5 Trade Ideas for Monday: Graco, Lazard, Norfolk Southern, Nutrien and Snap

• Posted by Greg Harmon
• on September 13th, 2020

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

Graco, Ticker: $GGG

Graco, $GGG, started higher in March and made a series of higher highs and higher lows. Since moving up off of the 200 day SMA in July it has had a steady trend higher. It paused when it reached the February high and then has continued higher. It comes into the week at resistance with a RSI rising in the bullish zone and then MACD crossing up. Look for a push over resistance to participate…..

Lazard, Ticker: $LAZ

Lazard, $LAZ, met resistance in June just under the 200 day SMA. It pulled back and then made another move higher that stalled under the 200 day SMA. It has held there since. The RSI is rising in the bullish zone with the MACD turning to cross up. Look for a push over resistance to participate…..

Norfolk Southern, Ticker: $NSC

Norfolk Southern, $NSC, started higher in March and met resistance in June. It pulled back to the 50 day SMA and then reversed higher. It is now at all-time highs again. The RSI is rising in the bullish zone with the MACD turning to cross up. Look for a push over resistance to participate…..

Nutrien, Ticker: $NTR

Nutrien, $NTR, started higher off of a March low and met resistance in April. It has moved sideways in a range since, tightening against the top the last month. The RSI is rising in the bullish zone with the MACD crossing up. Look for a push over resistance to participate…..

Snap, Ticker: $SNAP

Snap, $SNAP, ran from a March low to a top in July. It pulled back from there and has been rounding out a bottom recently. The RSI is rising in the bullish zone with the MACD lifting and positive. 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 a second week lower and heading into the September options expiration, saw equities trying to catch their breath but looking weak.

Elsewhere the word is consolidation. Look for Gold to continue its consolidation while Crude Oil breaks consolidation lower. The US Dollar Index continues to consolidate after the drop while US Treasuries move sideways. The Shanghai Composite looks to continue an intermediate consolidation while Emerging Markets consolidate under long term resistance.

The Volatility Index looks to resume a drift lower making the path easier for equity markets to the upside. Their charts still look at risk though, especially on the longer timeframe. On the shorter timeframe both the QQQ and SPY are in consolidation after a drop while the IWM is looking the weakest in a pullback. 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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