SYS Research – Weekend Report – September 28, 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

Dow Hits Record as Inflation Eases and Rate Cut Expectations Rise

The stock market ended Friday on a mixed note. The Dow Jones Industrial Average reached a record close after subdued U.S. inflation data reinforced expectations of a significant rate cut at the Federal Reserve’s November meeting. The S&P 500 slipped by 0.13%, and the Nasdaq Composite fell 0.39%. However, all three major indexes recorded gains for the third consecutive week, bolstered by strong performance in sectors benefiting from rate cut optimism and global stimulus efforts. Small caps outperformed on Friday, with the Russell 2000 rising 0.7%, though it ended the week down 0.6%. The index appears to be setting up just below its 52-week high.

Dow Jones Industrial Average – Daily Chart

S&P 500 – Daily Chart

Nasdaq – Daily Chart

Russell 2000 (ETF) – Daily Chart

The latest data on the Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation gauge, showed a 0.1% increase in August, slightly below July’s 0.2% rise. Over the past year, the PCE index increased by 2.2%, down from the previous 2.5% annual rise, indicating that inflationary pressures may be easing. Markets are now pricing in a 56.7% chance of a 50-basis-point rate cut in November, up from 49.9% before the inflation data release.

The Red-Light/Green-Light Breadth System

Treasury yields declined in response to the inflation data, with the benchmark 10-year yield falling 3.5 basis points to 3.754% after being rejected by the underside of resistance. The U.S. dollar also weakened, particularly against the Japanese yen, which firmed following news that former Defense Minister Shigeru Ishiba is poised to become Japan’s next prime minister. Ishiba’s stance, which opposes further monetary stimulus, led the yen to gain 1.82% against the dollar.

10-Year US Treasury Yield

US Dollar – Weekly Chart

Global markets also experienced strong gains, spurred by stimulus measures from China. The MSCI Global Stock Index hit a record high, while European shares, represented by the STOXX 600 Index, closed at an all-time high. In China, the CSI 300 Index surged 15.7% for the week, marking its best performance since November 2008, as Beijing introduced interest rate cuts and liquidity injections to support the economy. Hong Kong’s Hang Seng Index also rose 13%, its strongest weekly gain since 1998.

China Large-Cap ETF – Weekly Chart

In Canada, the TSX Composite Index ended the day down 0.3% but extended its weekly winning streak, posting a 0.4% gain. Optimism around central bank interest rate cuts continued to drive demand for dividend-paying stocks, with financials and telecoms benefiting from the low-rate environment. However, the materials sector fell by 2.1% as gold prices pulled back from recent highs. The energy sector helped limit the index’s losses, rising 2% as oil prices rebounded slightly, with U.S. crude closing at $68.18 per barrel. However, price action is still trapped below its downward-sloping 10-week (or 50-day) moving average.

TSX – Daily Chart

Crude Oil – Weekly Chart

Among commodities, aluminum prices reached a 16-week high in London, supported by fund buying following China’s stimulus announcements. Gold prices dipped 1% on Friday but remained on track for their best quarterly performance in over eight years, with silver still setting up below its 52-week high. Meanwhile, copper price slightly pulled back but ended higher on the week with a power move supported by the prospect of further stimulus from China. The uranium theme continues to have an extremely bullish setup when zoomed out to view the larger pattern. Bitcoin is still set up for a potential major breakout, causing many Bitcoin-related stocks, such as the miners and MicroStrategy, to be featured in the daily setups and unusual activity report.

Copper – Daily Chart

Gold – Daily Chart

Silver – Daily Chart

Uranium Theme – Global X Uranium ETF

Bitcoin – Weekly Chart

Looking ahead, investors will focus on several key events next week, including a speech by Federal Reserve Chair Jerome Powell on Monday, which could offer insights into future monetary policy. Additionally, labor market data, including job openings and the ADP employment report, will be released midweek, culminating in Friday’s nonfarm payroll report. Economists expect an increase of 142,000 jobs and an unemployment rate of 4.2%.

The market is also closely watching the tail end of the earnings season, with Carnival (CCL), Nike (NKE), Paychex (PAX), and Levi’s (LEVI) set to report next week.

The broader outlook remains optimistic as markets digest inflation data and weigh the prospects of potential interest rate cuts. While Friday was lackluster, particularly for AI chip stocks, the major indexes, including the S&P 500 and Nasdaq, ended the week on a strong note, maintaining their upward momentum. Central bank easing, both from the Fed and globally, is providing support for equities and commodities. It may be prudent to step back and examine weekly charts, as many leading stocks have extended gains and could pull back from their recent highs. Sectors sensitive to lower rates, such as financials, are well-positioned to benefit, while global stimulus, particularly from China, adds further momentum. Notably, China’s stimulus has also boosted commodities. The increasing demand for clean energy continues to drive momentum in uranium and metals linked to renewable energy.

As we approach key earnings reports and labor data, it’s important to remain cautious by managing downside risks while being ready to seize emerging opportunities. Despite short-term volatility, the rally seems poised to extend into the final quarter, supported by central bank actions and steady economic indicators.

“Momentum can drive massive gains, but without managing risk, those gains can vanish in an instant.” — Larry Hite

Now, onto the daily setups.

US Daily Setups

AR – Antero Resources Corp.

Antero Resources appears to be setting up as a potential bottoming wedge. Monitor for any potential breakout signals.

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

 

ASPN – Aspen Aerogels, Inc.

Aspen Aerogels continues to consolidate just below its 52-week high.

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

 

BBY – Best Buy Co, Inc.

Best Buy is attempting another 52-week high breakout.

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

 

BITF – Bitfarms Ltd.

Bitfarms appears to be setting up from the lower trendline of a significant multi-month consolidation triangle. Monitor to see if upside momentum can continue, potentially pushing the price toward the pattern’s upper trendline, with a possible breakout if Bitcoin’s price continues to rise.

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

 

BTDR – Bitdeer Technologies Group

Bitdeer Technologies continues to see positive price action.

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

 

GRBK – Green Brick Partners, Inc.

Green Brick Partners appears to be setting up for a potential 52-week high breakout as price action consolidates above its upward-sloping moving average.

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

 

HOOD – Robinhood Markets Inc.

Robinhood appears to be setting up on the right side of a multi-month consolidation area. Monitor for any potential breakout signals.

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

 

LUNR – Intuitive Machines Inc.

Intuitive Machines is attempting to move higher from a bullish flag continuation pattern.

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

 

MSTR – MicroStrategy Inc.

MicroStrategy is now setting up below the upper trendline of the consolidation area we have been highlighting. Monitor for any potential breakout signals.

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

 

NIO – NIO Inc.

NIO is attempting to break out from a bottoming pattern.

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

 

OKLO – Oklo Inc.

Oklo continues to see positive price action as it sets up below the next potential resistance area. Monitor for any potential breakout signals.

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

 

OS – OneStream Inc.

OneStream is consolidating below its all-time high. Monitor to see if price action can continue to trend above its upward-sloping moving average.

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

 

SERV – Serve Robotics Inc.

Serve Robotics is set up in the form of a potential continuation wedge. Monitor for any potential breakout signals.

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

 

SNOW – Snowflake Inc.

Snowflake is appearing in Friday’s unusual activity report, potentially setting up in a giant bottoming wedge. Monitor for any signs of upside momentum.

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

 

SOFI – SoFi Technologies, Inc.

SoFi was highlighted in the recent unusual activity report, where heavy put selling was identified, suggesting that price action may not fall below that level. Interestingly, price action has since rebounded from that area, and the stock continues to appear on multiple radars. Monitor to see if price action can break out from this bottoming pattern.

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

 

TDS – Telephone & Data Systems Inc.

Telephone & Data Systems appears to be setting up just below its 52-week high.

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

 

TKO – TKO Group Holdings, Inc.

TKO Group is attempting to move higher from a bullish flag continuation pattern as price action trends above its upward-sloping moving averages.

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

 

TSAT – Telesat Corporation

Telesat appears to be breaking out from a bottoming pattern.

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

 

WULF – TeraWulf Inc.

TeraWulf is consolidating in the form of a potential bullish flag. Monitor to see if price action can rebound from its moving average. The directional outcome of this setup may depend on Bitcoin’s price action.

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

 

YUM – Yum! Brands Inc.

Yum! Brands is showing signs of momentum as price action pushes toward its 52-week high. Monitor to see if price action can form an uptrend from this sloppy consolidation area.

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

 

Canadian Daily Setups

ADEN.TO – Adentra Inc.

Adentra appears to be setting up on the right side of a consolidation area.

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

 

AMQ.CA – Abitibi Metals Corp.

Abitibi Metals appears to be setting up below a significant horizontal resistance level.

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

 

BDT.TO – Bird Construction Inc.

Bird Construction is consolidating in the form of a potential continuation wedge.

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

 

BEPC.TO – Brookfield Renewable Corporation

Brookfield Renewable is now attempting a 52-week high breakout.

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

 

ECN.TO – ECN Capital Corp.

ECN Capital continues to appear on momentum scans as price action attempts to move higher from a bottoming pattern. Take note of the PPO momentum indicator as it sets up near the zero line.

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

 

ESI.TO – Ensign Energy Services, Inc.

Ensign Energy Services continues to appear on insider buying scans. Monitor to see if price action can begin to break out from this bottoming pattern.

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

 

FDY.TO – Faraday Copper Corp.

Faraday Copper appears to be attempting a 52-week high breakout from an area of consolidation. Take note of the bullish volume profile and the large volume-by-price bars on the left side of the chart, suggesting major accumulation throughout the pattern.

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

 

HUT.TO – Hut 8 Mining Corp

Hut 8 Mining appears to be set up at a horizontal resistance area as the moving averages cross. Monitor for any potential breakout signals.

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

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 – 2024-09-28

A, ABBV, ACGL, ACIW, AEP, AES, AEYE, AGNC, AGX, AHCO, AKAM, ALGN, ALKT, ALLO, ALSN, AMSC, ANF, AORT, AOS, APTV, AR, ARGX, ARIS, ARLP, AROC, ASPN, ASTH, ATI, ATO, ATR, AUR, AVAV, AWK, AXP, BA, BABA, BALL, BAP, BBAR, BBW, BBY, BCC, BCO, BDX, BF/B, BGNE, BIDU, BILI, BIPC, BITO, BKR, BL, BLDR, BLX, BMA, BMEA, BMY, BRK/B, BTDR, BWA, BX, BYRN, BZ, BZUN, CADL, CAR, CARG, CARR, CART, CCB, CCI, CCS, CECO, CF, CFG, CGBD, CHD, CHK, CHRW, CHWY, CIM, CLMT, CLX, CMCSA, CMS, CNX, COF, COIN, COKE, COOP, CORT, CPA, CPAY, CRDO, CRS, CSWC, CSX, CTVA, CVS, CZR, DAKT, DAVE, DAY, DBRG, DE, DECK, DFH, DIS, DOCS, DOLE, DOW, DT, DTE, DXPE, DY, EA, EBS, ED, EDR, EG, EIX, ELMD, ENPH, ENVA, EPD, EQT, ES, ESQ, ET, ETR, EVRG, EXC, EXP, EXPD, FDIG, FE, FG, FLR, FN, FNF, FOUR, FRT, FTAI, FTV, FUTU, FXI, GBTC, GBX, GCT, GDS, GEN, GGAL, GILD, GLBE, GLNG, GME, GNRC, GOOG, GOOGL, GPI, GRBK, GRFS, GTES, GWRE, HASI, HAYW, HD, HEAR, HLT, HOOD, HOV, HQY, HSIC, HTGC, HUT, HWKN, IBKR, ICFI, IDCC, IESC, IEX, IMMR, IMO, INCY, IONQ, IQ, IR, ITB, ITRI, ITW, IWM, J, JCI, JD, JKHY, JOBY, JXN, KBH, KEX, KGS, KHC, KNSL, KR, KRNT, KWEB, LAUR, LBRDK, LDOS, LEN, LEU, LHX, LMAT, LMT, LNT, LNTH, LOB, LQDT, LSPD, LULU, LUNR, LVS, MAR, MBC, MDT, MET, MGM, MGNI, MHK, MHO, MLI, MLR, MNSO, MNST, MOD, MOG/A, MP, MPTI, MRNA, MSCI, MSGE, MSTR, MTCH, MTH, NBBK, NECB, NEE, NI, NIO, NRG, NSC, NSIT, NTES, NTRA, NWPX, NXPI, ODFL, ON, OSCR, OTIS, OWL, PATK, PCT, PDD, PEG, PENN, PFSI, PHG, PHM, PIPR, PL, PLUG, POOL, POR, POWL, PPC, PPL, PRDO, PRIM, PRMW, PTC, QFIN, QS, QSR, RDDT, REG, RIO, RKLB, ROKU, RYN, SAH, SBAC, SCVL, SEIC, SERV, SF, SHOO, SJM, SKT, SLM, SMR, SNCR, SNOW, SNX, SNY, SO, SOFI, SPB, SPG, SQ, SRE, SSD, STAA, STE, STEP, STZ, SW, SWK, SYF, T, TAN, TAP, TBBK, TCOM, TDS, TECH, TEL, TFX, TG, TGLS, TGTX, TKO, TLN, TMDX, TMHC, TMUS, TOL, TOST, TPH, TPL, TPR, TPX, TRMB, TRN, TSAT, TSLA, TXT, TZOO, UAA, ULH, UNH, UNIT, UNM, UP, UPS, URI, USLM, VCYT, VEEV, VICI, VITL, VNET, VRRM, VRSN, VST, VZ, WBA, WBD, WEC, WLY, WMB, WSM, WST, WTW, WY, WYNN, XEL, XHB, XLC, XLU, XOM, XPEV, YOU, YUM, ZIM, ZM, ZTO, 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 – 2024-09-28

AAPL.NE, ACB.TO, ADEN.TO, AFM.V, AFN.TO, AGF/B.TO, AIDX.TO, AIM.TO, ALV.V, AP/UN.TO, AQN.TO, ARE.TO, ASTL.TO, ATRL.TO, BA.NE, BAM.TO, BAM/A.TO, BBD/B.TO, BBU/UN.TO, BCE.TO, BDI.TO, BDT.TO, BEP/UN.TO, BEPC.TO, BHC.TO, BIP/UN.TO, BIPC.TO, BN.TO, BOND.TO, BRK.NE, CAE.TO, CAS.TO, CCA.TO, CCO.TO, CF.TO, CGX.TO, CHE/UN.TO, CHR.TO, CIA.TO, CIX.TO, CP.TO, CSCO.NE, DBM.TO, DC/A.TO, DE.V, DEFI.NE, DF.TO, DFN.TO, DGS.TO, DIV.TO, DNTL.TO, DOO.TO, DRDR.TO, DXT.TO, E.TO, ECN.TO, EFX.TO, EIT/UN.TO, EMA.TO, ESI.TO, ETG.TO, EXE.TO, FFH.TO, FFN.TO, FISH.V, FN.TO, FRU.TO, FSZ.TO, FTN.TO, FTS.TO, GASX.V, GDV.TO, GLXY.TO, GOOG.NE, GOOS.TO, GUD.TO, HRX.TO, HUT.TO, IFC.TO, IFP.TO, III.TO, IMO.TO, INE.TO, IVN.TO, KEL.TO, KITS.TO, KPT.TO, LB.TO, LBS.TO, LFE.TO, LSPD.TO, LULU.NE, MAU.V, MAW.V, MCB.TO, MFG.V, MG.TO, MGRO.CA, MGRO.V, MTY.TO, NANO.TO, NEO.TO, NOU.V, NPI.TO, NVEI.TO, NWH/UN.TO, NXLV.V, OGN.V, PEY.TO, PIF.TO, PMZ/UN.TO, PNE.TO, PPL.TO, PRMW.TO, PSK.TO, PTO/UN.TO, QBR/B.TO, QSR.TO, RCI/B.TO, REAL.TO, REI/UN.TO, SKE.TO, SVI.TO, T.TO, TD.TO, TGH.V, TIXT.TO, TLRY.TO, TOT.TO, TOU.TO, TPZ.TO, TSLA.NE, UNH.NE, WELL.TO, WFG.TO, WPK.TO, WRN.TO, ZDC.V

 

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