5 Trade Ideas for Monday: American Express, Costco, Freeport McMoRan,Intuitive Surgical and Block

• Posted by Greg Harmon
• on July 7th, 2024

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

American Express, Ticker: $AXP

American Express, $AXP, comes into the week at resistance and the 50 day SMA. It has a RSi on the edge of the bullish zone with the MACD positive and rising. Look for a push over resistance to participate…..

Costco, Ticker: $COST

Costco, $COST, comes into the week at an all-time high. It has a RSI in the bullish zone with the MACD curling up and positive. Look for continuation to participate…..

Freeport-McMoRan, Ticker: $FCX

Freeport-McMoRan, $FCX, comes into the week pushing towards resistance. It has a RSI rising in the bullish zone with the MACD crossed up. Look for a push over resistance to participate…..

Intuitive Surgical, Ticker: $ISRG

Intuitive Surgical, $ISRG, comes into the week near resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

Block, Ticker: $SQ

Block, $SQ, comes into the week pushing to resistance. It has a RSI rising and the MACD approaching 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 July in the books, saw equity markets showing strength from the large cap and tech focused S&P 500 and Nasdaq 100, but continued churn from the small caps.

Elsewhere look for Gold to continue its consolidation in the uptrend while Crude Oil consolidates in a tightening range. The US Dollar Index continues to drift to the downside in consolidation while US Treasuries move lower in their downtrend. The Shanghai Composite looks to continue the short term move lower while Emerging Markets remain in broad consolidation.

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 momentum measures and both are also looking strong upon reversing. The IWM continues to be dead money, going on 30 months now. 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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