentum Indicator attempts to curl higher.
LINK TO CHART – https://schrts.co/PdHYBVVZ
CVLT – CommVault Systems Inc.
CommVault Systems appears to be setting up below new highs.
LINK TO CHART – https://schrts.co/uHBEypiI
CYBN – Cybin Inc.
Cybin might be worth adding to a watchlist as it continues to see heavy institutional sponsorship, with price action setting up in the form of a potential bottoming pattern.
LINK TO CHART – https://schrts.co/UsTCTvIp
DAVE – Dave Inc.
Dave appears to be setting up below new highs.
LINK TO CHART – https://schrts.co/vmstcVXH
HIMS – Hims & Hers Health, Inc.
Hims & Hers Health is consolidating above its upward-sloping moving average and below a horizontal trigger line. Monitor for any continued signs of upside momentum.
LINK TO CHART – https://schrts.co/CbIKZjTz
MARA – Marathon Digital Holdings Inc
Marathon Digital is consolidating in the form of a bullish flag as price action consolidates above its upward-sloping moving average.
LINK TO CHART – https://schrts.co/VzUhDjCm
OKLO – Oklo Inc.
Oklo appears to be attempting to set up off the lower trend line of its continuation pattern.
LINK TO CHART – https://schrts.co/BGUYANIG
QSI – Quantum-Si Inc.
Quantum-Si appears to be setting up below a significant horizontal resistance line. Monitor for signs of upside momentum that may lead to a breakout.
LINK TO CHART – https://schrts.co/fCRDPWXk
ROOT – Root Inc.
Root is consolidating in the form of a potential bullish flag continuation pattern.
LINK TO CHART – https://schrts.co/IzmfUUWZ
SIRI – Sirius XM Holdings Inc.
Sirius XM appears to be setting up on the right side of a potential bottoming pattern.
LINK TO CHART – https://schrts.co/SmEAYXNu
SRUUF – Sprott Physical Uranium Trust
The Sprott Physical Uranium Trust ETF appears to be setting up as price action consolidates toward the apex of a large consolidation/continuation pattern.
LINK TO CHART – https://schrts.co/XrKBaHaD
ZM – Zoom Video Communications, Inc.
Zoom Video is attempting to break out from a continuation pennant.
LINK TO CHART – https://schrts.co/MDvkHwPv
Canadian Daily Setups
BRM.V – Biorem Inc.
Biorem is consolidating in the form of a potential continuation pennant.
LINK TO CHART – https://schrts.co/fNfEQuaU
DML.TO – Denison Mines Corp.
Denison Mines is consolidating in the form of a potential bullish flag located below its 52-week high.
LINK TO CHART – https://schrts.co/gNznXnXb
GLXY.TO – Galaxy Digital Holdings Ltd.
Galaxy Digital is now breaking out from the continuation pattern recently highlighted.
LINK TO CHART – https://schrts.co/TmebPZIf
MAL.TO – Magellan Aerospace Corp.
Magellan Aerospace is consolidating below its 52-week high. Monitor for any potential signs of upside momentum, which may suggest a continuation of the uptrend.
LINK TO CHART – https://schrts.co/dBZYxjCv
PNG.V – Kraken Robotics Inc.
Kraken Robotics is attempting to break out from a bullish pennant continuation pattern.
LINK TO CHART – https://schrts.co/kfGAzyWc
PPTA.TO – Perpetua Resources Corp.
Perpetua Resources continues to see signs of upside momentum from the recently highlighted pattern. The stock also appears in our unusual activity report due to bullish options activity.
LINK TO CHART – https://schrts.co/gdvmrMet
U/UN.TO – Sprott Physical Uranium Trust
The Sprott Physical Uranium Trust ETF appears to be setting up as price action consolidates toward the apex of a large consolidation/continuation pattern.
LINK TO CHART – https://schrts.co/BnrAxHwA
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 – 2024-12-07
ASAN, RGTI, CAN, QBTS, CXAI, DOCU, SERV, BTDR, RUM, RBRK, IKT, BBAI, NBIS, TSAT, LULU, BNTC, BLTE, DEFTF, CMPS, FTEL, AUR, AAOI, SOUN, ASTS, KARO, CRNC, VSCO, THAR, QSI, HPE, BITF, PSNL, FSLY, BARK, ANY, ELVN, HUT, JOBY, QUBT, BTBT, OKLO, ULTA, CANG, IREN, PROK, DDL, HIMS, HIMX, VEEV, AI, WYY, WOOF, ODD, CLSK, BKKT, GSAT, REE, DOGZ, COIN, HOOD, BRPHF, WGMI, CLPT, FDIG, CNTA, DNLI, MARA, PPTA, RDDT, APLD, TRDA, PLTR, DAPP, HIVE, DRS, ETHE, APP, KYMR, SDGR, RDW, WVE, SITM, IONQ, ELDN, GRND, BITQ, SMLR, ALDX, CRDO, EXFY, RIVN, TSLA, WULF, AVGO, PLSE, CEE, PCT, REAL, AFRM, ESOA, RIOT, UPST, KNSL, BYRN, MVST, SG, OCUL, AKRO, AMPS, OMER, SIRI, AIOT, AGIO, ERAS, QTUM, KVYO, IBTA, BE, BLND, MNDY, RDVT, BLFS, TER, SRRK, DKS, DAVE, TWST, ALB, MDRX, HNRG, SHOP, AZO, PTON, DSGN, FVRR, TRUP, VSEC, ICAD, MMYT, MRNA, FN, SSYS, ZM, DCTH, ETON, GKOS, CCRD, EDN, PRMW, YSG, GDYN, JKS, ADPT, DDOG, BBAR, BLOK, EWTX, WSM, CIFR, RKLB, HTGC, GDS, GRFS, HEAR, SLQT, ZS, RDNT, MGNI, CLS, VCYT, DJT, AMZN, ORCL, TARS, SRAD, RACE, LU, VITL, TWLO, ARKF, MRX, RCL, TCOM, RVLV, ATYR, ADBE, LC, MDB, CDZI, LOVE, PLBY, FTDR, AVTR, SRUUF, TME, ADMA, CMTL, NYT, DXPE, ALKT, BEAT, GBTC, ROAD, ROKU, AOSL, UPWK, KTOS, SSD, DG, VMEO, MDGL, SBGI, TGT, IBIT, SQ, BITO, META, STRT, LX, NLOP, COHR, NEOV, SOFI, BANR, LENZ, OPEN, EFX, CORT, WB, WRBY, MOMO, NMRK, KNF, NET, DSGX, MSTR, ADEA, LMND, MDXG, PINS, SNAP, WAY, QFIN, AIRG, BROS, CLBT, LOAR, UBFO, ARM, EPAM, JD, XLY, BL, DESP, TRAK, ROOT, CRNX, CVLT, SGMO, TTD, PAYC, ALGN, BFH, KRNT, A, CALM, KMX, BGNE, TDOC, GLBE, LIT, VNO, IDCC, MPAA, MEC, YMM, CIEN, LOB, PLMR, MOD, ORLY, XBI, RYTM, NFLX, TILE, ACVA, PJT, GAP, NTAP, ALNY, GTLB, FOUR, ZVRA, GPN, PL, ADI, TRN, AGNC, BWAY, SLVM, SWKS, PARA, QTWO, CRNT, HAYW, ZIM, AXGN, DEI, LAZ, CRVS, FINV, DOCN, MAGS, XMTR, HACK, NTRA, LYV, OKTA, VVX, CANE, HWKN, DAKT, IRM, ZETA, CYBN, GME, JCI, LII, SYF, PAYO, CPRX, DASH, RH, EVGO, JLL, CSWI, WDAY, IBM, USLM, CDNA, IGV, AZEK, GFS, IQV, WST, ANET, INCY, FXI, PRCT, AGYS, TGLS, XRT, ZG, AVPT, COF, LSPD, PAR, SUPV, ULH, ACN, IGIC, CASH, OPK, TBRG, TKNO, GOOG, OLLI, RERE, KEYS, LOW, VNET, CDNS, SEER, WAB, APO, VOD, GOOGL, HLT, TBBK, VRNA, WLFC, MSCI, RVTY, COOP, GGAL, PFSI, SILA, VLTO, CVBF, SGHC, XPH, AXP, BY, EQIX, FWONK, VRSN, HIPO, SLM, ACA, HD, SMTC, Z, METV, CFLT, AAON, ACIW, BITW, GPK, YUMC, DFS, MLCO, SPG, CBRE, LGND, YPF, ZBRA, LINC, COST, TGNA, KWEB, MNKD, SPOT, ADSE, COMP, ET, AZN, PATK, BCC, KW, UI, FNGS, NTB, OSPN, CKPT, IBB, ECL, PPBI, BPMC, MYTE, PYPL, ANF, BMY, GRMN, XLC, ADP, CIBR, ERJ, MESO, WFC, CFFN, UAA, QQQ, SBUX, FOX, PEGA, MLNK, OC, PSFE, TRI, CART, CMCSA, DLR, EA, TECH, ADSK, TGTX, KN, MTSI, XPO, ZWS, BMA, MLAB, SHAK, BLCO, ARMN, BRX, JPM, MAS, ABCB, ATAT, FTNT, COCO, FOXA, IWF, HTLF, HWC, MCO, MA, MO, PANW, UTI, WAT, YEXT, HSIC, RYN, UMBF, MD, PFS, VUG, SYK, HRI, NWG, BCPC, STEL, CEPU, TEAM, RBLX, KKR, V, AORT, MIRM, CCL, HESM, WSO, BKU, MC, HNI, VERX, ARES, CBU, CFG, PRQR, RSG, SPGI, IEX, ITCI, JBT, STRL, BDN, CUK, SNBR, FIBK, UPRO, CASY, HASI, VGT, CTSH, HUBS, SFBS, CRTO, EBC, ISRG, MIR, BOKF, GPI, SUPN, XNET, GS, HLIT, MTZ, PAM, URI, ABNB, AS, FHN, HTBI, LEE, MTUM, PRGS, OWL, GBX, VCTR, WMT, WSFS, ATRC, TECX, AYI, BKNG, GLNG, NKE, PDCO, RXT, XLK, CSGP, DOCS, FULT, GRC, VTWO, NBXG, RUSHA, BSY, EVR, IWM, KIM, RELL, SSO, CPT, MUSA, CFB, CNXN, FDS, FWONA, TPB, U, PAYX, SEIC, SNOW, CORZ, CORZQ, HURN, ALSN, CMG, FLUT, KBE, LVS, SKY, TAP, CMI, CPRT, MORN, OMC, ANSS, LPX, MLR, CAVA, UDR, DMLP, EXLS, OMF, BSTZ, RDN, REPL, CRESY, CRWD, CTAS, LITE, ALLT, JRS, MSFT, OUT, T, WTFC, BDC, DIS, FICO, SPY, TFC, ARGT, UE, CG, CRM, DCOM, JEF, CRH, EDR, HYG, L, MWA, TLT, UBS, NDAQ, NIC, TDS, TJX, CECO, CM, MRVL, SMH, USB, CGBD, NCLH, ASA
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 – 2024-12-07
AIAI.CA, MEND.CA, HBFG.CA, VEGN.CA, LQWD.V, TSAT.TO, LULU.NE, DEFI.NE, OGI.TO, HUT.TO, BITF.TO, NDA.V, RECO.V, GLXY.TO, PNG.V, PPTA.TO, PTK.V, QETH/UN.TO, ETHC.NE, DOO.TO, AIDX.TO, NCI.V, HIVE.V, BRM.V, TA.TO, HODL.CA, VLE.TO, ETHH.TO, HAI.TO, AUMC.CA, SSRM.TO, PRYM.TO, HITI.V, AVGO.NE, LB.TO, TSLA.NE, MSA.TO, RCG.TO, BMO.TO, SHOP.TO, ZEN.V, STC.TO, U/U.TO, ENGH.TO, CLS.TO, LGO.TO, U/UN.TO, WELL.TO, CPX.TO, EMX.V, PRB.TO, DSG.TO, ACQ.TO, MAW.V, ADBE.NE, BBD/B.TO, AMZN.NE, DFY.TO, BBD/A.TO, META.NE, MVRS.NE, ETG.TO, MDA.TO, ITR.V, IFC.TO, NFLX.NE, AIM.TO, TRI.TO, MAL.TO, MX.TO, CIA.TO, ATRL.TO, TOT.TO, BB.TO, GRA.TO, BHC.TO, GOOG.NE, CAE.TO, COST.NE, KXS.TO, QBR/B.TO, ILLM.TO, SJ.TO, ZTL.NE, EQLI.TO, AC.TO, CGX.TO, WILD.TO, WSP.TO, BLDP.TO, FFH.TO, CM.TO, WCN.TO, BNS.TO, CCA.TO, JPM.NE, HLF.TO, PYPL.NE, PHYS.TO, WPK.TO, CCO.TO, CIG.TO, CIGI.TO, SBC.TO, EMP/A.TO, AND.TO, SKE.TO, NTR.TO, T.TO, FTG.TO, BAM.TO, BN.TO, AW.TO, GIB/A.TO, CHE/UN.TO, LBS.TO, WMT.NE, EIT/UN.TO, EMA.TO, MDI.TO, DML.TO, FTN.TO, BK/PA.TO, CIX.TO, DFN/PA.TO, TOY.TO, OLA.TO, STN.TO, MFC.TO, MSFT.NE, ALS.TO, GFL.TO, TFII.TO, SLS.TO, BK.TO, SGR/UN.TO, DLCG.TO, SRU/UN.TO, EFR.TO, EFN.TO, WED.V, AI.TO, RBA.TO, MHC/U.TO, PMZ/UN.TO, BDGI.TO
