Sep 5, 2023
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5 Trade Ideas for Monday: Analog Devices, Broadcom, Fedex, Lilly and Prudential
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Analog Devices, Ticker: $ADI
Analog Devices, $ADI, comes into the week approaching support. It has a RSI dipping into the bearish zone with the MACD negative. Look for a break of support to participate…..
Broadcom, Ticker: $AVGO
Broadcom, $AVGO, comes into the week approaching support. It has a RSI in the bearish zone with the MACD negative. Look for ap drop through support to participate…..
Fedex, Ticker: $FDX
Fedex, $FDX, comes into the week possibly reversing higher. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participate…..
Lilly, Ticker: $LLY
Lilly, $LLY, comes into the week at support. It has a RSI in the bearish zone with the MACD negative. Look for a push through support to participate…..
Prudential, Ticker: $PRU
Prudential, $PRU, comes into the week reversing higher. It has a RSI at the midline with the MACD negative but curling up. 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 April options expiry in the books, equity markets finished the week black and blue after taking a beating.
Elsewhere look for Gold to continue its consolidation at all-time highs in the uptrend while Crude Oil pulls back in its uptrend. The US Dollar Index continues to drift to the upside while US Treasuries pullback in their downtrend. The Shanghai Composite looks to continue the consolidation in its short term uptrend while Emerging Markets drop in broad consolidation.
The Volatility Index looks to remain low but rising keeping the pressure on equity markets. Their charts look weak, especially on the shorter timeframe. On the longer timeframe both the QQQ and SPY remain above break out levels from the start of the year, not a problem yet. The IWM has fallen back into its long channel consolidation though a failed break out. These often lead to fast moves lower. Use this information as you prepare for the coming week and trad’em well.
5 Trade Ideas for Monday: Analog Devices, Broadcom, First Solar, Intuitive Surgical and Manitowoc
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Analog Devices, Ticker: $ADI
Analog Devices, $ADI, comes into the week pulling back to support. The RSI is dropping in the bullish zone with the MACD positive and falling. Look for a drop through support to participate…..
Broadcom, Ticker: $AVGO
Broadcom, $AVGO, comes into the week at support. It has a RSI in the bullish zone with the MACD positive. Look for a break of support to participate…..
First Solar, Ticker: $FSLR
First Solar, $FSLR, comes into the week stalling in a move higher. The RSI is dropping in the bullish zone with the MACD level and positive. Look for a drop to participate..
Intuitive Surgical, Ticker: $ISRG
Intuitive Surgical, $ISRG, comes into the week at support. It has a RSI in the bearish zone with the MACD negative. Look for a drop through support to participate…..
Manitowoc, Ticker: $MTW
Manitowoc, $MTW, comes into the week dropping from a high. It has a RSI falling with the MACD crossed down. 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 heading into March options expiration, saw equity markets register their worst week in months.
Elsewhere look for Gold to continue its move higher and possibly out of consolidation while Crude Oil consolidates in a tightening range. The US Dollar Index looks to continue in consolidation while US Treasuries rise in their consolidation. The Shanghai Composite looks to pause in its uptrend while Emerging Markets trend lower.
The Volatility Index is now slightly elevated and looks to move higher making the path more difficult for equity markets to the upside. Their charts look damaged on the shorter timeframe, with the IWM looking similar to capitulation. On the longer timeframe the QQQ is holding up the best but looks better to the downside with the SPY and IWM nearing a test of the December low. If that happens the young uptrends are in jeopardy. Use this information as you prepare for the coming week and trad’em well.
5 Trade Ideas for Monday: Analog Devices, Cincinnati Financial, Walt Disney, Nasdaq and Weyerhaeuser
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Analog Devices, Ticker: $ADI
Analog Devices, $ADI, bottomed in March and started higher into April. It continued to a top in early June and has been consolidating there since. The RSI is moving higher in the bullish zone with the MACD crossing higher. Look for a push over resistance to participate…..
Cincinnati Financial, Ticker: $CINF
Cincinnati Financial, $CINF, did not follow the broader market when it reversed higher in March. Instead the stock continued to move lower, making a bottom in May. Since then it has moved higher, and ended last week back near the June high. The RSI is rising and bullish with the MACD positive and moving up. Look for a push over resistance to participate…..
Walt Disney, Ticker: $DIS
Walt Disney, $DIS, tarted higher in March and continued to a top at the 200 day SMA in June. It pulled back from there and made a higher low at the end of the month before reversing higher. Now it is meeting resistance again with the RSI rising in the bullish zone and the MACD crossed up and moving higher. Look for a push over resistance to participate…..
Nasdaq, Ticker: $NDAQ
Nasdaq, $NDAQ, rapidly dropped through March but then nearly totally recovered within a month. It slowed the pace higher into June and then moved to a new high into July. It is consolidating now with the RSI in the bullish zone and the MACD crossed up and positive. Look for a push over resistance to participate…..
Weyerhaeuser, Ticker: $WY
Weyerhaeuser, $WY, ran to a low in March, giving up nearly 60% of the stock’s value. The rebound has been slower than the market but is continuing with the break out of a symmetrical triangle Friday. The RSI is rising in the bullish zone with the MACD crossing up. 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 heading into July Options Expiration sees the equity markets are showing renewed strength.
Elsewhere look for Gold to continue its uptrend while Crude Oil consolidates over support. The US Dollar Index continues to drift to the downside while US Treasuries possibly may be resuming their uptrend. The Shanghai Composite looks to continue the drive higher while Emerging Markets also move to the upside.
The Volatility Index looks to remain elevated, but moving lower, making the path easier for equity markets to the upside. Their charts look strong on both timeframes with the exception of the small caps. The QQQ is leading the charge on both timeframes as it seems to set new all-time highs every day. The SPY had a strong finish to the week and looks ready to break higher as well. The IWM however remains stuck in consolidation on both timeframes. Use this information as you prepare for the coming week and trad’em well.
5 Trade Ideas for Monday: Analog Devices, AGCO, JD, LPL and Voya
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Analog Devices, Ticker: $ADI
Analog Devices, $ADI, rose out of a double bottom in January, meeting resistance at the end of April. It pulled back to the 200 day SMA from there before reversing back to resistance. After a shallow pullback it is moving back to resistance again. Look for a new high to participate…..
AGCO, Ticker: $AGCO
AGCO, $AGCO, started higher in December, confirming a double bottom in early January. It continued higher until meeting resistance at the beginning of May and pulling back. It started higher again in June, stalling at a higher high and pulling back into July. Friday saw it start back higher with the RSI rising in the bullish zone and the MACD positive and moving higher. Look for a push over resistance to participate…..
JD.com, Ticker: $JD
JD.com, $JD, rounded out of a downtrend and started higher in January. It met resistance at the start of April and pulled back to the 200 day SMA where it found support. it reversed from there and is now testing resistance. The RSI is rising in the bullish zone with the MACD avoiding a cross down. Look for a push through resistance to participate…..
LPL Financial, Ticker: $LPLA
LPL Financial, $LPLA, took two steps up off of a year-end low to the current resistance level. 3 weeks ago it retested the gap up from early May and held, leading to the current run higher. The RSI is rising into the bullish zone with the MACD positive and moving higher. Look for a push over resistance to participate…..
Voya Financial, Ticker: $VOYA
Voya Financial, $VOYA, started higher in December and continued to a top in April. It pulled back slightly from there and nearly touched the 100 day SMA when it bounced. Now it has made a higher high and is in consolidation. The RSI is holding in the bullish zone with the MACD flat but positive. Look for a break 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 July Options Expiration sees the equity markets gaining strength with the SPY and QQQ strong and at record highs.
Elsewhere look for Gold to continue to pause in its uptrend while Crude Oil advances higher. The US Dollar Index continues to move sideways in a broad range while US Treasuries pullback in their uptrend. The Shanghai Composite looks to have reversed lower while Emerging Markets may be pausing or shifting to consolidation.
Volatility looks to remain very low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The SPY and QQQ are playing along with record highs and showing strength. The IWM, while not showing weakness, remains stuck in the range it has been in since February. Use this information as you prepare for the coming week and trad’em well.