5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Apache (NYSE:APA), Ticker: $APA
Apache, $APA, ran to the downside hard in early August. It found a bottom at the end of the month and bounced. That bounce found resistance at a lower high and the 100 day SMA and held for 2 weeks. Last week it fell back again but to a higher low. The RSI is leveling at the edge of the bullish zone and the MACD is falling. Look for a push above Friday’s close to participate higher…..
Cigna (NYSE:CI)
Cigna, $CI, has had a smooth and steady trend higher out of consolidation in April. Last week ended with the price bouncing off of rising trend support. The RSI is at the mid line while the MACD is falling, but positive. Look for continued motion higher to participate…..
Lowe’s Companies Inc (NYSE:LOW)
Lowe’s, $LOW, started to pullback from a high in May. After a few bounces, it found a bottom in July around 72. It retested that bottom in August and then confirmed a Double Bottom reversal in early September. It has continued higher from there. The RSI is bullish and rising with the MACD avoiding a cross down. Look for a push over resistance to participate higher…..
Nektar Therapeutics (NASDAQ:NKTR)
Nektar Therapeutics, $NKTR, rose up off of support in August, stalling as it touched the March high. It pulled back from there two weeks ago to find support at a higher low last week. The RSI is holding and turning back up at the mid line while the MACD is falling. Look for a higher close to participate in an upside reversal…..
Olin Corporation (NYSE:OLN)
Olin, $OLN, rose from an August 2026 low finding resistance in March. It consolidated in a rounding bottom from there, starting to rise out of it in August. It made a high 3 weeks ago and consolidated before a shallow pullback last week. Friday’s candle suggests a reversal to the upside. The RSI has reset from an overbought condition and the MACD is crossed down. Look for continuation higher to participate…..
Up Next: Bonus Idea
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 October Options Expiration sees the equity markets are all at record highs and looking strong.
Elsewhere look for Gold to continue higher in the short term while Crude Oil also slowly grinds its way up. The US Dollar Index may be pausing in the longer downtrend while US Treasuries are strong and rising short term. The Shanghai Composite and Emerging Markets both look to continue to move higher in slow fashion.
Volatility looks to remain at very low levels keeping the bias higher for the equity index ETF’s SPY (NYSE:SPY), IWM and QQQ. Their charts agree completely on the longer timeframe. And all 3 look good on the shorter timeframe with the QQQ benefiting from short term consolidation in the IWM. Use this information as you prepare for the coming week and trad’em well.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.