Here are the Rest of the Top 10:
American Electric Power (NYSE:AEP)
American Electric Power pulled back from a peak at the end of January when it was minus 10 degrees here in Cleveland. It consolidated in the spring before a dip lower to end June. Since that bottom, it has been rising, and is now above the 200 day SMA again and nearing prior resistance. Over the short term, the RSI has moved into the bullish zone, and is rising while the MACD is also pointing higher.
BioMarin Pharmaceuticals (NASDAQ:BMRN)
BioMarin Pharmaceuticals broke above an ascending triangle in June. It ran to a high near 150, short of the 160 target, and has reversed lower. Friday it retested the break out level and touched the 100 day SMA, finishing with a Hammer candle. This candle is a sign of intraday strength and can lead to a reversal of trend when confirmed higher the next day. There is still an open gap below though. The RSI and MACD are both in the bearish zone and pointing lower.
Rockwell Collins (NYSE:COL)
Rockwell Collins had a long run higher to a peak just under 100 in May. Since then it has pulled back, slowly at first but with a vengeance on high volume in mid July. It has consolidated that move the last two weeks and is pressing against resistance with a Friday finish at the high of the day. The RSI is working off the oversold condition and the MACD is about to cross up. Watch for a break out higher or fall out of consolidation.
Progressive (NYSE:PGR)
Progressive rolled higher in a crescendo peaking in early July. After a slight pullback, it has been consolidating over support with the Bollinger Bands® squeezing in. This is often a precursor to a big move. This consolidation also reconnected the price with the 20 day SMA. The RSI is bullish and the MACD falling.
Tractor Supply (NASDAQ:TSCO)
Tractor Supply has been moving higher along a rising trend line since February. The trend line has been running along the 100 day SMA since May and is parallel to the 20 and 50 day SMA’s just above. Recently, it pulled back from the top of the Bollinger Bands and found that 20 day SMA. Friday saw some strength, as it bounced near that trend line and off of the lower Bollinger Band as they are squeezing.
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 next week, sees the news and earnings dry up and Equities could use some quiet time to steady.
Elsewhere, look for a possible bounce out of gold in its downtrend, while crude oil continues lower. The US dollar index looks to continue to consolidate with an upward bias, while US Treasuries continue higher. The Shanghai Composite remains in broad consolidation in the pullback, while Emerging Markets look like they may break a 4 year range to the downside.
Volatility looks to remain subdued, keeping the bias higher for the equity index ETF’s ARCA:SPY, ARCA:IWM and NASDAQ:QQQ, despite the moves lower. Their charts show further short term weakness possible, but the Hammer candles could confirm a short term bottom. On the longer timeframe, the IWM remains weakest, with the SPY consolidating and the QQQ looking strong. Use this information as you prepare for the coming week and trad’em well.
Disclaimer: 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.