Top Trade Ideas for the Week of July 8, 2013: The Rest

• Posted by Greg Harmon
• on July 7th, 2013

Here are the Rest of the Top 10:

Allstate, Ticker: $ALL

Allstate, $ALL, is breaking consolidation at the 50 day Simple Moving Average (SMA) higher. It has a Relative Strength Index (RSI) that is bullish and rising and a Moving Average Convergence Divergence indicator (MACD) that is moving higher, to support higher prices, along with Bollinger bands that are pointing up.

Anadarko Petroleum, Ticker: $APC

Anadarko Petroleum, $APC, is moving higher out of consolidation at the 50 day SMA and above prior resistance at 88. It has support for more upside from a bullish and rising RSI and MACD.

Packaging Corporation of America, Ticker: $PKG

Packaging Corporation of America, $PKG, is testing resistance at 50.35 for the third time, off of a retest of the 50 day SMA. It has a rising and bullish RSI and MACD to support higher price action.

State Street, Ticker: $STT

State Street, $STT, is testing resistance at 68 for the 4th time. As it does, the RSI is rising and bullish and the MACD is about to cross higher. It also arrived here Friday with a bullish Marubozu candle.

TJX Companies, Ticker: $TJX

TJX Companies, $TJX, is testing the resistance at the top of a bullish falling wedge. It has support for a move higher from a rising RSI on the verge of a move into bullish territory and a MACD that is rising after recently crossing higher. It is also in a bearish Deep Crab with a Potential Reversal Zone at 52.82.

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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 Saturday which, heading into the first full week of July sees the markets improving and possibly ready to move higher again. Look for Gold to continue its downward move or consolidate in a broad range while Crude Oil continues higher. The US Dollar Index also looks to continue to the upside while US Treasuries resume their move lower. The Shanghai Composite may continue its bounce in its downtrend, but the Emerging Markets are biased to the downside. Volatility looks to remain low and drifting lower keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts show that the IWM is the strongest and ready to continue higher while the SPY and QQQ still have some resistance to work through in their short term moves higher before they are in the clear to move higher. Use this information as you prepare for the coming week and trad’em well.

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