5 Trade Ideas for Monday:  AMD, Check Point Software, Cummins, Capital One and JB Hunt

• Posted by Greg Harmon
• on June 5th, 2022

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

Advanced Micro Devices, Ticker: $AMD

Advanced Micro Devices, $AMD, comes into the week pressing up to resistance. It has a RSI rising into the bullish zone and a MACD positive and rising. Look for a push over resistance to participate…..

Check Point Software Technologies, Ticker: $CHKP

Check Point Software Technologies, $CHKP, comes into the week pressing up to resistance and the gap from April. The RSI is rising toward the bullish zone with the MACD about to turn positive. Look for a push over resistance to participate…..

Cummins, Ticker: $CMI

Cummins, $CMI, comes into the week at resistance. The RSI is poking into the bullish zone with the MACD positive and rising. Look for a push over resistance to participate…..

Capital One Financial, Ticker: $COF

Capital One Financial, $COF, comes into the week at support. It has a RSI turning lower with the MACD leveling and negative. Look for a break of support to participate…..

JB Hunt Transport Services, Ticker: $JBHT

JB Hunt Transport Services, $JBHT, comes into the week at resistance. It has a RSI rising toward the bullish zone with the MACD pushing positive. Look for a push 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 heading into the second week of June and the last week before the next FOMC meeting, saw equity markets take a breather, digesting the strong finish to the prior week.

Elsewhere look for Gold to pause in its short term move higher while Crude Oil drives towards a retest of the March highs. The US Dollar Index continues to hold just below resistance while US Treasuries move lower. The Shanghai Composite looks to continue the short term move higher while Emerging Markets continue their downtrend.

The Volatility Index looks to remain slightly elevated making the path somewhat easier for equity markets to the upside. Their charts failed to follow through on last week’s strength though, leaving them in consolidation without making a higher high and lacking momentum on the shorter timeframe. On the longer timeframe it is too soon to tell if the IWM, the QQQ and the SPY are reversing or setting up for the next leg lower. Look for more uncertainty and sideways consolidation. 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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