5 Trade Ideas for Monday: Crown Castle, Discover, Generac, HD Supply and Synchrony

• Posted by Greg Harmon
• on October 4th, 2020

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

Crown Castle, Ticker: $CCI

Crown Castle, $CCI, made a top in July and then started to pull back in a channel. It broke the channel to the upside last week with the RSI moving into the bullish zone and the MACD rising. Look for continuation to participate…..

Discover Financial, Ticker: $DFS

Discover Financial, $DFS, stalled when it hit the 200 day SMA in June. It pulled back to the 50 day SMA and then rode it higher for the next 3 months. It is now making a new higher high with the RSI rising in thee bullish zone and the MACD positive and moving up. Look for continuation to participate…..

Generac, Ticker: $GNRC

Generac, $GNRC, went through some fits and starts to reach a high in early September. It pulled back from there and consolidated before a reversal to the upside last week. That left it at a new all-time high. The RSI is rising in the bullish zone with the MACD positive and moving higher. Look for continuation to participate…..

HD Supply, Ticker: $HDS

HD Supply, $HDS, lifted out of consolidation in May and ran to the 200 day SMA. It knocked back from there. A second leg stalled as it hit the February highs and it pulled back again. It is now back at that high with the RSI rising in the bullish zone and the MACD crossing up and positive. Look for a push over resistance to participate…..

Synchrony Financial, Ticker: $SYF

Synchrony Financial, $SYF, started higher in March and then accelerated in May. It stalled and pulled back before a slow grind higher to the same high in September. That led to another pullback, shallower, and a reversal to the prior high again. The RSI is rising in the bullish zone with the MACD crossing up. Look for a break over resistance 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 as the 4th Quarter begins, sees equity markets are hinting at a rebound from an ugly September.

Elsewhere look for Gold to continue its short term move higher while Crude Oil consolidates in a broad range. The US Dollar Index looks to be reversing to the upside while US Treasuries drift lower in consolidation. The Shanghai Composite looks to continue in consolidation while Emerging Markets consolidate under long term resistance.

The Volatility Index looks to remain in moderate territory not really hurting or making it easier for equity markets to the upside. Their charts look stronger on the longer timeframe, reversing off of the downtrend. On the shorter timeframe the IWM is breaking a bull flag to the upside, leading the markets. Both the QQQ and SPY are stalled though and without making higher 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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