5 Trade Ideas for Monday: BJ’s, Cullen/Frost, Cummins, Coterra Energy and MongoDB

• Posted by Greg Harmon
• on October 2nd, 2022

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

BJ’s Wholesale Club, Ticker: $BJ

BJ’s Wholesale Club, $BJ, comes into the week at support. The RSI is falling in the bullish zone with the MACD positive but dropping. Look for a drop through support to participate…..

Cullen/Frost Bankers, Ticker: $CFR

Cullen/Frost Bankers, $CFR, comes into the week sitting on support. It has a RSI dropping in the bullish zone with the MACD shifting to negative. Look for a break of support to participate…..

Cummins, Ticker: $CMI

Cummins, $CMI, comes into the week on support. The RSI is falling in the bearish zone with the MACD negative. Look for a break of support to participate…..

Coterra Energy, Ticker: $CTRA

Coterra Energy, $CTRA, comes into the week at support. It has a RSI in the bearish zone and the MACD negative. Look for a break of support to participate…..

MongoDB, Ticker: $MDB

MongoDB, $MDB, comes into the week in consolidation. It has a RSI coming out of oversold and a MACD crossing up but negative. Look for a move out of consolidation 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 3rd Quarter wrapped up, equity markets showed further weakness ending at or below the prior lows of the year.

Elsewhere look for Gold to continue its pullback while Crude Oil continues to move lower. The US Dollar Index continues to trend to the upside while US Treasuries pullback in their downtrend. The Shanghai Composite looks to continue the move lower while Emerging Markets accelerate to the downside.

The Volatility Index looks to remain elevated and heading higher making the path easier for equity markets to the downside. Their charts look weak, especially on the longer timeframe. On the shorter timeframe both the QQQ and SPY have now set new lows and still look weak. The IWM exhibited relative strength on the week, holding in consolidation. This was the first week since April that all 3 did not move in tandem. 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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