Top Trade Ideas for the Week of July 20, 2015: The Rest

• Posted by Greg Harmon
• on July 19th, 2015

Here are the Rest of the Top 10:

CME Group, Ticker: $CME

CME Group, $CME, had a long run higher before finding resistance in March. Since then it has been consolidating with a series of higher lows. The RSI is bullish and strong with the MACD rising, both supporting more upside price action.

DuPont, Ticker: $DD

DuPont, $DD, had a hard fall in late June before finding a bottom at 58 to start July. Now it is consolidating against overhead resistance and looks ready to make a move higher. The RSI has worked off the oversold condition and is moving up and the MACD is about to cross up.

Goldman Sachs, Ticker: $GS

Goldman Sachs, $GS, broke out in May and rose to the peak at 218.77 in June. Since then it has pulled back and now is stepping higher. The second step may have begun on Friday. The RSI is rising again and held the bullish zone on the pullback, while the MACD just crossed higher.

Valero Energy, Ticker: $VLO

Valero Energy, $VLO, was highlighted with other refiners last week as a stock to watch and now it seems ready to move. Back at resistance after a short 2 day pullback, it has support for more upside from a rising and bullish MACD and a RSI firmly in the bullish zone.

Vulcan Materials, Ticker: $VMC

Vulcan Materials, $VMC, had been moving higher with consolidating pullbacks until it looked to have broken that pattern in late June. But with the rise off of the bottom near 84, it now is approaching the prior high with a stair step up. The RSI is bullish and rising and the MACD rising as well, both in support of more upside price action.

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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 next week the thermometer is getting hotter and the so are the equity markets with the QQQ leading the charge.

Elsewhere look for Gold to continue lower along with Crude Oil next week. The US Dollar Index is breaking out higher and US Treasuries may be ready to reverse higher as well. The Shanghai Composite and Emerging Markets are both reversing higher and the coming week could determine if it is Dead Cat Bounces or the real deal.

Volatility looks to remain subdued and with a bias lower build a tailwind behind the equity index ETF’s SPY, IWM and QQQ. The QQQ looks very strong as it approaches the all-time highs of 2000 while the SPY is also strong and on the edge of a break out. The IWM looks the weakest as it moves sideways in a new consolidation. Use this information as you prepare for the coming week and trad’em well.

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