5 Trade Ideas for Monday:Ā Arista, BP, Flex, M & T and Block
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Arista Networks, $ANET, comes into the week approaching the all-time high. It has a RSI in the bullish zone with the MACD positive. Look for a push to a new high to participateā¦
BP, $BP, 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 participateā¦
Flex, $FLEX, comes into the week poking through resistance. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participateā¦
M & T Bank, $MTB, comes into the week approaching a reversal higher. The RSI is rising with the MACD curling to cross up. Look for a push over resistance to participateā¦
Block, $SQ, comes into the week pushing on resistance. It has a RSI rising in the bullish zone with the MACD curling up. Look for a break of resistance to participateā¦
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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 broadĀ Market MacroĀ picture reviewed Friday which as we ring in the New Year and ring out a fabulous 2024, saw the week showing some disappointment in equity markets end in an early year rebound.
Elsewhere look for Gold to continue to consolidate the major move higher while Crude Oil rises in consolidation in the lower end of a broad range. The US Dollar Index looks to continue the breakout higher while US Treasuries consolidate at 14 month lows. The Shanghai Composite looks to reverse its uptrend with a break lower while Emerging Markets are reversing their uptrend.
The Volatility Index looks to remain low making the path easier for equity markets to the upside. The charts of the SPY and QQQ continue to look strong on the longer timeframe. On the shorter timeframe both look a little weaker but finding support. The IWM is now recovering and so far, maintaining the uptrend. Use this information as you prepare for the coming week and tradāem well.
