#$exas

5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:

Affirm, Ticker: $AFRM

Affirm, $AFRM, comes into the week approaching resistance. It has a RSI rising in the bullish zone with the MACD crossing up and positive. Look for a push over resistance to participate…

Amgen, Ticker: $AMGN

Amgen, $AMGN, comes into the week rounding out of a pullback. IT has a RSI rising through the midline with the MACD crossing up. Look for continuation to participate…

Abercrombie & Fitch, Ticker: $ANF

Abercrombie & Fitch, $ANF, comes into the week approaching resistance. It has a RSI near the bullish zone with the MACD positive. Look for a push over resistance to participate…

Arm, Ticker: $ARM

Arm, $ARM, 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…

Exact Sciences, Ticker: $EXAS

Exact Sciences, $EXAS, 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 with the inflation reports behind us, saw that equity markets showed strength, the SPY ending at an all-time high.

Elsewhere look for Gold to continue its uptrend while Crude Oil consolidates in a broad range. The US Dollar Index continues to move to the upside while US Treasuries consolidate in their downtrend. The Shanghai Composite looks to reverse lower while Emerging Markets consolidate the start of an uptrend.

5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:

Arena Pharmaceuticals, Ticker: $ARNA

Arena Pharmaceuticals, $ARNA, found support after a gap down in November and then started higher. It closed the gap as it topped in February and then reversed lower. That move found support and reversed higher 2 weeks ago. it comes into the week at resistance with the RSI rising in the bullish zone and the MACD positive and rising. Look for a push over resistance to participate…..

Coupa Software, Ticker: $COUP

Coupa Software, $COUP,made a bottom 2 weeks ago and then started higher. It ended the week pushing up through resistance with the RSI rising towards the bullish zone and the MACD about to cross to positive. Look for continuation to participate…..

Exact Sciences, Ticker: $EXAS

Exact Sciences, $EXAS, started higher in May and has moved higher in 2 steps. It ended last week starting a third step with the RSI rising in the bullish zone and the MACD positive and climbing. Look for a push over resistance to participate…..

Skyline Champion, Ticker: $SKY

Skyline Champion, $SKY, gapped up and made a top at the end of May. It pulled back and found support before ending last week with a move back higher. The RSI is also rising again in the bullish zone with the MACD turning to cross up. Look for continuation to participate…..

Square, Ticker: $SQ

Square, $SQ, fell back to the 200 day SMA in May and then found support. It has moved higher since and has a RSI rising into the bullish zone and a MACD positive and climbing. 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 June options expiration in the books, saw equity markets showed some weakness, especially outside of the Nasdaq.

Elsewhere look for Gold to continue its short term pullback while Crude Oil pauses in its uptrend. The US Dollar Index is ripping to the upside short term while US Treasuries drive higher as well. The Shanghai Composite looks to continue to consolidate while Emerging Markets pullback in consolidation.

5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:

Exact Sciences, Ticker: $EXAS

Exact Sciences, $EXAS, confirmed a change of character to an uptrend when it broke above resistance in January. It retested the breakout 3 times before continuing higher. It gave a second opportunity in early June as it recovered from a pullback and is doing the same now. The RSI is rising and bullish while the MACD is turning back higher. Look for continuation to participate…..

Fifth Third Bancorp, Ticker: $FITB

Fifth Third Bancorp, $FITB, made a higher high at the beginning of May and then started lower. It found support at the beginning of June and has been consolidating. Last week ended with it rising toward resistance. The RSI is moving up to the bullish zone with the MACD crossed up and positive. Look for a push over resistance to participate….

IQVIA, Ticker: $IQV

IQVIA, $IQV, rose up out of consolidation at the beginning of June. It met resistance 2 weeks ago and consolidated. But Friday saw it break the consolidation to the upside. The RSI is bullish and tad bit overbought with the MACD rising and bullish. Look for continuation to participate…..

KBR, Ticker: $KBR

KBR, $KBR, has trended higher since the December bottom. It crossed the 200 day SMA in February and came back to retest it before continuing higher. Another short term peak in May led to a pullback and then the rise to the current mini consolidation. The RSI is bullish and the MACD positive and avoiding a cross down. Look for a push over short term resistance to participate…..

KKR, Ticker: $KKR

KKR, $KKR, started higher from a December low and then leveled as it hit the 200 day SMA. It has oscillated around it ever since in consolidation and under resistance. Friday it ended at resistance. The RSI is rising and in the bullish zone with the MACD positive and growing. Look for a break of 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 as the 2nd Quarter closed saw equity markets had regained some of their swagger with a couple of positive days.

Elsewhere look for Gold to possibly pause in its uptrend while Crude Oil continues higher. The US Dollar Index continues in the short term downtrend while US Treasuries remain in their uptrend. The Shanghai Composite looks to break consolidation around the round number 3000 and resume the uptrend while Emerging Markets remain in a short term uptrend.

5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:

American Express, Ticker: $AXP

American Express, $AXP, made a top 2 weeks ago after a long run higher from a December low. Friday it closed on the 50 day SMA and at a lower low. The RSI is at the lower edge of the bullish zone with the MACD falling but positive. Look for a push under prior resistance to participate…..

Exact Sciences, Ticker: $EXAS

Exact Sciences, $EXAS, started moving higher at the end of last week out of consolidation. The RSI is rising in the bullish zone with the MACD crossed up and positive. Look for a push over resistance to participate…..

Gardner Denver, Ticker: $GDI

Gardner Denver, $GDI, was a Top 10 last week and failed to break higher. Instead it fell out of an ascending triangle. Now it is near support to the downside. The RSI is pulling back with the MACD crossed down and dropping. Look for a drop through support to participate…..

MetLife, Ticker: $MET

MetLife, $MET, made a move higher from a March low. That topped with a blow off candle May 21st while in consolidation. It ended last week breaking down through support. The RSI is falling in the bullish zone with the MACD crossed down and dropping. Look for continuation to participate…..

Radian Group, Ticker: $RDN

Radian Group, $RDN, started higher in December, paused in February and then continued to a top at the beginning of May. It pulled back to the 50 day SMA from there and found support. A small bounce met quick resistance and it held until it lost ground at the end of last week. The RSI is holding in the low end of the bullish zone with the MACD flat at zero. Look for a drop through support to participate…..

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 five months of 2019 in the books, sees equity markets have given back half of their gains from the peak at the end of April.  

Elsewhere look for Gold to continue in its uptrend while Crude Oil continues lower. The US Dollar Index continues to drift higher while US Treasuries are very strong but overbought. The Shanghai Composite continues to consolidate in its downtrend while Emerging Markets may be reversing back higher.

The market came under pressure yesterday especially in the morning but closed well off the lows. The SP500 is still trading above its 20-day moving average, the Russell 2000 is still intact, but we had a spike in stocks in new 1-month lows as you can see in the chart below and the pattern lately has been higher highs (more lows).

You can also see some deterioration in individual stocks when you take a look at how many stocks are up or down more than 13% or more in the last 34-days. Stocks up 13% or more have fallen off a cliff, and we have seen a slight uptick in stocks down 13% or more in the last 34-days.

I think it is too early to make anything significant out of this, but it's noteworthy to see how it develops. Here's our watchlist for today;

We have an interest in these stocks on the long side if and only if they go through yesterday's high plus ten cents. $EXAS $JAZZ are two stocks that recently gapped higher based on news, and now they have digested the news and can possibly resume higher.

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Each day, Barrie Einarson, Trade Ideas' Trading Room Moderator, picks 2 stocks traded during the day - good or bad - that deserve a closer review. 

EYES - I traded EYES twice, once in the premarket for a small loss and then again when the market opened for a nice gain of $0.35 per share. This should be watched tomorrow as the news they had today could be substantial. Source: EYES found using my Pre-Market Gainers Strategy using Trade Ideas Pro.

EXAS – This stock was a great bounce trade in which over $1.03 per share was made.  The key was waiting for a whole number break which usually gives the confidence for many to take the trade. Source: EXAS found using my Weak Stocks strategy using Trade Ideas Pro.

Disclosures:

Commentary provided for educational purposes only. Inclusion of specific security names in this commentary does not constitute a recommendation from Trade Ideas LLC to buy, sell, or hold.

Please use proper risk management when making investment decisions.

Trading is an art not a science for most people. Unless you are a high frequency trading algorithm that can read all bids and offers, before they hit the floor, and react, you need to be pliable, malleable and quick to react. That does not mean that you need to make a decision in a micro second to buy and then sell a micro second later.

It just means that you cannot have a preconceived path, but need to be prepared to make a decision against the scenario presented to you at that point in time, and be prepared to be wrong and change it.

But there is one place where it may be possible for a mere human to make money in an trading Exact Science. The stock of Exact Science, $EXAS, is ready for another move higher in an uptrend. From the chart above you can see the price at resistance of the prior high from 4 weeks ago. And there is rising trend resistance overhead.

The momentum indicators are in the bullish range, with the RSI strong and the MACD rising. The break of the resistance to new highs targets a rise to 32 on a Measured Move basis. That may not see like much but it is a 10% return and looks to happen over a month or so. Not exact, but not too shabby.