5 Trade Ideas for Monday: ADP, Conagra, CBOE, Dexcom and Hormel

• Posted by Greg Harmon
• on August 4th, 2024

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

ADP, Ticker: $ADP

ADP, $ADP, 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…..

Conagra, Ticker: $CAG

Conagra, $CAG, 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…..

Cboe Global Markets, Ticker: $CBOE

Cboe Global Markets, $CBOE, comes into the week breaking resistance. It has a RSI in the bullish zone with the MACD positive. Look for a continuation to participate…..

Dexcom, Ticker: $DXCM

Dexcom, $DXCM, comes into the week at resistance. It has a RSI rising in the bearish zone with the MACD negative. Look for a push over resistance to participate…..

Hormel, Ticker: $HRL

Hormel, $HRL, 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 the July FOMC meeting in the books, noted equity markets showed concern with a very weak end to the week with weak employment data.

Elsewhere look for Gold to continue its assault on new highs while Crude Oil breaks consolidation lower. The US Dollar Index continues to short term move to the downside while US Treasuries possibly reverse to an uptrend. The Shanghai Composite looks to continue the short term move lower while the short term breakout higher in Emerging Markets is at risk of failing.

The Volatility Index looks to remain elevated and rising making the path easier for equity markets to the downside. The charts of the SPY and QQQ continue to look productive on the longer timeframe but with continued weakness on the shorter timeframe. The IWM looks to have given traders yet another disappointment with yet another failed breakout higher. Use this information as you prepare for the coming week and trad’em well.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

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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