5 Trade Ideas for Monday: Adobe, Graco, JB Hunt, Lennar and Target

• Posted by Greg Harmon
• on February 4th, 2024

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

Adobe, Ticker: $ADBE

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

Graco, Ticker: $GGG

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

JB Hunt Transport, Ticker: $JBHT

JB Hunt Transport, $JBHT, comes into the week approaching resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

Lennar, Ticker: $LEN

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

Target, Ticker: $TGT

Target, $TGT, comes into the week breaking resistance. It has a RSI in the bullish zone with the MACD positive. Look for continuation 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 heading into February, sees Punxsutawney Phil is calling for the weather to get warmer and equity markets are looking downright hot.

Elsewhere look for Gold to continue the short term consolidation while Crude Oil falls back into consolidation. The US Dollar Index continues to drift to the upside in consolidation while US Treasuries consolidate after a pullback. The Shanghai Composite looks to continue the downtrend while Emerging Markets consolidate over support.

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 have reset on momentum measures are now also better to the upside. The IWM continues to blaze its own trail, remaining in the 22 month channel. 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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