5 Trade Ideas for Monday: Anthem, Dollar Tree, IDEXX Labs, UPS and Workday

• Posted by Greg Harmon
• on September 27th, 2020

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

Anthem, Ticker: $ANTM

Anthem, $ANTM, pulled back from a top in June. When it reversed in July it met resistance at a lower high and fell back. It made a lower low last week but ended with a strong reversal. The RSI is moving back higher and the MACD is leveling and positive. Look for continuation to participate…..

Dollar Tree, Ticker: $DLTR

Dollar Tree, $DLTR, gapped higher in May to reach a top. It pulled back from there to close the big gap and found support. It reversed from there to make a higher high in August before another pullback. Last week it found support again and started to turn back higher. The RSI is also reversing to the upside with the MACD crossing up. Look for continuation to participate…..

IDEXX Laboratories, Ticker: $IDXX

IDEXX Laboratories, $IDXX, bottomed in March, printing a Morning Star Reversal pattern. It continued higher from there to a top at the end of July. After a minor pullback it retested the top and failed again, pulling back to a low last week. It reversed by the end of the week and is at short term resistance. The RSI is rising back towards the bullish zone with the MACD crossing up. Look for a push over resistance to participate…..

UPS, Ticker: $UPS

UPS, $UPS, gapped higher after reaching the February high in July. It continued higher to a consolidation zone and has settled there since. It ended last week moving to the top of the zone with the RSI rising in the bullish zone and the MACD turning to cross up. Look for a push over resistance to participate…..

Workday, Ticker: $WDAY

Workday, $WDAY, confirmed a double bottom in April and continued higher to retake the February high in July. It stalled there and consolidated until a gap up and run higher at the end of August. It pulled back from there and found support last week. It reversed higher and is now at short term resistance. The RSI is turning higher in the bullish zone with the MACD turning to cross up. Look for a push over resistance 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 only 3 trading days left in the 3rd Quarter, sees equity markets continuing to show weakness.

Elsewhere look for Gold to continue its pullback in an uptrend while Crude Oil consolidates in a broad range. The US Dollar Index looks to continue the move to the upside while US Treasuries consolidate. The Shanghai Composite and Emerging Markets looks to continue the pullback in consolidation.

The Volatility Index looks to continue the very slow move lower making the path easier for equity markets to the upside. Their charts continue to look weak, especially on the shorter timeframe. On the longer timeframe both the QQQ and SPY are building bull flags, with the IWM in a slightly weaker position. 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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