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SYS Daily Report – Weekend Edition
Volatility Returns: Dow Slides, Oil Rallies, and TSX Logs Its Best Week Since September
Major U.S. Indexes End Lower on the Week Amid Renewed Tariff Fears and Fed Tensions
It was a volatile, holiday-shortened week on Wall Street as investors weighed rising geopolitical tensions, disappointing healthcare earnings, and mounting trade war concerns. President Donald Trump’s renewed attacks on Fed Chair Jerome Powell added to the unease, declaring that Powell’s “termination cannot come fast enough” and accusing him of being too slow to respond with rate cuts amid tariff-driven economic pressure. The remarks fueled speculation that former Fed Governor Kevin Warsh could be positioned as a potential replacement ahead of Powell’s scheduled term end in May 2026.
The Red-Light/Green-Light Breadth System
The breadth system remains in yellow-light territory, though it is beginning to show signs of a potential bullish cross that could shift conditions to a green-light. While several major indexes continue to hold above their early April lows, the absence of a decisive follow-through day keeps the outlook cautious. Market internals remain mixed, with advancers and decliners nearly balanced, and rally participation has narrowed as defensive sectors continue to outperform cyclicals.
Dow Jones Industrial Average – Daily Chart
The Dow Jones Industrial Average suffered a sharp weekly decline of 2.7%, closing 527 points lower on Thursday alone for a daily loss of 1.3%. This marked the first time in history that the Dow fell more than 1% on a day when the S&P 500 closed higher. Weakness in UnitedHealth—down over 20%—was a major drag, and broader Dow components are struggling to maintain traction. The breakdown below support puts the index in a technically precarious position heading into next week.
S&P 500 – Daily Chart
The S&P 500 managed to close slightly higher on Thursday, capping a weekly loss of 1.5%. Price action continues to show hesitation near resistance levels, including the 21-day moving average. While there’s no decisive breakdown, the index remains vulnerable to further weakness unless buyers regain control with broader leadership and volume confirmation.
Nasdaq – Daily Chart
The Nasdaq Composite ended the week down 2.6%, failing to reclaim recent resistance despite a modest rebound attempt. Most of the Magnificent Seven stocks were lower, and while names like Netflix and Palantir showed relative strength, overall participation in tech remains weak. A sustained move above horizontal resistance would be needed to signal a shift in tone.
Russell 2000 (ETF) – Daily Chart
The Russell 2000 was the outlier, rising 0.9% on Thursday and 1.1% for the week. Small caps are attempting to base near support or at the underside of horizontal resistance while early signs of relative strength are emerging. Still, this remains a risky area of the market, and confirmation via expanding breadth and volume would be required before declaring a shift in sentiment.
10-Year US Treasury Yield
Yields rebounded on Thursday, rising to 4.33%, but still ended the week lower by nearly 17 basis points, reflecting continued safe-haven demand amid rising market uncertainty. While yields remain well below recent highs, any signs of economic softness or further escalation in tariff-related tensions could put additional downward pressure on rates—provided China does not accelerate its selling of U.S. bonds, which remains a key wildcard.
US Dollar – Monthly Chart
The U.S. dollar stabilized slightly to end the week but remains under pressure, having fallen in six of the past seven sessions. The recent pullback has supported commodities such as oil and gold, and continued weakness could serve as a tailwind for inflation-sensitive assets. A breakdown further below the recent support zone would likely accelerate that trend.
Crude Oil – Weekly Chart
Crude prices posted strong gains after two weeks of losses, supported by weakening dollar dynamics, stricter U.S. sanctions on Iranian oil exports, and renewed trade optimism. West Texas Intermediate (WTI) crude surged 3.17% on Thursday to settle at $64.45 a barrel, resulting in a 4.8% gain on the week. Brent crude also rallied 4.9% weekly, ending at $67.68. Energy-related ETFs rallied in response, with the Energy Select SPDR ETF (XLE) rising 2.26%.
Oil markets were further buoyed by OPEC+ revising its output compensation plans and a temporary easing of trade tensions. However, both OPEC and the International Energy Agency (IEA) cut their 2025 demand growth forecasts, echoing a similar downgrade last week from the U.S. EIA, cautioning against overly optimistic supply-demand expectations.
TSX – Daily Chart
North of the border, the TSX Composite Index posted its biggest weekly gain since September, rising 2.6% over the four-day week and closing Thursday at 24,192.81, up 0.4% on the day. The Canadian benchmark has now advanced for five straight sessions and is at its highest level since April 3.
The rally was driven largely by strength in the energy sector, which climbed 2.2% as crude oil surged. Interest rate-sensitive sectors such as utilities and real estate also gained 0.7% and 1.1% respectively, while consumer staples added 1%, eclipsing the sector’s record close from earlier this month.
Bausch Health Companies (BHC.TO) soared 13.3% after Fitch Ratings upgraded its issuer default rating. Conversely, the materials group, which includes metal mining stocks, dragged the index down slightly with a 1.4% loss, as gold prices pulled back from record highs. The Bank of Canada held interest rates steady this week, though expectations remain high for future cuts in the months ahead.
Copper – Weekly Chart
Copper showed signs of strength, trading near a two-week high as investors speculated on supply disruptions and reflation themes. However, upside momentum has not been fully confirmed. Price action is hovering around prior resistance, and a clean breakout would be necessary to support the bullish case.
Gold – Daily Chart
Gold pulled back modestly from record highs but remains technically firm. While short-term consolidation is normal after a sharp rally, continued geopolitical risk and rate expectations remain supportive. The trend remains up, and a resumption of strength above recent highs would confirm the bullish continuation.
Silver – Weekly Chart
Silver also consolidated on Thursday, following a strong week, benefiting from its dual role as both a monetary and industrial metal. The trend remains constructive above rising moving averages, and a close above the recent breakout level could reassert upside pressure in the near term. However, if gold continues to consolidate downward above its upward-sloping moving averages, silver could be at risk, as there is a potential pocket of air down to horizontal support or the 200-day moving average.
Uranium Theme – Global X Uranium ETF
The Global X Uranium ETF (URA) is consolidating near the upper end of its multi-month range, suggesting the uranium theme may be re-emerging. Renewed interest in the space followed Energy Fuels’ (UUUU) announcement detailing plans to significantly expand rare earth oxide production at its White Mesa Mill in Utah. A breakout above current resistance could reignite upside momentum, particularly as national security concerns elevate the importance of domestic critical mineral supply chains. Names in the sector also saw bullish options activity today and are featured in the daily setups section of this report.
In a significant domestic development, Energy Fuels Inc. (UUUU, EFR.TO) announced its ability to produce six of the seven rare earth oxides currently under Chinese export controls. With the backing of U.S. government policy under a new Section 232 Executive Order, the company said its White Mesa Mill in Utah is capable of scaling production of critical materials like samarium, gadolinium, dysprosium, terbium, lutetium, and yttrium—a strategic move as the U.S. seeks to reduce reliance on Chinese supplies.
Energy Fuels also aims to process up to 60,000 tonnes of monazite per year, a significant leap from the current 10,000-tonne capacity. If realized, the company projects large-scale output across multiple rare earth categories, potentially reshaping domestic critical mineral supply chains. Shares of Energy Fuels are likely to remain in focus as the geopolitical backdrop evolves.
LINK TO CHART – https://schrts.co/yyWwbYtf
Bitcoin – Daily Chart
Bitcoin remains in a tight range near the psychological $87,500 mark, which appears to be approximately the next upside trigger line, with real resistance sitting around $95,000. While recent volatility has been subdued, price action is coiling near a potential breakout zone. Watch closely for signs of upward expansion, especially as risk appetite and inflation narratives fluctuate. A decisive move could mark the next major leg higher.
Proceed with Caution as Uncertainty Looms
Despite isolated strength in energy, uranium, and select technology names, the broader market remains fragile. This week’s uneven performance reflects lingering concerns over Federal Reserve policy, tariff escalation, and weaker corporate guidance. The fact that major U.S. indexes continue to trade below their 21-day exponential moving averages underscores the lack of conviction behind recent bounces. Importantly, there will need to be a follow-through day that clears those levels to confirm upward momentum. Until then, the market remains vulnerable to headline-driven volatility.
With such volatility still dominating, investors may want to stay cautious, keeping exposure limited while focusing watchlists on high-quality stocks showing relative strength.
Markets resume trading Monday following the Good Friday holiday, and with earnings season gaining momentum alongside heightened geopolitical tensions, the potential for elevated volatility remains high. Traders should be prepared for sharp moves in either direction.
“Your job is to find trades with favorable risk/reward—not to be right all the time.” – Mark Minervini
Now, onto the daily setups.
US Daily Setups
BTDR – Bitdeer Technologies Group
Keep an eye on Bitdeer as price action tests the lower trendline of its wedge and a key horizontal support level. This area becomes especially important if Bitcoin starts to break out. If support fails to hold, it could indicate that any potential upside momentum may be paused for the time being.
LINK TO CHART – https://schrts.co/vCKSAhjj
DNN – Denison Mines Corp.
Denison Mines experienced bullish call option activity as price action pushes up against horizontal resistance. Monitor for any potential breakout signals as interest builds around this key level.
LINK TO CHART – https://schrts.co/MWCaZwuy
GRND – Grindr Inc.
Grindr appears to be starting to push to a new 52-week high from its recent consolidation area. Monitor for the potential continuation of upside momentum as the move unfolds.
LINK TO CHART – https://schrts.co/dyaSJeUm
HUT – Hut 8 Mining Corp.
Watch HUT 8 for any signs of upside momentum if Bitcoin price action starts to break out.
LINK TO CHART – https://schrts.co/ayzXyYwV
IBIT – iShares Bitcoin Trust Beneficial Interest
The iShares Bitcoin ETF appears to be setting up for a potential continuation. Monitor for any signs of upside momentum as the structure develops.
LINK TO CHART – https://schrts.co/BSFXIiyB
TATT – TAT Technologies Ltd.
TAT Technologies is breaking out from the recently highlighted continuation pattern. Monitor for the potential continuation of upside momentum as the move gains traction.
LINK TO CHART – https://schrts.co/rWsswtAz
TIGO – Millicom Intl Cellular S.A.
Millicom Intl Cellular is now breaking out from the setup we’ve been monitoring. Watch for the potential continuation of upside momentum as the move unfolds.
LINK TO CHART – https://schrts.co/baWwbskx
UBER – Uber Technologies, Inc.
Uber appears to be setting up on the right side of a significant multi-month consolidation pattern located below its all-time high. Monitor for any signs of upside momentum that may lead to a potential breakout from the structure.
LINK TO CHART – https://schrts.co/jkcKfTju
UEC – Uranium Energy Corp.
Uranium Energy is experiencing bullish call option activity today as price action pushes up against the underside of a horizontal resistance line. Monitor for any potential breakout signals as interest builds at this key level.
LINK TO CHART – https://schrts.co/JczKiQCk
UUUU – Energy Fuels Inc.
Energy Fuels was highlighted in Tuesday’s Unusual Activity Report following bullish call option activity. Today, price action is accelerating higher from its bottoming pattern, with additional bullish call option activity bringing the stock back into the report. Monitor to see if price action can start breaking above the horizontal resistance level, which could suggest the potential for continued strength.
LINK TO CHART – https://schrts.co/XkzKtzQi
Canadian Daily Setups
DML.TO – Denison Mines Corp.
Denison Mines experienced bullish call option activity as price action pushes up against horizontal resistance. Monitor for any potential breakout signals as interest builds around this key level.
LINK TO CHART – https://schrts.co/MxQrKPpp
EFR.TO – Energy Fuels, Inc.
Energy Fuels was highlighted in Tuesday’s Unusual Activity Report following bullish call option activity. Today, price action is accelerating higher from its bottoming pattern, with additional bullish call option activity bringing the stock back into the report. Monitor to see if price action can start breaking above the horizontal resistance level, which could suggest the potential for continued strength.
LINK TO CHART – https://schrts.co/Mqewpuzr
NURS.V – Hydreight Technologies Inc.
The Hydreight Technologies setup continues to experience upside momentum following its recent breakout from the rounded bottom we highlighted. Monitor for signs of continuation as price action pushes toward recent highs.
LINK TO CHART – https://schrts.co/yEauZgQk
SRU/UN.TO – Smart Real Estate Investment Trust
Smart REIT continues to set up just below a potential breakout line. Monitor for any signs of upside momentum that could lead to a move through resistance.
LINK TO CHART – https://schrts.co/QeaYnGee
TUNG.CA – American Tungsten Corp.
American Tungsten is showing up on scan results for the second consecutive day, suggesting growing interest. Monitor for any signs of a developing setup or potential momentum shift.
LINK TO CHART – https://schrts.co/NnJbNBPA
ZDC.V – Zedcor Inc.
Zedcor continues to act well in this volatile market, showing resilience relative to broader weakness. Monitor for signs of continued strength as the setup holds its structure.
LINK TO CHART – https://schrts.co/WkEwsiQJ
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
(Stocks are sorted to highlight those with the strongest momentum at the time of the scan)
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 – 2025-04-17
QURE, TLSA, PRTG, VSTM, TATT, OVBC, LUCD, MVST, NUKK, CURI, NUTX, DLTR, MFH, EPSN, SMMT, VLN, NEON, SPCB, HYMC, RGLS, TMC, HRTG, DAN, SJT, TIGO, MPTI, NRP, XNET, PHX, WHG, FRAF, MSB, PLSE, ICAD, REAL, NEXT, SEZL, YALA, IONQ, IRS, SNT, VEON, ASND, CLS, EVER, AMLX, FUBO, DG, ANGPY, HDB, IBN, URBN, ODD, ARQQ, STNE, CRESY, EWW, PAC, SGI, GRND, NPCE, CRNC, KEN, SIEB, KLG, DHT, NAGE, SRRK, OMAB, KR, GGAL, NIC, CCRD, ABEV, FE, UBER, GEL, ERIC, KVUE, ALLT, XYF, HNRG, SONY, COST, LLYVA, CL, USM, DXD, ACI, ATYR, ASPI, CSLR, PAM, COCO, PUK, SNWV, DAVE, ACHR, PG, SGHC, FNMA, FRHC, LBRDA, SLRC, CHD, AER, CCI, JNJ, FPH, BJ, CAKE, NEXN, PERI, SMPL, ECBK, KMB, WMT, SII, GLNG, CART, PARA, AMT, SDGR, GEO, XLP, DFS, MAA, LBRDK, PTCT, BBW, EAT, SPNT, WMK, LB, REG, BYRN, ARGT, BSAC, GME, SBS, FDP, FEIM, SPOT, CNM, BRBS, ORLY, RELX, DPG, LFT, KT, MEGI, TBT, AROC, EPD, AM, GRAL, SE, BHF, NWE, EA, ETON, O, KO, EXFY, CNK, YPF, DNOW, OLLI, OTIS, WSO, ENB, MSTR, TGS, CVCO, UNFI, INVH, LNG, CSV, VIRT, CCU, ACT, MELI, PM, AEP, LMB, YOU, AEVA, TPL, EXE, BRBR, CCB, FCPT, AGRO, EXC, CCEP, EPR, CELH, PBA, TXNM, GPOR, LKQ, KYN, DXPE, MO, DRS, SKT, VICI, VOD, CPK, SBAC, XEL, SO, ARGT, DTM, ARLP, ADC, CHEF, FAST, LYV, ROL, EVRG, PRMB, PRMW, SJM, CHWY, MMYT, ZTR, ARIS, AWK, CDTX, NTES, TRV, CWT, HRL, ESQ, RGR, SUPV, MRX, RUSHB, SNEX, TEO, BTI, SKWD, PPC, RPRX, MDLZ, ROOT, ETR, ITUB, PPL, USAC, MBOT, TDUP, BMA, EBAY, TBLD, DUK, DRI, NFLX, CXW, BERY, FMCC, NVS, DTE, LNSR, COKE, FTS, MT, PLTR, JEQ, WELL, EQH, CWEN, IDA, MOS, PNW, AZEK, BCS, TRGP, UVE, GENI, CSGS, CWEN/A, UGI, TRP, VRNA, PTGX, RBLX, DBX, TJX, VGK, CMS, CNP, DASH, IFS, XLU, JPM, CVNA, HSBC, ABT, VZ, SILA, DPZ, INFL, AHR, WEC, BOW, ICL, TRI, VSTA, LIN, TMUS, BBD, CTVA, TSN, ULS, BROS, OGE, NGG, TDS, BITO, JBL, NI, TPB, CSGP, TKO, NWS, KDP, RBA, WBA, BLX, EZPW, COR, DOCS, MUSA, LNTH, ATO, MNST, BNTC, BCH, MA, OGS, PCRX, XERS, BKNG, GBTC, MCD, MPLX, OHI, DCTH, FBTC, NTB, AEE, GILT, NWG, VRTX, IDT, IGIC, LARK, RYTM, TTWO, DERM, PAYC, IBIT, BECN, TBF, WMB, NHI, STN, CASY, SAN, ED, NOK, SCHW, AVA, HYG, SYBT, WM, DB, KMI, DGICA, HIG, FNF, III, NOC, ALC, MRCY, RVSB, CTAS, WRB, GAMB, YMM, DBA, ING, SWX, T, FICO, RLI, EW, FYBR, LANV, MGIC, SFM, APEI, CME, VTR, EMHY, HAFC, KNSL, SRAD, CPRT, PEG, ARQT, BKLN, ADMA, UNCY, BBVA, BRK/B, EHC, HWKN, MCK, SSNC, CM, ORI, ACNT, ESGR, CRK, LRN, VRSN, CWST, ESLT, TGTX, NFG, VRSK, CAH, EQT, LTH, BR, SAND, CI, BBAR, IIIV, POST, VICR, THG, GRPN, HCI, BBSI, EVRI, L, TLN, MDU, EXEL, IBM, K, NGVC, PAY, SR, TDG, AFL, SLNO, BBIO, FTNT, BFC, DUOL, BOXX, HRB, ANIP
Canadian Scanner Results
(Stocks are sorted to highlight those with the strongest momentum at the time of the scan)
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 – 2025-04-17
NURS.V, TUNG.CA, AMX.V, BHC.TO, KLD.V, EFR.TO, MDNA.TO, JOY.TO, OGD.TO, SOIL.TO, KNG.V, ELE.V, NOU.TO, NOU.V, NDM.TO, BTE.TO, BA.NE, IPCO.TO, CLS.TO, ORE.TO, NKE.NE, HR/UN.TO, GFR.TO, CVE.TO, DRX.TO, POU.TO, UBER.NE, PHX.TO, BRAG.TO, PXT.TO, AII.TO, CGX.TO, DRT.TO, PEY.TO, SXGC.V, LNR.TO, BIR.TO, PD.TO, FTT.TO, COST.NE, COST.TO, ARX.TO, BEPC.TO, BLM.V, VRN.TO, VLE.TO, IMO.TO, AQN.TO, IFOS.V, RBX.V, OVV.TO, GS.NE, SAP.TO, MFI.TO, AAV.TO, GMX.TO, H.TO, LUG.TO, PRL.TO, PRL/R.TO, QBR/B.TO, KEG/UN.TO, PSI.TO, ASTL.TO, HIVE.V, CP.TO, BLX.TO, LMN.V, SII.TO, SPB.TO, DND.TO, DIV.TO, TIXT.TO, BOS.TO, PNG.V, PBH.TO, ENS.TO, FORA.TO, BN.TO, SRU/UN.TO, PET.TO, TCL/A.TO, ENB.TO, QSR.TO, LBS.TO, BNT.TO, III.TO, T.TO, U/U.TO, NFLX.NE, ATS.TO, CGO.TO, BTB/UN.TO, CU.TO, PTK.V, EMP/A.TO, ECN.TO, EMA.TO, ACO/X.TO, TOU.TO, LSPD.TO, DSV.TO, ILLM.TO, NFI.TO, FCD/UN.TO, WN.TO, TRP.TO, FTS.TO, MRU.TO, EFN.TO, BITF.TO, NWC.TO, ERE/UN.TO, IFC.TO, BBUC.TO, EIF.TO, TRI.TO, REAL.TO, DFY.TO, CHP/UN.TO, RBA.TO, LB.TO, ATZ.TO, TA.TO, ZEN.V, CRR/UN.TO, NWH/UN.TO, AMRQ.V, EFX.TO, RSI.TO, CIG.TO, CIGI.TO, ESI.TO, CNR.TO, MX.TO, AI.TO, KEY.TO, STN.TO, NPI.TO, WCN.TO, BOIL.CA, BPF/UN.TO, IIP/UN.TO, ARTG.V, AGF/B.TO, TD.TO, WTE.TO, DE.V, L.TO, CM.TO, EXE.TO, SES.TO, CRT/UN.TO, EIT/UN.TO, CIX.TO
