5 Trade Ideas for Monday: Abbvie, Abbott Labs, Capital One, Honeywell and 3M

• Posted by Greg Harmon
• on June 9th, 2024

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

Abbvie, Ticker: $ABBV

Abbvie, $ABBV, comes into the week at resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

Abbott Laboratories, Ticker: $ABT

Abbott Laboratories, $ABT, comes into the week at resistance. It has a RSI in the bullish zone with the MACD crossed up. Look for a push over resistance to participate…..

Capital One Financial, Ticker: $COF

Capital One Financial, $COF, comes into the week moving higher. It has a RSI at the midline with the MACD crossing up. Look for continuation to participate…..

Honeywell, Ticker: $HON

Honeywell, $HON, comes into the week at resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

3M, Ticker: $MMM

3M, $MMM, comes into the week at resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over 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 first week of June in the books, saw equity markets were mixed with the large caps and tech heavy Nasdaq showing renewed strength while small caps continue to flounder.

Elsewhere look for Gold to continue to consolidate the long move higher while Crude Oil moves lower in a consolidation range. The US Dollar Index continues in broad consolidation while US Treasuries continue their long term downtrend. The Shanghai Composite looks to continue the short term move lower while Emerging Markets continue the short term move lower in a consolidation channel.

The Volatility Index looks to remain very low and stable making the path easier for equity markets to the upside. The charts of the SPY and QQQ look strong, especially on the longer timeframe. On the shorter timeframe both the QQQ and SPY continue to step higher and look strong as well with an eye on potential momentum divergences. The IWM continues to be dead money, as it has been for the past 2½ years. 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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