5 Trade Ideas for Monday: Bank of New York Mellon, Salesforce, Fastenal, GE and McKesson

• Posted by Greg Harmon
• on July 28th, 2024

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

Bank of New York Mellon, Ticker: $BK

Bank of New York Mellon, $BK, comes into the week approaching the recent all-time high. It has a RSI in the bullish zone with the MACD positive. Look for a push to a new high to participate…..

Salesforce, Ticker: $CRM

Salesforce, $CRM, 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…..

Fastenal, Ticker: $FAST

Fastenal, $FAST, 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…..

General Electric, Ticker: $GE

General Electric, $GE, 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…..

McKesson, Ticker: $MCK

McKesson, $MCK, comes into the week rounding up toward 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 with three trading days left in July, saw large cap and tech focused index equity markets showing weakness with small caps continuing to hold strong.

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 in broad consolidation while US Treasuries consolidate in their downtrend. The Shanghai Composite looks to continue the short term move lower while Emerging Markets continue to hold their newfound short term uptrend.

The Volatility Index looks to remain low making the path easier for equity markets to the upside. This is with the backdrop of the July FOMC meeting and non-farm payroll reports next week among many large cap tech earnings reports. The charts of the SPY and QQQ look setup for more downside on the shorter timeframe and possibly the longer timeframe as well, but with no real damage in the weekly chart at this point. The prevailing narrative has been the rotation into small cap IWM and it is showing relative strength, but more in a consolidative mode then a full thrust forward this past week. A new high Monday could change that perspective fast. 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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