5 Trade Ideas for Monday: Apple, Caterpillar, Edwards Lifesciences, Global Payments and Shopify

• Posted by Greg Harmon
• on October 6th, 2019

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

Apple, Ticker: $AAPL

Apple, $AAPL, started a move higher off of the December 2018 low and ran until the end of April. It pulled back from there to a higher low and then started another move higher. It consolidated through September and ended last week by breaking higher. The RSI is in the bullish zone with the MACD flat but positive. Look for continuation to participate…..

Caterpillar, Ticker: $CAT

Caterpillar, $CAT, has been churning sideways in a very broad band since October last year. The latest move down may have ended last week with a Hammer reversal. The RSI is turning back higher and the MACD is leveling. Look for continuation to participate…..

Edwards Lifesciences, Ticker: $EW

Edwards Lifesciences, $EW, gapped up in July and then settled into a consolidation. Friday it broke above that. The RSI is rising in the bullish zone with the MACD crossing up and positive. Look for continuation to participate…..

Global Payments, Ticker: $GPN

Global Payments, $GPN, ran higher from a bottom in December, stalling in July. After a shallow pullback it moved to a higher high in September. Another pullback found support and reversed last week. The RSI is rising and the MACD turning to cross up. Look for continuation to participate…..

Shopify, Ticker: $SHOP

Shopify, $SHOP, also started higher in December last year, and it continued to a top in August. It has pulled back since then, finding support and reversing last week. The RSI is moving back higher and the MACD crossed up. 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 3rd Quarter in the books saw equity markets with a rocky start to October but a strong finish on the week.

Elsewhere look for Gold to consolidate around 1500 while Crude Oil bounces in the downtrend. The US Dollar Index continues the drift to the upside while US Treasuries drive back towards their all-time highs. The Shanghai Composite looks to come back from holiday biased lower and Emerging Markets have reversed to the upside in the short term.

A Volatility spike has eased and looks to continue lower, shifting the bias to higher for the equity index ETF’s SPY, IWM and QQQ. The SPY and QQQ reversed drops to close with strong momentum over support while the IWM held and bounced at the bottom of its wide consolidation range. 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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