5 Trade Ideas for Monday: CME, Dunkin’ Brands, FedEx, Norfolk Southern, Rockwell Automation
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
CME, Ticker: $CME
CME, $CME, fell through support in March and found a bottom one week later. Since then it has made 2 moves higher and is at resistance. The RSI is rising toward the bullish zone with the MACD positive and moving higher. Look for a push over resistance to participate…..
Dunkin’ Brands, Ticker: $DNKN
Dunkin’ Brands, $DNKN, started to move lower in February. It accelerated into March and found a bottom in the middle of the month. Since then it has been trending higher and is at resistance. The RSI is rising into the bullish zone with the MACD about to turn positive. Look for a push over resistance to participate…..
FedEx, Ticker: $FDX
FedEx, $FDX, fell fast out of a long consolidation in late February. It found support mid-March and reversed. It comes into the week at resistance and with the RSI rising off of the mid line and the MACD about to turn positive. Look for a push over resistance to participate…..
Norfolk Southern, Ticker: $NSC
Norfolk Southern, $NSC, peaked in January after a gap up and then started to slowly turn lower. It accelerated at the end of February and made a bottom in mid-March. Since then it has been rising and is at resistance short of filling a gap. The RSI is rising into the bullish zone with the MACD about to turn positive. Look for a break over resistance to participate…..
Rockwell Automation, Ticker: $ROK
Rockwell Automation, $ROK, started lower in late February and found support in the middle of March. It has moved higher since and is now at resistance and the 50 day SMA. The RSI is rising toward the bullish zone with the MACD about to turn 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 with the April options expiration complete sees equity markets continuing to show signs of recovery.
Elsewhere look for Gold to continue its pullback in the uptrend while Crude Oil consolidates in the down trend. The US Dollar Index continues to tighten its range while US Treasuries consolidate in their uptrend. The Shanghai Composite remains in broad consolidation while Emerging Markets continue their short term move higher.
The Volatility Index looks to continue to drift lower but at a high level making the path easier for equity markets to the upside. Their charts show the SPY and QQQ taking advantage of that and moving higher, showing strength especially on the longer timeframe. The IWM however looks like it needs to catch its breath and is pausing. Use this information as you prepare for the coming week and trad’em well.
