5 Trade Ideas for Tuesday: Ally, Burlington Stores, Capital One, ON Semi and Tandem Diabetes Care

• Posted by Greg Harmon
• on September 7th, 2020

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

Ally Financial, Ticker: $ALLY

Ally Financial, $ALLY, bottomed in March and then consolidated. it broke consolidation in May and started higher. The move stalled in June and fell into consolidation again. Friday saw it break to the upside. The RSI is strong in the bullish zone with the MACD rising and positive. Look for continuation to participate…..

Burlington Stores, Ticker: $BURL

Burlington Stores, $BURL, started higher off of a bottom in March. It stalled at the 200 day SMA at the end of April and dropped back. A second move higher met resistance after breaking the 200 day SMA and then pulled back again. Since July it has been making a series of higher lows and is now approaching the May high. The RSI is rising in the bullish zone with the MACD positive and moving higher. Look for a new high to participate….

Capital One Financial, Ticker: $COF

Capital One Financial, $COF, started higher in March and stalled as it hit the 200 day SMA in June. It pulled back and found a bid, creating and then riding rising trend support. It is rising off of that support and making a higher high as it comes into the new week. The RSI is rising in the bullish zone with the MACD moving higher and positive. Look for continuation to participate…..

ON Semiconductor, Ticker: $ON

ON Semiconductor, $ON, rose from a bottom in March and stalled just short of the prior high as it hit the January gap. Friday it pushed up out of consolidation with a RSI pressing into the bullish zone and the MACD crossing up. Look for continuation to participate…..

Tandem Diabetes Care, Ticker: $TNDM

Tandem Diabetes Care, $TNDM, started higher in March. It paused in May and pulled back to a low in June. It reversed then and has trended higher since. The RSI pulling back in the bullish zone with the MACD crossing down as price hit the 20 day SMA and printed a Hammer candle. Look for a reversal higher 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 wrapping up August and heading into the unofficial end of summer, saw the equity markets finally ran out of gas and pull back.

Elsewhere look for Gold to continue in consolidation while Crude Oil possibly moves to a downtrend. The US Dollar Index is moving to the upside possibly out of consolidation while US Treasuries consolidate. The Shanghai Composite looks to consolidate as well while Emerging Markets pause in their uptrend.

The Volatility Index looks to push up towards the June highs making the road rough for equity markets. Their charts are showing possible reversals or at least indecision on the longer timeframe. On the shorter timeframe the IWM, the QQQ and SPY ended the week with possible reversal candles though adding confusion to the story. 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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