5 Trade Ideas for Monday: BlackRock, Conagra, Nasdaq, Netflix and Tractor Supply

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

BlackRock, Ticker: $BLK

BlackRock, $BLK, started lower in February with a gap down. It continued to a bottom in March before finding support. It moved higher to a top in April and then had a setback. Now it is at resistance with the RSI rising in the bullish zone and the MACD about to cross up and positive. Look for a push over resistance to participate….

Conagra, Ticker: $CAG

Conagra, $CAG, gapped over resistance in December and quickly met resistance. It pulled back in February, leaving an Island top and made a low in March. With one false move higher it has been rising steadily since the middle of March to an April high. After a mild pullback it is now heading back to resistance. The RSI is in the bullish zone with the MACD leveling and positive. Look for a move over resistance to participate…..

Nasdaq, Ticker: $NDAQ

Nasdaq, $NDAQ, ran to a low in March and then quick reversed higher. It continued until early April and then settled into a consolidation. It ended last week breaking a mini consolidation with the RSI rising into the bullish zone and the MACD starting to turn to cross up. Look for a push over resistance to participate…..

Netflix, Ticker: $NFLX

Netflix, $NFLX, ran from a bottom in March to make a new all-time high in April. It pulled back then to the 20 day SMA before reversing back higher. It ended the week at a new all-time high with the RSI rising and bullish and the MACD turning back up. Look for continuation to participate….

Tractor Supply, Ticker: $TSCO

Tractor Supply, $TSCO, made a hard break lower in February and found a bottom in mid-March. Since then it has rocketed higher. Friday made a new high and approached the all-time high. The RSI is inching into overbought territory with the MACD rising and bullish. 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 May options expiration in the record books, sees equity markets seem to have weathered a short term storm.

Elsewhere look for Gold to continue to move higher while Crude Oil retraces its downward move. The US Dollar Index looks to possibly break to the upside while US Treasuries consolidate in their uptrend. The Shanghai Composite looks to slowly drift higher in consolidation while Emerging Markets pause under short term resistance.

The Volatility Index looks to remain elevated but moving lower making the path easier for equity markets to the upside. Their charts are a mixed bag, with the SPY and IWM in consolidation on the shorter timeframe while the QQQ looks to head higher. On the longer timeframe both the QQQ and SPY look strong as they move higher, but with resistance just overhead. The IWM is also at resistance but at relatively lower levels. 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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