5 Trade Ideas for Monday: Costco, Grainger, The Hartford, ICE and RTX

• Posted by Greg Harmon
• on August 11th, 2024

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

Costco, Ticker: $COST

Costco, $COST, comes into the week breaking short term resistance. It has an RSI rising into the bullish zone with the MACD crossed up and heading toward positive. Look for continuation to participate…..

WW Grainger, Ticker: $GWW

WW Grainger, $GWW, 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…..

Hartford Financial Services, Ticker: $HIG

Hartford Financial Services, $HIG, comes into the week rising off the 20 day SMA. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participate…..

Intercontinental Exchange, Ticker: $ICE

Intercontinental Exchange, $ICE, comes into the week breaking to a new all-time high. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participate…..

RTX, Ticker: $RTX

RTX, $RTX, comes into the week moving up toward resistance. It has a RSI in the bullish zone with the MACD 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 with the first week of August in the books, sees equity markets showing resilience with a rebound from an ugly start induced by growing narrative of recessionary fears.

Elsewhere look for Gold to continue its uptrend while Crude Oil consolidates in a narrowing range. The US Dollar Index continues to drift in broad consolidation while US Treasuries consolidate in their downtrend. The Shanghai Composite looks to continue the short term trend lower while Emerging Markets consolidate under long term resistance.

The Volatility Index looks to have settled after a spike to 4 year highs removing the pressure on equity markets for now. The SPY and QQQ ETF charts continue to look strong on the longer timeframe. On the shorter timeframe both the QQQ and SPY have reset on momentum measures but also have a lot of upside work to put in before they are looking strong. The IWM is now just in consolidation mode again after a failed break higher. 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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