5 Trade Ideas for Tuesday: American Express, Herc, Moderna, Starbucks and Valero
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
American Express, Ticker: $AXP
American Express, $AXP, gapped up in November and has continued to move higher. It pulled back from a top early in May and has now moved back to that top. The RSI is rising in the bullish zone with the MACD turning to cross up. Look for a push over resistance to participate…..
Herc, Ticker: $HRI
Herc, $HRI, made a top in early May and then pulled back to the 50 day SMA. It is now moving higher with the RSI rising in the bullish zone and the MACD crossed up. Look for continuation to participate…..
Moderna, Ticker: $MNRA
Moderna, $MNRA, has been trading in a tightening triangle since the beginning of the year. It has a RSI rising in the bullish zone with the MACD crossed up and climbing. Look for a push over resistance to participate…..
Starbucks, Ticker: $SBUX
Starbucks, $SBUX, pulled back after making a top in April, finding support under the 50 day SMA. It is moving higher now with the RSI rising toward the bullish zone and the MACD crossing up. Look for continuation to participate…..
Valero Energy, Ticker: $VLO
Valero Energy, $VLO, started higher at the end of October and made a top in March. After pulling back, it has reversed and moved back to that top where it consolidates. The RSI is holding in the bullish zone with the MACD crossing up. 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 month of May now in the books, saw equity markets continue to show resilience, holding in consolidation near all-time highs.
Elsewhere look for Gold to continue its move higher while Crude Oil possibly resumes its uptrend. The US Dollar Index looks to continues to move lower while US Treasuries consolidate in their downtrend. The Shanghai Composite looks to continue the short term trend higher while Emerging Markets consolidate in their uptrend.
The Volatility Index looks to remain very low making the path easier for equity markets to the upside. Their charts are holding strong, especially on the longer timeframe. On the shorter timeframe the QQQ may be at risk as it consolidates at a lower high after a rebound. The SPY is a whisker away from new highs though as the IWM continues to mark time sideways. Use this information as you prepare for the coming week and trad’em well.
