5 Trade Ideas for Monday: Broadcom, Discover, Eaton, Ingersoll-Rand and Shopify

• Posted by Greg Harmon
• on October 6th, 2024

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

Broadcom, Ticker: $AVGO

Broadcom, $AVGO, comes into the week rising to resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

Discover Financial Services, Ticker: $DFS

Discover Financial Services, $DFS, 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…..

Eaton, Ticker: $ETN

Eaton, $ETN, 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…..

Ingersoll-Rand, Ticker: $IR

Ingersoll-Rand, $IR, 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…..

Shopify, Ticker: $SHOP

Shopify, $SHOP, comes into the week pushing over 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 the 3rd Quarter in the books and the September Non-Farm Payroll report posted, saw equities have a seesaw week.

Elsewhere look for Gold to continue its uptrend while Crude Oil possibly creates a new uptrend. The US Dollar Index continues to move to the upside in consolidation while US Treasuries fall back into consolidation. The Shanghai Composite looks to continue higher while Emerging Markets continue their young uptrend.

The Volatility Index looks to remain below normal 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 look ready to break flags to the upside. The IWM continues to hold near the top of consolidation. 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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