5 Trade Ideas for Monday: Citigroup, Cummins, Honeywell, Johnson & Johnson and JP Morgan

• Posted by Greg Harmon
• on May 9th, 2021

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

Citigroup, Ticker: $C

Citigroup, $C, started higher in November and kept going to a top in January. It pulled back to the 50 day SMA and then reversed to a higher high in March, where it has stalled under resistance. The RSI is rising and bullish with the MACD positive and moving higher. Look for a push over resistance to participate…..

Cummins, Ticker: $CMI

Cummins, $CMI, moved higher off the pandemic low and kept going to a top in in March. After a minor pullback it has consolidated under resistance. The RSI is rising in the bullish zone with the MACD crossed up and positive. Look for a push over resistance to participate…..

Honeywell, Ticker: $HON

Honeywell, $HON, retested the gap up from November and then ran to a high in April. It pulled back and is now rounding higher with the RSI rising in the bullish zone and the MACD about to cross up. Look for continuation to participate…..

Johnson & Johnson, Ticker: $JNJ

Johnson & Johnson, $JNJ, started higher in November and broke resistance at the end of the year. It continued higher to a top in January before pulling back and settling under resistance. The RSI is rising in the bullish zone with the MACD lifting and positive. Look for a push over resistance to participate…..

JP Morgan, Ticker: $JPM

JP Morgan, $JPM, broke resistance in November and ran to a top in March. It consolidated since until pushing over resistance last week. The RSI is rising in the bullish zone with the MACD positive and climbing. 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 put the first week of May in the books, and investors started the month with a very brief sell off in the equity markets, but they did not go away.

Elsewhere look for Gold to continue its move higher while Crude Oil consolidates in the uptrend. The US Dollar Index continues to the downside while US Treasuries stall in their bounce. The Shanghai Composite looks to continue to mark time moving sideways while Emerging Markets consolidate the pullback in their uptrend.

The Volatility Index looks to remain very low making the path easier for equity markets to the upside. Their charts look strong on the longer timeframe, with the IWM and QQQ holding near highs while the SPY is leading to the upside. On the shorter timeframe again, the SPY is flexing while the QQQ tries to reverse to the upside and the IWM recovers. 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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