5 Trade Ideas for Monday:Â First Solar, Gamestop, Interactive Brokers, Illumina and Lilly
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
First Solar, $FSLR, comes into the week in consolidation under the 200 day SMA after pulling back from a double top at the beginning of the year. It has an RSI in the bullish zone and a MACD positive. Look for a push over resistance to participate…
Gamestop, $GME, comes into the week breaking short term resistance. It has an RSI in the bullish zone and the MACD positive. Look for continuation to participate…
Interactive Brokers, $IBKR, comes into the week rounding up from a shallow pullback. It has an RSI in the bullish zone and a MACD positive. Look for continuation higher to participate…
Illumina, $ILMN, comes into the week breaking short term resistance. It has an RSI rising into the bullish zone with the MACD positive. Look for continuation to participate…
Lilly, $LLY, comes into the week approaching resistance. It has an RSI rising into the bullish zone and a MACD negative. 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 April, including Chairman Powell’s last FOMC meeting, in the books saw equities continue to show strength driving to new all-time highs for the third week in a row.
Elsewhere, look for Gold to continue walking the fence between a downtrend and digestion in the uptrend while Crude Oil bounces around in broad consolidation near $100/bbl. The US Dollar Index looks to continue to drift in consolidation, this time to the downside, while US Treasuries continue to hold over 16 month support like nothing is happening. The Shanghai Composite looks to continue a short term uptrend closing in on the 2025 top and a new 11 year high while Emerging Markets push to new highs in their uptrend.
The Volatility Index looks to continue in the normal zone removing all the pressure on equities. The charts of the SPY, the QQQ and the IWM continue to look extremely strong on the longer timeframe with a 4th positive week moving to new highs. On the shorter timeframe the SPY, the QQQ and the IWM also look very strong but with overheated momentum and may need a pause. Use this information as you prepare for the coming week and trad’em well.
