5 Trade Ideas for Monday: Boston Scientific, DexCom, JP Morgan, Nasdaq and Union Pacific

• Posted by Greg Harmon
• on January 3rd, 2021

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

Boston Scientific, Ticker: $BSX

Boston Scientific, $BSX, made a double top in October and then started heading lower. It found support at the June low and has consolidated. It has a RSI rising into the bullish zone with the MACD positive and climbing as price reaches resistance. Look for a push over resistance to participate…..

DexCom, Ticker: $DXCM

DexCom, $DXCM, topped in August after a move from the March low. It pulled back from there and completed a double bottom last month. It comes into the week breaking resistance with the RSI rising into the bullish zone and the MACD rising and bullish. Look for continuation to participate…..

JP Morgan, Ticker: $JPM

JP Morgan, $JPM, gapped up in November and has continued to move higher. It enters the week at resistance with the RSI strong in the bullish zone and the MACD crossing up and rising. Look for a push over resistance to participate…..

Nasdaq, Ticker: $NDAQ

Nasdaq, $NDAQ, paused in the move higher as it made new highs over the summer. It has been in consolidation since. The RSI is rising into the bullish zone with the MACD lifting and positive as price starts to make a new higher high. Look for continuation to participate…..

Union Pacific, Ticker: $UNP

Union Pacific, $UNP, ran to a top in October before pulling back. It reversed at the 200 day SMA and is now back approaching the highs again. The RSI is rising in the bullish zone with the MACD crossing up and positive. Look for a push to a new high 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 books closed on 2020, saw equity markets ended on a positive foot, looking strong with more upside to come, after a wild first quarter drop. The IWM and SPY both ended the year up over 15% after being down over 30% in March. The QQQ put them to shame climbing over 47% on the year.

Elsewhere look for Gold to continue its short term move higher, pressuring the bull flag, while Crude Oil drifts to the upside. The US Dollar Index continues to move lower while US Treasuries continue their downtrend. The Shanghai Composite looks to continue the breakout to the upside while Emerging Markets slowly move higher.

The Volatility Index looks to remain low making the path easier for equity markets to the upside. Their charts look strong, especially on the longer timeframe. On the shorter timeframe both the QQQ and SPY have regained their momentum while the IWM has reset momentum a bit lower, perhaps for another run to the upside. 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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