5 Trade Ideas for Monday: Comerica, Hartford Financial, Norfolk Southern, Patterson and Thermo Fisher

• Posted by Greg Harmon
• on August 2nd, 2020

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

Comerica, Ticker: $CMA

Comerica, $CMA, made a bottom in March and held there until moving higher at the end of May. It topped in June and then pulled back. Since then it has been consolidating under resistance. The RSI is rising towards the bullish zone with the MACD crossing up and positive. Look for a push over resistance to participate…..

Hartford Financial, Ticker: $HIG

Hartford Financial, $HIG, bottomed in March and then did not do much until starting to move higher in May. It topped in early June and pulled back, creating a new consolidation zone. It is at resistance now with the RSI rising into the bullish zone and the MACD lifting and positive. Look for a push over resistance to participate…..

Norfolk Southern, Ticker: $NSC

Norfolk Southern, $NSC, also bottomed in March and then reversed. It made a top in June and then pulled back. It found support and reversed again, and has been in consolidation against resistance at a lower high since. The RSI is rising in the bullish zone with the MACD flat and positive. Look for a push over resistance to participate…..

Patterson, Ticker: $PDCO

Patterson, $PDCO, rose from an April low in a jagged fashion. By late June it was moving higher and made a top in July. Last week it closed with a push over that top. The RSI is rising in the bullish one with the MACD turning up and positive. Look for continuation to participate…..

Thermo Fisher, Ticker: $TMO

Thermo Fisher, $TMO, rose from a March low to consolidation in April. it held there for 10 weeks before moving higher in July. It topped 2 weeks ago and has consolidated since. The RSI is strong in the bullish zone with the MACD flat and positive. Look for a pus up through the triangle 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 July in the books, saw equity markets showed resilience with a rebound from consolidation.

Elsewhere look for Gold to continue higher while Crude Oil consolidates in a tight range. The US Dollar Index continues to move to the downside while US Treasuries continue their uptrend. The Shanghai Composite is building tightening consolidation while Emerging Markets consolidate in their uptrend.

The Volatility Index looks to continue to drift lower making the path easier for equity markets to the upside. Their charts also look strong, especially on the longer timeframe. On the shorter timeframe both the SPY and IWM continue moving up in consolidation. The QQQ looks the strongest moving back toward all-time highs. 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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