5 Trade Ideas for Monday: Alcoa, CrowdStrike, DataDog, JB Hunt and PayPal
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Alcoa, $AA, comes into the week bottoming into a possible reversal. It has an RSI deep in the bearish zone and a MACD negative. Look for continuation higher to participate…
CrowdStrike, $CRWD, comes into the week at resistance. It has an RSI steady in the bullish zone with the MACD positive. Look for an extension from resistance higher to participate…
Datadog, $DDOG, comes into the week at resistance. It has an RSI rising in the bullish zone and a MACD positive. Look for a continuation above resistance to participate…
JB Hunt Transportation, $JBHT, comes into the week rounding up out of a pullback. It has an RSI in the bullish zone and a MACD positive. Look for continuation to participate…
PayPal, $PYPL, comes into the week breaking resistance. It has an RSI approaching the bullish zone with the MACD negative. 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 just 2 trading days left in the month of June, saw equity markets settling into a consolidation zone for the large caps as money rotates into the flying small caps.
Elsewhere, look for Gold to continue a short term downtrend while Crude Oil joins with its own short term downtrend. The US Dollar Index looks to continue higher testing a break of the 15 month range and morphing into an uptrend while US Treasuries continue to hold over support in consolidation. The Shanghai Composite looks to continue the consolidation in a slow drifting range higher while Emerging Markets pause after a long run of new highs in their uptrend.
The Volatility Index looks to continue in the normal zone keeping at least a slight tailwind behind equities. The charts of the SPY, the QQQ and the IWM continue to look strong on the longer timeframe with the IWM leading and the SPY and QQQ consolidating. On the shorter timeframe the SPY and the QQQ still have some work left in the short term bounce to prove the pullback is over. Making a new all-time high with higher momentum readings would solidify that. The IWM, however, is looking strong, after a new all-time high both Thursday and Friday. Use this information as you prepare for the coming week and trad’em well.
