Top Trade Ideas for the Week of December 30, 2013: The Rest

• Posted by Greg Harmon
• on December 29th, 2013

Here are the Rest of the Top 10:

ASML Holdings, Ticker: $ASML

ASML Holdings, $ASML, moved back to resistance at the ‘W’ Friday before pulling back. The Relative Strength Index (RSI) is rising and bullish and the MACD is rising and crossed up. Look for a break higher to try it long.

DexCom, Ticker: $DXCM

DexCom, $DXCM, is attempting to move higher out of a bull flag after consolidating the last move for a month. The RSI is bullish and rising and the MACD is turning up, both supporting the upside.

Hess, Ticker: $HES

Hess, $HES, has been moving higher off of a the 100 day Simple Moving Average (SMA) and through consolidation at the 50 day SMA. It is nearing the Measured Move at 84 but with a rising and bullish RSI and a MACD that is rising.

Textron, Ticker: $TXT

Textron, $TXT, spiked higher a week ago Friday, oddly 3 trading days before announcing an acquisition. Since then it is consolidating in a symmetrical triangle and has worked off the overbought RSI. Look for a break of the triangle to enter.

United Health Group, Ticker: $UNH

United Health Group, $UNH, is pressing against quadruple top resistance at 75. This is also the neckline of an Inverse Head and Shoulders pattern. The RSI is bullish and the MACD is rising, supporting a break higher.

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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 the year closes, sees the markets ready for a rest after a strong showing all year. Look for Gold to consolidate or continue in the trend lower while Crude Oil continues to the upside. The US Dollar Index looks to continue in the consolidation with an upward bias while US Treasuries may be ready for the big one to the downside. The Shanghai Composite and Emerging Markets remain biased to the downside with consolidation a possibility for the Chinese market. Volatility looks to remain very low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the VIX being biased higher. The individual charts of the equity indexes show the SPY looking strongest with the IWM and QQQ starting what could be pullbacks and over extended. Use this information as you prepare for the coming week and trad’em well.

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