5 Trade Ideas for Monday:Ā Interactive Brokers, Knight-Swift, Monster Beverage, RBC and Exxon Mobil
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Interactive Brokers, $IBKR, comes into the week at resistance. It has an RSI in the bullish zone with the MACD positive. Look for a push over resistance to participateā¦
Knight-Swift Transportation, $KNX, comes into the week at an all-time high. It has an RSI in the bullish zone and a MACD positive. Look for continuation to participateā¦
Monster Beverage, $MNST, comes into the week testing resistance. It has an RSI in the bullish zone with a MACD positive. Look for a push over resistance to participateā¦
Royal Bank of Canada, $RY, comes into the week at an all-time high. It has an RSI in the bullish zone with the MACD positive. Look for continuation to participateā¦
Exxon Mobil, $XOM, comes into the week pushing through resistance after a pullback. It has an RSI entering the bullish zone with the MACD negative. Look for continuation 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 with the May options expiration in the rearview mirror and heading into the last week before the long weekend and unofficial start of summer, equities continue to act strong, tacking on more new all-time highs but failing to close out the week at highs. This ends the streak of Friday all-time high closes at four.
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 over $100/bbl near the top of the range. The US Dollar Index looks to continue to higher in broad consolidation while US Treasuries continue to test support and a possible continuation of their downtrend. The Shanghai Composite looks to continue a short term uptrend new 11 year highs while Emerging Markets digest the 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 7th positive week for the SPY. On the shorter timeframe the SPY, the QQQ and the IWM also look very strong but with overheated momentum starting to reset lower and price digesting to end the week. Use this information as you prepare for the coming week and tradāem well.
