5 Trade Ideas for Monday: AmerisourceBergen, AIG, Caterpillar, ConocoPhillips and DaVita

• Posted by Greg Harmon
• on August 21st, 2022

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

AmerisourceBergen, Ticker: $ABC

AmerisourceBergen, $ABC, comes into the week consolidating under resistance. It has a RSI rising in the bullish zone with the MACD positive and rising. Look for a push over resistance to participate…..

AIG, Ticker: $AIG

AIG, $AIG, comes into the week over support. It has a RSI pulling back from overbought with the MACD rolling over. Look for a drop through support to participate…..

Caterpillar, Ticker: $CAT

Caterpillar, $CAT, comes into the week at resistance. It has a RSI in the bullish zone with the MACD rising and positive. Look for a push over resistance to participate…..

ConocoPhillips, Ticker: $COP

ConocoPhillips, $COP, comes into the week approaching resistance. It has a RSI rising in the bullish zone with the MACD positive and climbing. Look for a push over resistance to participate…..

DaVita, Ticker: $DVA

DaVita, $DVA, comes into the week at resistance. It has a RSI rising in the bullish zone with the MACD positive and climbing. 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 with August options expiration in the books, saw equity markets with some profit taking after a 4 week run higher.

Elsewhere look for Gold to continue its downtrend while Crude Oil also continues to trend lower. The US Dollar Index continues to drive to the upside while US Treasuries resume their downtrend. The Shanghai Composite looks to consolidate between short term and resistance and long term support while Emerging Markets resume their move lower.

The Volatility Index looks to remain in the normal range taking some pressure off of equity markets and allowing them to move to the upside. Their charts look strong on the longer timeframe, but still shy of a long term reversal. On the shorter timeframe the QQQ, IWM and SPY are getting a nice reset lower on the momentum measures. As long as they can print higher lows the nascent uptrend should remain. A lower low would deflate the optimism out of the markets. 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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