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.
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Sample Trading System
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SYS Daily Report – Weekend Edition
Markets React to Fed Signals and Policy Uncertainty
Markets faced renewed volatility this past week, with major indexes posting sharp declines amid shifting sentiment following comments from Federal Reserve Chair Jerome Powell. Powell’s indication that there is no urgency to lower rates, paired with stronger-than-expected retail sales data, dampened investor optimism. The tech-heavy Nasdaq and S&P 500 saw notable pullbacks, while small caps and energy stocks reflected broader caution. Meanwhile, Canada’s TSX mirrored U.S. market jitters, primarily driven by weakness in resource sectors. Market sentiment hangs in the balance as investors eye upcoming key earnings, particularly from Nvidia.
What Worked Last Week
The Red-Light/Green-Light Breadth System
The S&P 500 fell 1.3% on Friday, rounding out a weekly loss of 2.1%. This marks its third decline in the past four weeks, indicating potential market fatigue after a robust rally earlier in the month. The index now sits slightly below its 21-day exponential moving average but remains up 23.1% year-to-date. Sentiment was dampened by Powell’s cautious stance on rate cuts, curbing market momentum.
S&P 500 – Daily Chart
The Nasdaq Composite dropped 2.2% on Friday, closing out a weekly decline of 3.2%. Despite strength in technology and AI-related sectors earlier this year, bearish sentiment resurfaced following Powell’s remarks, adding uncertainty about future monetary policy. The index remains above its 50-day moving average and has posted gains of more than 24% for the year.
Nasdaq – Daily Chart
The Dow Jones Industrial Average dipped 0.7% on Friday but outperformed its peers. It was bolstered by a post-earnings rally in Walt Disney (DIS), countering declines in major components like Amazon (AMZN). The Dow’s relative strength compared to other indexes suggests a shift toward blue-chip safety amid rising market volatility.
Dow Jones Industrial Average – Daily Chart
The Russell 2000 dropped 1.5% on Friday, underscoring persistent pressure on small-cap stocks. Though up nearly 5% for the month, this segment faces increased selling amid broader economic uncertainty and rising Treasury yields. Small-cap stocks’ sensitivity to economic conditions makes them more vulnerable during periods of shifting sentiment, particularly following Powell’s comments.
Russell 2000 (ETF) – Daily Chart
The 10-year U.S. Treasury yield rose to 4.43% over the week, reflecting shifting market expectations for Federal Reserve policy. Powell’s caution, paired with robust retail sales, contributed to the increase, emphasizing investor uncertainty regarding future rate adjustments.
10-Year US Treasury Yield
The US Dollar index eased slightly after reaching a two-year high earlier in the week. While strong economic data and hawkish Fed signals provided support, mixed global sentiment and evolving economic expectations slowed its momentum.
US Dollar – Weekly Chart
U.S. crude oil futures dropped 4.9% over the week, settling at $66.92 per barrel. Concerns about weakened demand from China, coupled with global market fluctuations, drove the decline. Energy stocks mirrored this weakness, exerting pressure across major indexes. Bulls do not want to see price action break below the lower support line of the pattern.
Crude Oil – Weekly Chart
Canada’s TSX Composite Index fell 0.63% on Friday, closing at 24,890.68 and erasing much of its weekly gains. The decline was attributed to U.S.-driven market jitters following Powell’s comments. Resource sectors, including energy and materials, posted notable losses, reflecting weaker commodity prices. One exception was BCE (BCE.TO), which attracted investors due to its attractive dividend yield despite broader market pressures.
TSX – Daily Chart
Copper prices remain susceptible to global economic uncertainties, particularly around demand from China. Industrial metals broadly reflect mixed sentiment, with economic data exerting downward pressure.
Copper – Weekly Chart
Gold faced selling pressure amid strong economic data and rising Treasury yields. While traditionally a safe-haven asset, gold remains sensitive to shifting rate expectations and a strengthening dollar.
Gold – Weekly Chart
Silver mirrored gold’s decline, facing challenges from rising bond yields and dollar strength. Concerns around industrial demand further constrained silver’s price movement.
Silver – Weekly Chart
The Global X Uranium ETF experienced mixed performance amid broader market volatility. Renewed interest in nuclear power and alternative energy sources has provided underlying support, but geopolitical and demand-related factors continue to weigh on sentiment.
Uranium Theme – Global X Uranium ETF
Bitcoin surged past $90,000, reaching a high of $93,479.86 during the week. The cryptocurrency continues to attract speculative interest amid broader market volatility, underscoring its position as a high-risk, high-reward asset.
Bitcoin – Weekly Chart
The recent market downturn reflects investor apprehension amid conflicting economic data and Federal Reserve signals. As sectors from technology to energy adjust to evolving expectations for growth and policy changes, key earnings reports—led by Nvidia—could either rekindle market optimism or further challenge investor confidence. Navigating this complex economic landscape requires a cautious approach as markets seek stability.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” – Jesse Livermore
Now, onto the daily setups.
US Daily Setups
AFRM – Affirm Holdings Inc.
Affirm appears to be undergoing a potential bull flag retest following its recent base breakout. Monitor whether price action can begin trending above its upward-sloping moving averages, signaling a potential continuation of upward momentum.
LINK TO CHART – https://schrts.co/RkTkffqI
APD – Air Products and Chemicals, Inc.
Air Products is currently exhibiting a potential bull flag continuation pattern.
LINK TO CHART – https://schrts.co/KCVrgZZy
COIN – Coinbase Global Inc.
Coinbase appears to be setting up in the form of a potential bullish flag retest of the recent breakout. Monitor for signs of price action confirming the retest and resuming an upward trajectory.
LINK TO CHART – https://schrts.co/CEwAvVCM
FCNCA – First Citizens BancShares, Inc.
First Citizens Bancshares appears to be setting up for a potential bullish flag retest following the recent consolidation pattern breakout. Monitor to see if the price action holds above key levels, suggesting a continuation of the upward trend.
LINK TO CHART – https://schrts.co/ZMunPzdJ
FTEL – Fitell Corp.
Fitell is currently forming the right side of a multi-month base pattern, positioned just below its recent highs. This technical setup often precedes a potential breakout, as the stock consolidates gains and builds a foundation for future upward movement. Monitoring for increased volume and a decisive move above the previous high could signal the continuation of the uptrend.
LINK TO CHART – https://schrts.co/ffZIpxeY
HES – Hess Corp.
Hess has consistently appeared in momentum scans, indicating notable price action. The stock is currently trading near the lower trendline of a significant consolidation pattern, suggesting potential for continued movement within this range. Monitoring for a breakout above the upper trendline could signal a resumption of the prior uptrend.
LINK TO CHART – https://schrts.co/McvBIPEQ
LMB – Limbach Holdings, Inc.
Limbach is currently exhibiting a potential bull flag pattern, characterized by a sharp upward movement followed by a period of consolidation. This formation often suggests a continuation of the prior uptrend. Monitoring for a breakout above the consolidation range could indicate renewed bullish momentum.
LINK TO CHART – https://schrts.co/TISBQtzi
OFIX – Orthofix Medical Inc.
Orthofix Medical is currently retesting its recent breakout level, a common occurrence where the price revisits a previous resistance point to establish it as new support. If the support holds, this retest can provide a foundation for continued upward momentum. Monitoring the stock’s behavior around this level is crucial to assess the strength of the breakout and the potential for further gains.
LINK TO CHART – https://schrts.co/tjUUDrQD
UNFI – United Natural Foods, Inc.
United Natural Foods is currently exhibiting a potential bullish pennant continuation pattern. This formation typically follows a strong upward movement, known as the flagpole, and is characterized by a period of consolidation where the price forms a small symmetrical triangle, or pennant. This pattern often suggests that, after the consolidation phase, the prior uptrend may resume. Monitoring for a breakout above the pennant’s upper trendline could indicate renewed bullish momentum.
LINK TO CHART – https://schrts.co/nvqxavPv
VST – Vistra Energy Corp.
Vistra Energy is currently trading just below its all-time high, indicating a potential consolidation phase. This pattern often precedes a breakout, suggesting the possibility of continued upward momentum. Monitoring for increased volume and a decisive move above the previous high could signal the continuation of the uptrend.
LINK TO CHART – https://schrts.co/cRNbwzNr
WEYS – Weyco Group, Inc.
Weyco is currently exhibiting a potential bullish flag continuation pattern. This formation is characterized by a sharp upward movement (the “flagpole”) followed by a period of consolidation in a downward-sloping channel (the “flag”), typically indicating a pause before the uptrend resumes. Traders often interpret this pattern as a signal of potential continuation of the prior bullish trend.
LINK TO CHART – https://schrts.co/SXjeGxWa
WGMI – Valkyrie Bitcoin Miners ETF
Valkyrie Bitcoin Miners ETF is currently retesting its recent breakout level. Observing whether the ETF maintains this support is crucial, as it may indicate the strength of the breakout and potential for continued upward momentum. Additionally, monitoring individual bitcoin mining stocks within the ETF’s portfolio could reveal specific opportunities aligned with this trend.
LINK TO CHART – https://schrts.co/DbvjcSGR
ZIM – Zim Integrated Shipping Services Ltd.
Zim is currently setting up the right side of a multi-month consolidation pattern. This technical setup often precedes a potential breakout as the stock consolidates gains and builds a foundation for future upward movement. Monitoring for increased volume and a decisive move above the previous high could signal the continuation of the uptrend.
LINK TO CHART – https://schrts.co/pPXzsCMq
Canadian Daily Setups
CCO.TO – Cameco Corp.
Cameco continues to set up in the form of a bullish flag along a significant horizontal resistance line that could act as either resistance or support.
LINK TO CHART – https://schrts.co/UJRwXKXR
CHE/UN.TO – Chemtrade Logistics Income Fund
Chemtrade is breaking out to a 52-week high.
LINK TO CHART – https://schrts.co/vyvqHMUy
CYBN.NE – Cybin Inc.
Cybin is currently exhibiting a potential bottoming pattern, characterized by a stabilization in price following a downtrend. This formation often suggests a reversal of the prior downward movement. Notably, the pattern is supported by increasing volume, indicating growing investor interest and potential accumulation. Monitoring for a breakout above the consolidation range could signal renewed bullish momentum.
LINK TO CHART – https://schrts.co/DxAIBSdC
DBM.TO – Doman Building Materials Group Ltd
Doman Building Materials continues its bullish price action as it moves to a new 52-week high.
LINK TO CHART – https://schrts.co/MIppQBzZ
DEFI.NE – DeFi Technologies Inc.
DeFi Technologies is setting up for a potential base breakout.
LINK TO CHART – https://schrts.co/HzjCsGPu
DV.V – Dolly Varden Silver Corp.
Dolly Varden Silver continues to perform its bullish flag retest that was highlighted on Thursday.
LINK TO CHART – https://schrts.co/ieTNygRK
ECN.TO – ECN Capital Corp.
ECN Capital appears to be setting up near its 52-week high following the bottoming pattern breakout we have been highlighting.
LINK TO CHART – https://schrts.co/sTumacCa
FRU.TO – Freehold Royalties Ltd.
Freehold Royalties is currently exhibiting a potential bottoming pattern characterized by tight consolidation on the right side of the structure where a handle or flag formation appears to be developing. Notably, significant volume-by-price bars suggest substantial accumulation throughout this consolidation phase. Monitoring for breakout signals above the handle or flag, as well as horizontal resistance, could point to renewed bullish momentum.
LINK TO CHART – https://schrts.co/rpgNpVnn
GFL.TO – GFL Environmental Inc
GFL Environmentalis currently exhibiting a potential bullish flag pattern, characterized by a sharp upward movement followed by a period of consolidation. This formation often suggests a continuation of the prior uptrend. Monitoring for a breakout above the consolidation range could indicate renewed bullish momentum.
LINK TO CHART – https://schrts.co/nRfkQGkr
GLXY.TO – Galaxy Digital Holdings Ltd.
Galaxy Digital is currently exhibiting a potential bull flag pattern, characterized by a sharp upward movement followed by a period of consolidation. This formation often suggests a continuation of the prior uptrend. Monitoring for a breakout above the consolidation range could indicate renewed bullish momentum.
LINK TO CHART – https://schrts.co/YfRqcKRG
RAY/A.TO – Stingray Digital Group Inc.
Stingray Digital is currently attempting to break out from the right side of a significant multi-month consolidation area, positioned just below its 52-week high. This technical setup often precedes a potential breakout, as the stock consolidates gains and builds a foundation for future upward movement. Monitoring for increased volume and a decisive move above the previous high could signal the continuation of the uptrend.
LINK TO CHART – https://schrts.co/ZahIpaqw
TGH.V – Tornado Global Hydrovacs Ltd.
Tornado Global Hydrovacs appears to be setting up in the form of a potential bull flag continuation pattern. Note the significant volume bar on the left side of the chart, indicating strong buying or selling during the pattern formation. Monitor for a directional move.
LINK TO CHART – https://schrts.co/VahRGsbH
TPZ.TO – Topaz Energy Corp.
Topaz Energy is currently consolidating just below its 52-week high, indicating a potential continuation pattern. This formation often suggests a continuation of the prior uptrend. Monitoring for a breakout above the consolidation range could signal renewed upward momentum.
LINK TO CHART – https://schrts.co/NaEeKuRn
U/UN.TO – Sprott Physical Uranium Trust
The Sprott Physical Uranium Trust continues to form a potential continuation wedge on the weekly timeframe. This pattern is characterized by a narrowing range of consolidation, often suggesting the potential for a breakout in the direction of the prevailing trend. Monitoring price action and volume for confirmation of a breakout could offer further insights into its next potential move.
LINK TO CHART – https://schrts.co/zdMSpazP
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 – 2024-11-17
AA, AAON, ABCB, ABT, ACGL, ACVA, AEE, AEP, AFL, AFRM, AGNC, AGYS, AIZ, ALB, ALGN, ALL, ALTR, AM, AMP, ANF, ANY, AON, APD, APP, AR, ARCH, ARGT, ARKF, ASTL, ATGE, ATMU, ATO, AVB, AWI, AXS, BAC, BAP, BBAR, BBVA, BBY, BCPC, BCS, BCSF, BE, BEN, BGC, BIPC, BITF, BITO, BITQ, BITW, BJ, BK, BKNG, BKU, BLK, BLOK, BMA, BR, BRK/B, BRO, BRPHF, BRX, BTDR, BTSG, BWA, BX, C, CAN, CANG, CAVA, CB, CBOE, CCJ, CECO, CEIX, CENX, CF, CFG, CHD, CHH, CIA, CIFR, CINF, CL, CLMT, CLS, CLX, CME, CMS, CNA, CNP, COCO, COF, COIN, CORZ, CPRI, CRS, CTRA, CUK, CVCO, CVNA, CWAN, CYBN, CYBR, DAPP, DAVE, DB, DE, DEFTF, DFS, DGX, DIS, DLR, DTM, DUK, DVA, DXCM, DY, EAT, EDR, EFXT, EIX, EME, EMN, ENLC, EPD, EQR, ESEA, ET, ETR, EVRG, EXC, FCNCA, FDIG, FDX, FI, FIX, FLR, FLS, FNMA, FRT, FSV, FTAI, FTEL, FULT, GBTC, GCMG, GEO, GFL, GGAL, GL, GLRE, GPI, GS, GTES, GWW, HAFC, HAYW, HBAN, HBI, HD, HES, HESM, HIG, HIPO, HIVE, HLI, HNST, HOOD, HPQ, HQY, HSBC, HSIC, HUT, IBIT, IBKR, IDCC, IDE, IHI, INGN, IONQ, IP, IREN, ITT, ITW, JEF, JPM, KBE, KEY, KGS, KIM, KMB, KMI, KNTK, KRE, KRMD, KVUE, L, LFT, LFVN, LLYVA, LMB, LMAT, LMB, LMND, LNC, LNG, LNT, LOVE, LRN, LUNR, LUV, LYFT, MA, MAA, MARA, MDU, MDXG, MET, MO, MPLX, MS, MSTR, MTB, MTG, MUSA, NDAQ, NEE, NEOV, NGS, NI, NKE, NPO, NRG, NTRS, NWG, OFIX, OKE, OPK, PAM, PAY, PAYO, PCG, PEG, PFG, PG, PH, PIPR, PKG, PLBY, PLTR, PM, PNR, PNW, PPBI, PPC, PPL, PPTA, PRI, PRMW, PRU, PSA, PYPL, RBA, RBC, RDN, RDW, RF, RGA, RIOT, RJF, RKLB, ROOT, RS, RYAN, SBAC, SBFG, SCHW, SEG, SEI, SEM, SFM, SGHC, SKT, SKWD, SKYW, SLM, SNEX, SOFI, SPFI, SPG, SQ, SRE, SRUUF, STLD, STT, SUPV, SW, SYK, T, TBBB, TBBK, TBRG, TDS, TEO, TFC, TGS, TIPT, TJX, TKO, TOST, TPB, TPC, TRGP, TRUP, TRV, TSLA, TSN, TW, UAA, UAL, UBER, UEC, UNIT, UNM, UPS, UPST, UTI, V, VICI, VOYA, VST, VTRS, VZ, WEC, WELL, WES, WEYS, WFC, WGMI, WMB, WRB, WRBY, WT, WTFC, XEL, XLF, XLU, XOMA, XPEV, YPF, ZBH, ZIM, 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 – 2024-11-17
ABRA.V, ACO/X.TO, AD/UN.TO, ALA.TO, ALDE.V, AOI.TO, AP/UN.TO, BBU/UN.TO, BDGI.TO, BIP/UN.TO, BIPC.TO, BITF.TO, BMO.TO, BNS.TO, BPF/UN.TO, BRK.NE, BTB/UN.TO, BYD.TO, CCO.TO, CF.TO, CGX.TO, CHE/UN.TO, CHR.TO, CLS.TO, COV.V, CSH/UN.TO, CTC/A.TO, CU.TO, CVO.TO, CWB.TO, CYBN.NE, DBM.TO, DEFI.NE, DFN/PA.TO, DIS.NE, DML.TO, DOL.TO, DV.V, ECN.TO, ECOR.TO, EFX.TO, EIT/UN.TO, EMA.TO, EMP/A.TO, EMX.V, ERE/UN.TO, EXE.TO, FAP.TO, FC.TO, FDR.V, FFN.TO, FFN/PA.TO, FIH/U.TO, FIL.TO, FRU.TO, FSV.TO, FSZ.TO, GFL.TO, GIL.TO, GLO.TO, GLXY.TO, GOLD.TO, GWO.TO, H.TO, HISU.U.TO, HIVE.V, HLF.TO, HODL.CA, HTL.TO, HUT.TO, HWX.TO, IFOS.V, IMP.TO, ISO.TO, JAG.TO, JFS/UN.TO, JPM.NE, JWEL.TO, KEL.TO, KEY.TO, L.TO, LB.TO, LBS.TO, LI.V, LIFT.CA, LIFT.V, MCB.TO, MDP.TO, MFI.TO, MG.TO, MUX.TO, NA.TO, NKE.NE, NVA.TO, NVEI.TO, NXE.TO, OIII.V, PET.TO, PEY.TO, PIC/A.TO, PIF.TO, POW.TO, PPTA.TO, PRL.TO, PXT.TO, PYPL.NE, PZA.TO, QTRH.TO, RAY/A.TO, RBA.TO, RBX.V, RBY.TO, RUP.TO, RUS.TO, SGR/UN.TO, SGY.TO, SHLE.TO, SLS.TO, SRU/UN.TO, SU.TO, TGH.V, THNC.TO, TMQ.TO, TOT.TO, TPZ.TO, TRP.TO, TRUL.CA, TSLA.NE, TTNM.TO, U/U.TO, U/UN.TO, UBER.NE, URE.TO, VBNK.TO, WCN.TO, WN.TO, ZDC.V, ZEN.V