5 Trade Ideas for Monday: Arch Capital, Cincinnati Financial, Cirrus Logic, Generac and Service Corp

• Posted by Greg Harmon
• on August 18th, 2019

5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:

Arch Capital Group, Ticker: $ACGL

Arch Capital Group, $ACGL, rose out of a base in May and continued to a plateau at the end of July. It has bounced off of resistance since. The RSI is in the bullish zone and rising with the MACD trying to cross up and positive. Look for a push over resistance to participate…..

Cincinnati Financial, Ticker: $CINF

Cincinnati Financial, $CINF, also rose out of a base, but at the end of April, plateauing quickly and then continuing to a top in July. It pulled back to the 50 day SMA and then pushed to a new high before consolidating. The RSI is rising and bullish with the MACD positive and moving up. Look for a new high to participate…..

Cirrus Logic, Ticker: $CRUS

Cirrus Logic, $CRUS, started a move higher at the beginning of June. It peaked with a gap up spike August 1st and then retraced. Since then it has consolidated in a range with the RSI firmly in the bullish zone and the MACD flat and positive. Look for a break of the range to participate…..

Generac, Ticker: $GNRC

Generac, $GNRC, jumped off of the confluence of the SMA’s and ran to a peak at the end of July. it has been consolidating under resistance since. The RSI is rising in the bullish zone with the MACD trying to cross up and positive. Look for a break over resistance to participate…..

Service Corp, Ticker: $SCI

Service Corp, $SCI, started to move up in March. It continued to a top in July and started to consolidate. It then pulled back into August and is now back at resistance. The RSI is rising and bullish with the MACD turning up and positive. Look for continuation above resistance 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 as August options expiration comes to a close saw the equity index ETF’s had a wild week finishing slightly lower in consolidation.

Elsewhere look for Gold to continue in its uptrend while Crude Oil consolidates in its downtrend. The US Dollar Index seems content to continue the slow drift higher while US Treasuries are possibly starting to pullback. The Shanghai Composite and Emerging Markets look to continue to the downside.

Volatility looks to remain elevated keeping the bias lower for the equity index ETF’s SPY, IWM and QQQ. They are all showing consolidation in the short run charts with it happening at higher lows for the SPY and QQQ. The IWM remains in a broad consolidation. On the longer charts the back to back indecision candles may have some losing sleep this week end. Use this information as you prepare for the coming week and trad’em well.

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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.

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