5 Trade Ideas for Monday: APA, Fidelity National, Fastly, Intercontinental Exchange and Ring
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
APA, $APA, comes into the week approaching resistance at a nearly 2 year high. It has RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…
Fidelity National Information Services, $FIS, comes into the week at resistance in a recovery. It has a RSI at the midline with the MACD rising. Look for a push over resistance to participate…
Fastly, $FSLY, comes into the week consolidating under resistance. It has a RSI in the bullish zone and a MACD positive. Look for a push over resistance to participate…
Intercontinental Exchange, $ICE, comes into the week at resistance. It has a RSI moving into the bullish zone with the MACD positive. Look for a push over resistance to participate…
Ringcentral, $RNG, comes into the week at resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance 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 heading into the second week of the military operations against Iran, saw equity markets succumbing to the combination of global unrest and uncertainty about the future of further rate cuts.
Elsewhere, look for Gold to continue to consolidate between $5000 and $5240 digesting the long move up while Crude Oil continues higher in a new uptrend. The US Dollar Index looks to continue to show some strength but hold under resistance in consolidation while US Treasuries hold in the upper end of the consolidation zone. The Shanghai Composite looks to continue consolidation in the uptrend while Emerging Markets pullback in their uptrend.
The Volatility Index looks to continue in elevated territory putting pressure on equities. The charts of the SPY and the QQQ remain strong on the longer timeframe with a slight pullback in consolidation while the IWM is starting to roll lower. On the shorter timeframe the SPY and the QQQ remain in consolidation ranges with negative momentum divergences pushing short term moves lower. The IWM looks to have lost support and is at risk for a move lower. Use this information as you prepare for the coming week and trad’em well.