Dragonfly Capital - 5 Trade Ideas for Monday: Deere, Hasbro, Progressive, J.M. Smucker and Twilio
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Deere, $DE, comes into the week rising up towards resistance. It has an RSI in the bullish zone with the MACD positive period look for a push over resistance to participate…
Hasbro, $HAS, comes into the week approaching resistance. It has an RSI in the bullish zone and a MACD positive and moving higher. Look for a push over resistance to participate…
Progressive, $PGR, comes into the week pushing over short-term resistance. It has an RSI rising at the midline and a MACD curling to cross up near zero. Look for continuation to participate…
J.M. Smucker, $SJM, comes into the week pushing over resistance. It has an RSI in the bullish zone and a MACD positive. Look for continuation to participate…
Twilio, $TWLO, comes into the reversing up off of support. It has an RSI rising with the MACD negative. Look for continuation 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 heading into the July FOMC meeting and the biggest week of earnings season, sees equity markets remaining unsettled as the continued capex growth hits hyperscalers hard.
Elsewhere, look for Gold to continue the short term downtrend but with Crude Oil reversed to the upside and rising. The US Dollar Index looks to continue to hold at the very top of the 15 month range while US Treasuries continue to threaten to break down through support in consolidation to nearly 3 year lows. The Shanghai Composite looks to continue the confirmation of a reversal to a downtrend while Emerging Markets hang on by a thread in their uptrend.
The Volatility Index looks to continue in the normal zone after a threat of a move higher keeping at least a slight tailwind behind equities. They could use that as the charts of the SPY and the IWM are showing cracks on the shorter timeframe. The QQQ is worse printing a 2½ month low followed by the IWM at a 1 month low with the SPY holding the strongest. They all continue to look strong on the longer timeframe consolidating at the highs, with possible cracks leaking into the QQQ and IWM. Use this information as you prepare for the coming week and trad’em well.
