5 Trade Ideas for Monday: Conagra, Cigna, Cleveland-Cliffs, McKesson and Switch
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Conagra, Ticker: $CAG
Conagra, $CAG, comes into the week reversing from a top. It has a RSI falling out of overbought with the MACD leveling. Look for continuation to participate…..
Cigna, Ticker: $CI
Cigna, $CI, comes into the week pulling back from a top. It has as RSI dropping in the bullish zone with the MACD about to cross down. Look for continuation to participate…..
Cleveland-Cliffs, Ticker: $CLF
Cleveland-Cliffs, $CLF, comes into the week breaking a flag lower. The RSI is dropping through the midline with the MACD falling. Look for continuation to participate…..
McKesson, Ticker: $MCK
McKesson, $MCK, comes into the week pulling back from an all-time high. The RSI is also falling out of overbought territory with the MACD crossed down. Look for continuation to participate…..
Switch, Ticker: $SWCH
Switch, $SWCH, comes into the week dropping out of a channel. The RSI is falling at the midline with the MACD dropping. 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 1st Quarter earnings reports starting to pick up, saw equity markets starting to turn ugly.
Elsewhere look for Gold to consolidate in its uptrend while Crude Oil consolidates its move higher. The US Dollar Index continues to trend to the upside while US Treasuries trend lower. The Shanghai Composite looks to continue to move lower along with Emerging Markets. The Volatility Index looks to remain elevated and possibly moving higher still making the path harder for equity markets to the upside.
Their charts look weak, especially on the shorter timeframe with the SPY, IWM and QQQ all closing at 5 week lows after two consecutive days of large moves lower. On the longer timeframe both the QQQ and SPY are also starting to look like the path lower is the easier route, while the IWM remains in the lower range. Use this information as you prepare for the coming week and trad’em well.
