5 Trade Ideas for Monday: AIG, CF Industries, Canadian Natural, J&J and Northrop

• Posted by Greg Harmon
• on October 9th, 2022

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

AIG, Ticker: $AIG

AIG, $AIG, comes into the week pulling back from the 20 day SMA. It has a RSI dropping from the midline with the MACD level and negative. Look for continuation to participate…..

CF Industries, Ticker: $CF

CF Industries, $CF, comes into the week holding at resistance. The RSI is rising towards the bullish zone with the MACD positive and moving higher. Look for a push over resistance to participate…..

Canadian Natural Resources, Ticker: $CNQ

Canadian Natural Resources, $CNQ, comes into the week pushing through resistance. It has a RSI rising into the bullish zone with the MACD crossed up. Look for continuation to participate…..

Johnson & Johnson, Ticker: $JNJ

Johnson & Johnson, $JNJ, comes into the week at a 7 month low. It has a RSI falling in the bearish zone with the MACD crossed down and negative. Look for continuation to participate…..

Northrop Grumman, Ticker: $NOC

Northrop Grumman, $NOC, comes into the week at resistance. It has a RSI rising toward the bullish zone with the MACD positive and rising. 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 the first week of October in the books, noted that equity markets continued the trend lower after a big 2 day tease at the start of the week to the upside.

Elsewhere look for Gold to continue its bounce in the downtrend while Crude Oil is possibly reversing higher out of its downtrend. The US Dollar Index continues the strong move to the upside while US Treasuries continue their downtrend. The Shanghai Composite looks to continue the move lower after a week off while Emerging Markets continue the long term downtrend.

The Volatility Index looks to remain elevated and possibly moving higher making the path easier for equity markets to the downside. Their charts also look weak, especially on the shorter timeframe where the SPY and QQQ are back retesting the cycle lows while the IWM is faring only slightly better. On the longer timeframe the candle prints for the week signal indecision but with long upper shadows indicating further weakness. 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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