5 Trade Ideas for Monday: Cigna, ConocoPhilips, Fifth Third, Fortinet and Lockheed

• Posted by Greg Harmon
• on June 12th, 2022

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

Cigna, Ticker: $CI

Cigna, $CI, comes into the week at support. The RSI is falling and the MACD dropping near zero. Look for a break of support to participate…..

ConocoPhilips, Ticker: $COP

ConocoPhilips, $COP, comes into the week pulling back from a top. It has a RSI dropping from overbought with the MACD turning towards a cross down. Look for continuation to participate…..

Fifth Third, Ticker: $FITB

Fifth Third, $FITB, comes into the week at support in a downtrend. The RSI is falling in the bearish zone with the MACD rolling over towards a cross down. look for a drop through support to participate…..

Fortinet, Ticker: $FTNT

Fortinet, $FTNT, comes into the week dropping to support. The RSI is dropping with the MACD rolling over towards a cross down. Look for a drop through support to participate…..

Lockheed Martin, Ticker: $LMT

Lockheed Martin, $LMT, comes into the week at support. It has a RSI dropping lower with the MACD crossing down. Look for a drop through support 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 June options expiration week and the FOMC meeting, saw equity markets had resumed their blood bath moves to the downside and were testing the May lows.

Elsewhere look for Gold to continue its consolidation in the uptrend while Crude Oil drives up to new highs. The US Dollar Index continues its move to the upside while US Treasuries continue their downtrend. The Shanghai Composite looks to continue to move higher while Emerging Markets resume the move to the downside.

The Volatility Index looks to remain elevated making the path easier for equity markets to the downside. And the Dollar Index resuming the uptrend will reinforce this. Their charts also look ugly, especially on the longer timeframe with reversal patterns ending the week with prices back near the lows. They are also synched up and moving in unison now. On the shorter timeframe both the QQQ and SPY are back at May lows but with momentum building. The IWM is not far behind them. All of this suggest more downside in the coming week. 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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