5 Trade Ideas for Monday: AmerisourceBergen, Adobe, Ally Financial, Air Products and McKesson
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
AmerisourceBergen, Ticker: $ABC
AmerisourceBergen, $ABC, has moved up against higher lows since March. It is now in consolidation under resistance with the RSI holding over the mid line and the MACD flat and positive. Look for a push over resistance to participate…..
Adobe, Ticker: $ADBE
Adobe, $ADBE, touched a low in March and started to move higher. It continued to a top in July before falling into the current consolidation. The RSI is holding in the bullish zone but moving lower with the MACD level and positive. Look for a break of consolidation to participate…..
Ally Financial, Ticker: $ALLY
Ally Financial, $ALLY, consolidated for nearly 3 months after making a bottom in March. It then moved higher to a top in June. Since then it has consolidated with the RSI now rising into the bullish zone and the MACD slowly rising and bullish. Look for a break above resistance to participate…..
Air Products and Chemicals, Ticker: $APD
Air Products and Chemicals, $APD, started higher in March. It paused and retraced in June before another leg higher found resistance at the end of July. It has since rounded lower and is starting to move up again. The RSI is turning up as well with the MACD level and positive. Look for continuation higher to participate…..
McKesson, Ticker: $MCK
McKesson, $MCK, started higher in March and met resistance early in June. this was short of the prior top. It pulled back to the 200 day SMA and consolidated before a bounce higher. Now it is at resistance with the RSI rising towards the bullish zone and the MACD crossing up and 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 August options expiration, sees equity markets hit a speed bump and have stalled.
Elsewhere look for Gold to continue to consolidate the uptrend while Crude Oil slowly rises in consolidation. The US Dollar Index marks time as it digests the recent drop while US Treasuries pullback in their uptrend. The Shanghai Composite looks to continue to consolidate in its uptrend while Emerging Markets pause over resistance in their own move higher.
The Volatility Index looks to continue the slow creep lower making the path easier for equity markets to the upside. Their charts look strong on the longer timeframe, but with some indecision candles this week suggesting a pause or digestion possible. On the shorter timeframe the IWM, QQQ and SPY look to be in consolidation mode for the time being. Use this information as you prepare for the coming week and trad’em well.
