5 Trade Ideas for Monday: Adobe, Citigroup, Deere, JB Hunt and UPS

• Posted by Greg Harmon
• on December 20th, 2020

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

Adobe, Ticker: $ADBE

Adobe, $ADBE, paused in July after rising form the March low. It broke out of consolidation in August and made a top in September before drifting lower against trend resistance. Last week it broke to the upside with the RSI rising in the bullish zone and the MACD positive and moving up. Look for continuation to participate….

Citigroup, Ticker: $C

Citigroup, $C, stalled in a move off the March low just shy of the 200 day SMA in June. It pulled back to a higher low and reversed. It is at resistance with the RSI pulling back from overbought and the MACD curling over. Look for a push over resistance to participate…..

Deere, Ticker: $DE

Deere, $DE, has been steadily moving higher since the May low. It broke above short term resistance Friday with the RSI rising in the bullish zone and the MACD crossing up. Look for continuation to participate…..

JB Hunt, Ticker: $JBHT

JB Hunt, $JBHT, comes into the week about to make a higher high. It has a RSI rising in the bullish zone and the MACD crossing up. Look for a push over resistance to participate…..

UPS, Ticker: $UPS

UPS, $UPS, gapped up at the end of July and continued to a top in October. It pulled back from there and found support at the end of the month then reversed higher. it is now approaching the prior high with the RSI rising in the bullish zone and the MACD positive and moving higher. 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 December Options Expiration in the books, and heading into the short Christmas week, sees equity markets looking ready to end the year strong.

Elsewhere look for Gold to continue its short term uptrend while Crude Oil ramps up its move higher. The US Dollar Index continues to sink while US Treasuries pullback but in a broad range. The Shanghai Composite looks to continue in broad consolidation over support while Emerging Markets continue in an uptrend.

The Volatility Index looks to remain low and drifting lower making the path easier for equity markets to the upside. Their charts also look strong, especially on the longer timeframe. On the shorter timeframe the IWM is the strongest heading higher without pause. The SPY and QQQ are flashing reversal signals, so may be in for some short term digestion. Use this information as you prepare for the coming week and trad’em well.

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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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