5 Trade Ideas for Monday: Abbott Labs, Adobe, APA, Caterpillar and FedEx

• Posted by Greg Harmon
• on August 20th, 2023

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

Abbott Laboratories, Ticker: $ABT

Abbott Laboratories, $ABT, comes into the week at support. It has a RSI in the bearish zone with the MACD negative. look for a break of support to participate…..

Adobe, Ticker: $ADBE

Adobe, $ADBE, comes into the week at support. it has a RSI dropping at the midline with the MACD falling. Look for a break of support to participate…..

APA, Ticker: $APA

APA, $APA, comes into the week holding over support. It has a RSI in the bullish zone with the MACD crossing down. Look for a break of support to participate…..

Caterpillar, Ticker: $CAT

Caterpillar, $CAT, comes into the week at support. It has a RSI falling in the bullish zone with the MACD crossed down. Look for a drop through support to participate…..

FedEx, Ticker: $FDX

FedEx, $FDX, comes into the week at support. It has a RSI falling at the midline with the MACD dropping. Look for a break of support 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 August options expiration in the books, equity markets continue to be under pressure heading into the coming week’s FOMC Jackson Hole Meeting.

Elsewhere look for Gold to continue its pullback while Crude Oil pulls back in consolidation. The US Dollar Index continues to drift to the upside while US Treasuries trend lower. The Shanghai Composite and Emerging Markets look to continue to pullback in consolidation ranges.

The Volatility Index looks to remain low but with upside risk making the path harder for equity markets to the upside. The charts of the SPY and QQQ still look strong on the longer timeframe. On the shorter timeframe the QQQ has broken the June low and the SPY approaching it, turning both from short term down moves to trending lower. The IWM continues in a broad consolidation that started April 2022. Use this information as you prepare for the coming week and trad’em well.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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