5 Trade Ideas for Tuesday: Arch Capital, Amgen, Boston Scientific, Lockheed Martin and Progressive

• Posted by Greg Harmon
• on July 3rd, 2022

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

Arch Capital, Ticker: $ACGL

Arch Capital, $ACGL, comes into the week rising off a low. It has a RSI rising towards the bullish zone with the MACD crossed up. Look for continuation to participate…..

Amgen, Ticker: $AMGN

Amgen, $AMGN, comes into the week approaching resistance. It has a RSI trending higher, but short of the bullish zone, with the MACD crossing to positive. Look for a push over resistance to participate…..

Boston Scientific, Ticker: $BSX

Boston Scientific, $BSX, comes into the week at resistance. It has a RSI at the midline with the MACD rising but negative. Look for a push over resistance to participate…..

Lockheed Martin, Ticker: $LMT

Lockheed Martin, $LMT, comes into the week breaking over resistance. The RSI is rising toward the bullish zone with the MACD crossed up. Look for continuation to participate…..

Progressive, Ticker: $PGR

Progressive, $PGR, comes into the week pushing through resistance. It has a RSI rising into the bullish zone with the MACD positive and rising. 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 2nd Quarter in the books, watched equity markets finish the worst start of the year since 1970. They gave back more than half of the previous week’s gain on the week before a decent finish into the long weekend.

Elsewhere look for Gold to continue to consolidate in its pullback while Crude Oil continues in a short term pullback. The US Dollar Index continues in an uptrend while US Treasuries are in a short term move higher in their downtrend. The Shanghai Composite looks to continue its uptrend while Emerging Markets continue to move lower.

The Volatility Index looks to remain elevated but moving lower making the path easier for equity markets to the upside. Their charts still look weak, especially on the longer timeframe. On the shorter timeframe the IWM, the QQQ and the SPY could be making higher lows, the possible start of a short term reversal. Next week will tell. 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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