5 Trade Ideas for Monday: Amgen, Cummins, Illinois Tool Works, LPL and RTX

• Posted by Greg Harmon
• on March 17th, 2024

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

Amgen, Ticker: $AMGN

Amgen, $AMGN, comes into the week in a pullback. It has a RSI in the bearish zone with the MACD negative. Look for continuation to participate…..

Cummins, Ticker: $CMI

Cummins, $CMI, comes into the week at resistance after printing an all-time high. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

Illinois Tool Works, Ticker: $ITW

Illinois Tool Works, $ITW, at resistance after printing an all-time high. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

LPL Financial, Ticker: $LPLA

LPL Financial, $LPLA, 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…..

RTX, Ticker: $RTX

RTX, $RTX, comes into the week pushing over resistance. It has a RSI in the bullish zone with the MACD crossed up and 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 with the March Quadruple Witching in the books and heading into the March FOMC meeting, saw equity markets showing some weakness after the long run higher.

Elsewhere look for Gold to continue its uptrend while Crude Oil shows short term strength. The US Dollar Index continues in consolidation while US Treasuries consolidate in their downtrend. The Shanghai Composite looks to continue the short term move higher while Emerging Markets consolidate.

The Volatility Index looks to remain very low and stable making the path easier for equity markets to the upside. The SPY and QQQ charts look strong on the longer timeframe, perhaps building bull flags. On the shorter timeframe though both are showing some weakness as they reset momentum measures lower in the bullish range. The short term weakness in the IWM is threatening to turn into a failed break out. 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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