5 Trade Ideas for Monday: Sinclair, J&J, Lockheed, Topgolf and Matador
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
HF Sinclair, $DINO, comes into the week pushing over resistance. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participate…
Johnson & Johnson, $JNJ, comes into the week moving over prior resistance. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participate…
Lockheed Martin, $LMT, comes into the week rounding up out of a bottom. It has a RSI rising in the bearish zone with the MACD curling to cross up. Look for continuation to participate…
Topgolf Callaway, $MODG, comes into the week breaking resistance. It has a RSI in the bullish zone and a MACD positive. Look for continuation to participate…
Matador Resources, $MTDR, comes into the week rounding up from a long pullback. It has a RSI rising and a MACD climbing. Look for continuation to participate…
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After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which with the November Options Expiration and Government Shutdown in the rearview mirror, saw equity markets showing continued jitters, falling in a week with Fed speak and no Government data.
Elsewhere, look for Gold to continue the uptrend with some short term consolidation while Crude Oil holds lower in consolidation. The US Dollar Index continues the short term drift to the downside, as it tries to round out a bottom, while US Treasuries continue in consolidation, putting at risk of an intermediate term reversal higher. The Shanghai Composite looks to continue the uptrend at 10 year highs while Emerging Markets stall in their uptrend pulling back from 4 year highs.
The Volatility Index looks to continue to inch up in the normal zone stalling the equity moves higher and setting them back. The charts of the SPY, the IWM and the QQQ remain strong on the longer timeframe but with some risk of a correction through time. On the shorter timeframe the SPY and QQQ have reset from the all-time highs to the 50 day SMA and are a risk for further downside, while the IWM looks most vulnerable to more downside. Use this information as you prepare for the coming week and trad’em well.