5 Trade Ideas for Monday: Alcoa, Cummins, McCormick, Wells Fargo and Walmart

• Posted by Greg Harmon
• on January 28th, 2024

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

Alcoa, Ticker: $AA

Alcoa, $AA, comes into the week breaking resistance. It has a RSI at the midline with the MACD crossing up. Look for continuation to participate…..

Cummins, Ticker: $CMI

Cummins, $CMI, comes into the week pressing on resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

McCormick, Ticker: $MKC

McCormick, $MKC, comes into the week approaching resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

Wells Fargo, Ticker: $WFC

Wells Fargo, $WFC, comes into the week approaching resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

Walmart, Ticker: $WMT

Walmart, $WMT, comes into the week breaking resistance. It has a RSI in the bullish zone with the MACD positive. Look for continuation 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 just 3 trading days left in January, equity markets look ready to finish the month higher.

Elsewhere look for Gold to continue its pullback while Crude Oil reverses higher. The US Dollar Index looks to drift sideways in consolidation while US Treasuries continue their downtrend. The Shanghai Composite looks to extend the bounce to the upside while Emerging Markets continue in consolidation.

The Volatility Index looks to remain very low and stable making the path easier for equity markets to the upside. The charts of the SPY and QQQ look strong, especially on the longer timeframe. On the shorter timeframe both the QQQ and SPY could end up rolling over to reset momentum measures as both are extended. If that happens it might be time for the IWM to finally take the lead and test the 20 month channel 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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