5 Trade Ideas for Monday: Cadence, Chipotle, Intuitive Surgical, Netflix and Progressive

• Posted by Greg Harmon
• on June 16th, 2024

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

Cadence Design Systems, Ticker: $CDNS

Cadence Design Systems, $CDNS, comes into the week at short term resistance in a move higher. The RSI is in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

Chipotle Mexican Grill, Ticker: $CMG

Chipotle Mexican Grill, $CMG, comes into the week breaking resistance. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participate…..

Intuitive Surgical, Ticker: $ISRG

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

Netflix, Ticker: $NFLX

Netflix, $NFLX, comes into the week breaking resistance. It has a RSI in the bullish zone with the MACD crossing up. Look for continuation to participate…..

Progressive, Ticker: $PGR

Progressive, $PGR, comes into the week testing support. It has a RSI holding in the bullish zone with the MACD negative. look for a break of support 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 June FOMC meeting and inflation data in the books, saw equity markets exhibit both strength and weakness with large caps and tech names continuing to make new all-time highs while small caps took a beating.

Elsewhere look for Gold to continue consolidation while Crude Oil consolidates in a broad range. The US Dollar Index looks ready to test the top of the consolidation range while US Treasuries bask in a short term uptrend in the secular downtrend. The Shanghai Composite looks to continue the short term move lower while Emerging Markets consolidate in the long channel.

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 negated prior possible momentum divergences. The IWM continues to languish and showed possible renewed weakness moving lower on the week. 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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