5 Trade Ideas for Monday: Citigroup, Conagra, Cummins, General Dynamics and Microsoft

• Posted by Greg Harmon
• on May 12th, 2024

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

Citigroup, Ticker: $C

Citigroup, $C, comes into the week at resistance. It has a RSI in the bullish zone with the MACD positive. Look for as push over resistance to participate…..

Conagra, Ticker: $CAG

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

Cummins, Ticker: $CMI

Cummins, $CMI, 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…..

General Dynamics, Ticker: $GD

General Dynamics, $GD, comes into the week at resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

Microsoft, Ticker: $MSFT

Microsoft, $MSFT, comes into the week at resistance. It has a RSI moving up from the midline with the MACD about to turn positive. 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 heading into the May options expiration, saw equity markets showed renewed strength with a rebound from pullback.

Elsewhere look for Gold to continue pause in its uptrend while Crude Oil consolidates in the pullback. The US Dollar Index continues to pullback in the 6 month uptrend while US Treasuries continue their downtrend. The Shanghai Composite looks to continue the short term move higher while Emerging Markets flirt with a break out of a long channel to the upside.

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 continue to move higher toward new highs as well. The IWM looks good on the shorter timeframe but the longer timeframe continues to need more time. 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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