5 Trade Ideas for Monday: American Express, Walt Disney, Eaton, JP Morgan and Lockheed

• Posted by Greg Harmon
• on March 1st, 2020

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

American Express, Ticker: $AXP

American Express, $AXP, made a double top 2 weeks ago and then drove lower as market sentiment changed. It is now back to April 2019 levels after a 5 day fall. The RSI is oversold and the MACD is negative and falling. Look for a reversal to participate…..

Walt Disney, Ticker: $DIS

Walt Disney, $DIS, was holding around the 200 day SMA until a gap down and continuation last week. The RSI is oversold and more so than at the December 2018 low. The MACD is falling and at multi-year lows. Look for a reversal to participate…..

Eaton, Ticker: $ETN

Eaton, $ETN, blew out to the upside at the start of February and peaked just over a week ago. It gapped down and fell back last week. The RSI is now oversold with the MACD falling and negative. Look for a reversal to participate…..

JP Morgan, Ticker: $JPM

JP Morgan, $JPM, took off to the upside in October and made a top at the end of the year. It tried to retest and fell just short of that top before crashing down last week. The RSI is oversold and the MACD is falling and negative. Look for a reversal to participate…..

Lockheed Martin, Ticker: $LMT

Lockheed Martin, $LMT, broke above resistance at the start of the year and rose to a top 2 weeks ago. It fell hard with the market last week. The RSI went into oversold territory with the MACD dropping and negative. Look for a reversal 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 2 months of the year in the books, saw equity markets had their worst week in years, driving lower with alacrity never seen before.

Elsewhere look for Gold to pullback while Crude Oil continues to drive lower. The US Dollar Index looks to continue lower in the short term while US Treasuries prices set record highs. The Shanghai Composite looks to pullback after its move higher while Emerging Markets move lower in broad consolidation.

The Volatility Index looks to remain extreme making the path easier for equity markets to the downside. Their charts look horrible in the short term, but overextended so there is a possibility of a bounce or outright reversal. The longer term charts show a lot more damage, with the IWM sitting on long term support but the SPY and QQQ driving lower. 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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