Top Trade Ideas for the Week of October 17, 2016: The Rest

• Posted by Greg Harmon
• on October 16th, 2016

Here are the Rest of the Top 10:

CME Group, Ticker: $CME

CME Group, $CME, started higher after the Brexit vote and ran until mid-September. It pulled back sharply from there to the current consolidation around 104. Friday saw a push up out of consolidation, but which stalled at the 20 day SMA. The RSI is moving back up through the mid line and the MACD is turning up towards a positive cross. These support continuation. Should it continue look to participate to the upside…..

Expedia, Ticker: $EXPE

Expedia, $EXPE, ran to the downside to start 2016, finding support in February. Since then it has moved up with a series of higher highs and higher lows, but making ground at a snail’s pace. Friday saw a possible change to that as it moved up out of consolidation. The RSI is in the bullish zone and rising while the MAD is also moving up and bullish. Look for continuation to participate to the upside…..

Twenty-First Century Fox, Ticker: $FOXA

Twenty-First Century Fox, $FOXA, made a top at the end of April and started lower. It seems to have found support in mid-September about 25% lower, and has been rising since. Now it is back over the 50 day SMA for the first time since May. It also has a rising RSI up over the mid line and the MACD moving up. Look for a break over the short term resistance to participate to the upside…..

Helmerich & Payne, Ticker: $HP

Helmerich & Payne, $HP, ran hard to the upside off of a low in January. It reached a peak in July at 70 and then started a pullback. That found support at the 200 day SMA and started back higher at the end of September. Last week it reached the July high and consolidated. The RSI is bullish but pulling back from an overbought condition, while the MACD is level. Look for continuation to the upside through resistance to participate higher…..

Intercontinental Exchange, Ticker: $ICE

Intercontinental Exchange, $ICE, started higher in April. It pulled back through June with the financials making a low at the Brexit vote before reversing higher. That run made a new high before pulling back again at the end of September. The pullback found support at the 100 day SMA and Friday moved higher. The RSI also turned sharply to the upside and is now at the mid line. The MACD is about to cross up. Look for continuation to participate to the upside…..

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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 October Options Expiration week the equity markets continue to show some weakness, especially in the small caps.

Elsewhere look for Gold consolidate with a downward bias if it resolves soon while Crude Oil continues to plow higher. The US Dollar Index also looks to continue higher while US Treasuries continue lower. The Shanghai Composite and Emerging Markets look best to continue to bide time moving sideways.

Volatility looks to remain low but creeping higher, sucking out the tailwind from the equity index ETF’s SPY, IWM and QQQ. Their charts show clear weakness in the IWM, with the SPY and QQQ a little stronger short term. The QQQ is the best looking longer term. Use this information as you prepare for the coming week and trad’em well.

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