- Posted by Greg Harmon on April 30th, 2017 at 8:21 pm
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
I apologize for this abbreviated version. I got caught off guard to attend a family event away from home this weekend and have not replaced my laptop yet so could not work when the kids were asleep. I did pick the Top 10 before leaving, but the write is now stating at 7pm Sunday night. Just charts here this week. Back full scale next week.
Arconic, Ticker: $ARNC
Arconic, $ARNC, is a reversal trade.
Boeing, Ticker: $BA
Boeing, $BA, is a reversal trade.
Banco Santander, Ticker: $SAN
Banco Santander, $SAN, is a possible breakout trade.
Steelcase, Ticker: $SCS
Steelcase, $SCS, is a possible range break trade.
Unilever, Ticker: $UL
Unilever, $UL, is a continuation trade.
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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 May, sees the equity markets making and testing highs again, but in a mixed fashion with strength shifting to the SPY and QQQ and away from the IWM.
Elsewhere look for Gold to continue the pullback in its uptrend while Crude Oil consolidates deciding if it is a bottom or just a pause. The US Dollar Index continues to move lower while US Treasuries are biased lower in consolidation. The Shanghai Composite seems to have found support and Emerging Markets are biased to continue higher.
Volatility is back at abnormally low levels and looks to remain very low going forward, keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts show strength in the SPY and QQQ in the short term but the IWM rolling over. On the longer timeframe it is similar with the QQQ leading and the SPY turning up, but the IWM stalling at resistance. Use this information as you prepare for the coming week and trad’em well.
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Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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