5 Trade Ideas for Monday: Anthem, Honeywell, 3M, PayPal and Ulta Beauty

• Posted by Greg Harmon
• on October 18th, 2020

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

Anthem, Ticker: $ANTM

Anthem, $ANTM, rose off a March low and continued to a top in June. It pulled back and consolidated and then eventually rose to again into October. It has a RSI in the bullish zone with the MACD flat and positive. Look for a push over resistance to participate…..

Honeywell, Ticker: $HON

Honeywell, $HON, has marched higher, making higher highs and higher lows since March. It comes into the week at resistance with the RSI rising in the bullish zone and the MACD slowly moving higher. Look for a push over resistance to participate…..

3M, Ticker: $MMM

3M, $MMM, bottomed in March and then started higher. It made a high in June and pulled back to a consolidation zone. It ran higher again to a top in September before another pullback. Now it is back at that September high. The RSI is rising in the bullish zone with the MACD lifting. Look for a push over resistance to participate…..

PayPal, Ticker: $PYPL

PayPal, $PYPL, had a nearly straight line move higher to a top in early September. It pulled back and then found support in the middle of the month before reversing higher. It is now near resistance with the RSI rising in the bullish zone and the MACD positive and climbing. Look for a push over resistance to participate…..

Ulta Beauty, Ticker: $$ULTA

Ulta Beauty, $$ULTA, rose from a March low and met resistance after crossing the 200 day SMA in June. After pulling back and finding support it has made a series of higher lows. It is now at resistance with the RSI rising in the bullish zone and the MACD positive and moving higher. 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 the October options expiration in the books, saw equity markets had lost a bit of energy as they approached the highs.

Elsewhere look for Gold to continue to consolidate in the uptrend while Crude Oil consolidates in a broad range. The US Dollar Index continues in a short term move to the upside while US Treasuries consolidate at support. The Shanghai Composite looks to consolidate as well while Emerging Markets move higher.

The Volatility Index looks to remain stable at slightly elevated levels making the path slightly bumpy for equity markets. Their charts look strong, especially on the longer timeframe. On the shorter timeframe both the QQQ and SPY are weathering digestion for now with shallow pullback. The IWM is looking strong as it is unwilling to yield any ground that it has gained since the September low. 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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