5 Trade Ideas for Monday:Ā Adobe, Amex, GE, NVIDIA and Patterson
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Adobe, Ticker: $ADBE
Adobe, $ADBE, comes into the week falling back to support. It has a RSI in the bearish zone with the MACD negative. Look for a drop through support to participateā¦..
American Express, Ticker: $AXP
American Express, $AXP, comes into the week at support. It has a RSI in the bearish zone with the MACD negative. Look for a drop through support to participateā¦..
General Electric, Ticker: $GE
General Electric, $GE, comes into the week at support. It has a RSI dropping to the bearish zone with the MACD negative. Look for a drop through support to participateā¦..
NVIDIA, Ticker: $NVDA
NVIDIA, $NVDA, comes into the week at support. It has a RSI in the bearish zone with the MACD negative. Look for a drop through support to participateā¦..
Patterson, Ticker: $PDCO
Patterson, $PDCO, comes into the week at support. It has a RSI at the midline with the MACD level and positive. Look for a drop through support 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 broad Market Macro picture reviewed Friday which with just 2 trading days left in October and an FOMC meeting next week, saw equity markets pressing to move past a correction to something bigger.
Elsewhere look for Gold to continue its assault on $2000 while Crude Oil consolidates. The US Dollar Index continues to consolidate the move to the upside while US Treasuries continue in their downtrend. The Shanghai Composite looks better lower while Emerging Markets also remain in a downtrend.
The Volatility Index looks to remain at moderate levels but rising making the path easier for equity markets to the downside. Their charts look weak, especially the IWM and the SPY. The QQQ has also changed to looking better lower as the big news of the week. Use this information as you prepare for the coming week and tradāem well.
