5 Trade Ideas for Monday: Alcoa, Adobe, Corning, LPL and 3M

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

Alcoa, Ticker: $AA

Alcoa, $AA, comes into the week approaching resistance. It has an RSI rising into the bullish zone with the MACD negative but climbing. Look for a pushover resistance to participate…

Adobe, Ticker: $ADBE

Adobe, $ADBE, comes into the week at resistance. It has an RSI in the bullish zone and the MACD positive. Look for a pushover resistance to participate…

Corning, Ticker: $GLW

Corning, $GLW, comes into the week at resistance. It has an RSI rising through the midline and a MACD crossed up negative. Look for a pushover resistance to participate…

LPL Financial, Ticker: $LPLA

LPL Financial, $LPLA, comes into the week consolidating at resistance. It has an RSI in the bullish zone and a MACD positive. Look for a push over resistance to participate…

3M, Ticker: $MMM

3M, $MMM, comes into the week at resistance . It has an RSI in the bullish zone and the MACD positive. Look for a pushover 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 with the July employment report in the rearview, saw  equity markets have found a catalyst in renewed optimism on a Hormuz deal.

Elsewhere, look for Gold to continue the reversal of the downtrend with Crude Oil failing on the upside reversal and heading lower. The US Dollar Index looks to continue the move off of the very top of the 15 month range while US Treasuries retesting the break down through support in consolidation to 22 year lows in price. The Shanghai Composite looks to reverse the short term downtrend while Emerging Markets sport their own reversal to the upside.

The Volatility Index looks to continue in the normal zone with a drift lower putting a tailwind behind equities. The charts of the SPY and the IWM responded with new all-time highs on Tuesday. The SPY, the IWM look primed to continue higher with the QQQ paused at resistance but positive, all on the short timeframe. They all continue to look strong on the longer timeframe with Morning Star reversals. Use this information as you prepare for the coming week and trad’em well.