Top Trade Ideas for the Week of September 16, 2013: The Rest

• Posted by Greg Harmon
• on September 15th, 2013

Here are the Rest of the Top 10:

Abbott Laboratories, Ticker: $ABT

Abbott Laboratories, $ABT, came off of a lower low and may be in a counter-trend bounce, but still worth a look. The Relative Strength Index (RSI) is rising and through the mid line with a Moving Average Convergence Divergence indicator (MACD) that is rising. The bull flag is what makes it interesting right now.

Diebold, Ticker: $DBD

Diebold, $DBD, is moving back higher after retesting the support area from late 2012 to early 2013. The RSI is about to cross the mid line and the MACD is rising, both supporting more upside price action.

Plexus, Ticker: $PLXS

Plexus, $PLXS, is testing resistance from early August after a pullback to the 50 day Simple moving Average (SMA). The RSI is rising and the MACD is crossed positive, both supporting continued upward movement.

Wadell & Reed, Ticker: $WDR

Wadell & Reed, $WDR, pulled back to the 50 day SMA and 48 area before moving back higher. In a symmetrical triangle now after a move up it has support for more upward price action from a RSI that held in bullish territory and is trending higher and a MACD that is rising.

Xerox, Ticker: $XRX

Xerox, $XRX, is at a crossroads of two possible bearish Shark Harmonics. The first is completing but the second has more room to run. With the RSI bullish and the MACD pushing higher, favor the upside.

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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 Saturday which, heading into September Options Expiration sees the market looking stronger again. Look for Gold to continue lower, possibly resuming the downtrend while Crude Oil consolidated in the uptrend. The US Dollar Index looks to continue to the lower end of the broad range while US Treasuries are biased lower but may consolidate. The Shanghai Composite and Emerging Markets both may continue to consolidate in their uptrends with an upward bias. Volatility looks to remain low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts look as if they may consolidate first with the QQQ looking the strongest of the three. Use this information as you prepare for the coming week and trad’em well.

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