5 Trade Ideas for Monday: BorgWarner, CBOE, Costco, Envista and Oshkosh
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
BorgWarner, $BWA, comes into the week breaking to a new 14 month high. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participate…
Cboe Global Markets, $CBOE, 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…
Costco, $COST, comes into the week rounding out of a pullback. It has a RSI rising at the midline with the MACD crossed up. Look for continuation to participate…
Envista, $NVST, 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…
Oshkosh, $OSK, 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 another big week in earnings season, saw equity markets looking rattled following a 2 day move lower.
Elsewhere, look for Gold to continue to consolidate in its uptrend while Crude Oil drifts in consolidation. The US Dollar Index continues the intermediate term move to the downside near 3 year lows while US Treasuries continue to consolidate in their downtrend. The Shanghai Composite looks to consolidate the move to the top of the broad consolidation area while Emerging Markets see their short term uptrend threatened.
The Volatility Index looks to continue to rise just above normal levels making life more difficult for equity markets to the upside and threatening a pullback. The charts of the SPY and QQQ are breaking their short term moving averages for the first time since late April and look ripe for more downside. The IWM is slightly weaker as it drops below its 50 day SMA. Use this information as you prepare for the coming week and trad’em well.