5 Trade Ideas for Monday: AbbVie, Adobe, Conagra, Goldman and Lilly

• Posted by Greg Harmon
• on February 13th, 2022

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

AbbVie, Ticker: $ABBV

AbbVie, $ABBV, comes into the week rolling off the high. The RSI is dropping back in the bullish zone with the MACD leveling. Look for continuation to participate…..

Adobe, Ticker: $ADBE

Adobe, $ADBE, comes into the week dropping at a nine month low. The RSI is falling in the bearish zone with the MACD about to cross down. Look for continuation to participate…..

Conagra, Ticker: $CAG

Conagra, $CAG, comes into the week about to test January high. It has a RSI in the bullish zone with the MACD positive but pulling back. Look for a push over resistance to participate…..

Goldman Sachs, Ticker: $GS

Goldman Sachs, $GS, is pulling back from a lower high as the week opens. It has a RSI moving lower with the MACD rising but negative. Look for continuation to participate…..

Eli Lilly, Ticker: $LLY

Eli Lilly, $LLY, comes into the week retesting the January low. It has a RSI falling in the bearish zone with the MACD negative and about to cross down. 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 heading into February options expiration week, saw equity markets showed weakness with an ugly finish Thursday and Friday.

Elsewhere look for Gold to continue to rise in consolidation while Crude Oil trends higher. The US Dollar Index continues to drift to the upside while US Treasuries pullback. The Shanghai Composite looks to continue to consolidate while Emerging Markets continue to trend lower.

The Volatility Index looks to remain elevated and biased higher putting a roadblock in the path of equity markets chances of moving to the upside. Their charts look weak, especially on the shorter timeframe, with the QQQ leading the SPY to the downside, but the IWM holding. On the longer timeframe the IWM is also outperforming with the QQQ looking worse than the SPY. 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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