5 Trade Ideas for Monday: ADP, Alphabet, Hartford Financial, 3M and PPG

• Posted by Greg Harmon
• on March 7th, 2021

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

ADP, Ticker: $ADP

ADP, $ADP, started higher in September and ran to a top in December. After a pullback to a bottom in January it reversed and is back at the prior high. The RSI is rising in the bullish zone with the MACD positive and climbing. Look for continuation over resistance to participate…..

Alphabet, Ticker: $GOOGL

Alphabet, $GOOGL, made a new high in September and then pulled back to the 200 day SMA. Since then, it has moved higher in 2 steps, to the current consolidation zone. Friday it poked over the top with the RSI rising in the bullish zone and the MACD turning to cross up. Look for continuation to participate…..

Hartford Financial, Ticker: $HIG

Hartford Financial, $HIG, gapped above the 200 day SMA in November and continued to the current resistance level. Friday saw it peek over the top with the RSI rising in the bullish zone and the MACD rising and positive. Look for continuation to participate…..

3M, Ticker: $MMM

3M, $MMM, topped at the end of January and pulled back before settling into the current consolidation. It broke that to the upside Friday with the RSI rising in the bullish zone and the MACD crossing up and positive. Look for continuation to participate…..

PPG, Ticker: $PPG

PPG, $PPG, topped in January and then pulled back. It found support later that month and moved into a consolidation. Friday saw it up against resistance with the RSI rising toward the bullish zone and the MACD crossed up and about to go 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 saw the first week of March create some havoc in equity market, whipsawing the Indexes as rotation continues.

Elsewhere look for Gold to continue its pullback while Crude Oil continues to move higher. The US Dollar Index may be starting to reverse to the upside while US Treasuries continue in their downtrend. The Shanghai Composite looks to pause in its long term uptrend while Emerging Markets consolidate over long term support.

The Volatility Index looks to remain slightly above normal putting a bit of pressure on equity markets. Their charts continue to look strong on the longer timeframe but not as strong as last week. On the shorter timeframe the SPY, the IWM and the QQQ all look to be moving lower with the QQQ looking the weakest of the 3. 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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