Top Trade Ideas for the Week of April 11, 2016: The Rest

• Posted by Greg Harmon
• on April 10th, 2016

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

Here are the Rest of the Top 10:

Aflac, Ticker: $AFL

Aflac, $AFL, started a pullback in December that made a low in January. It rounded out of that to move back near the December high and has now been consolidating. As it consolidates the Bollinger Bands® are squeezing, often a precursor to a move. The RSI is in the bullish zone and the MACD is level after a minor pullback. Look for a break over consolidation to participate to the upside…..

ARM Holdings, Ticker: $ARMH

ARM Holdings, $ARMH, fell back from a high in July to a low with the market in August. It bounced back from there, recovering 80% of the drop before falling back to a new lower low in February. Since then it has started higher again and is now finding some resistance. The RSI is on the edge of the bullish zone while the MACD is flat but positive. Look for a break of resistance to participate to the upside…..

Cadence Design Systems, Ticker: $CDNS

Cadence Design Systems, $CDNS, has had a long run higher off of a bottom in January. The last week has seen a pullback to the 20 day SMA, a spot where it has bounced all along this uptick. Will it bounce again or fall through? The RSI is bullish and may be turning back higher while the MACD heads down. Let price tell you which way its going and then follow…..

Chevron, Ticker: $CVX

Chevron, $CVX, made a low with the market in August and then bounced. It stopped shy of $100 and then reversed again lower at the start of the year. Finding support at a higher low it has been rising and is now consolidating near that November high. The RSI is in the bullish zone and the MACD is leveling after having rest lower. Look for a break of the resistance to participate in the move higher…..

Eli Lilly, Ticker: $LLY

Eli Lilly, $LLY, rose quickly from May to mid June and then bounced around for 7 months before falling back to the May low. With bottoming action again since that drop the price ended last week back at resistance. As it does the RSI is rising and near a move into the bullish zone while the MACD rises. Look for a break over resistance to participate to the upside…..

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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 heading into April Options Expiration week sees the equity markets have stalled in some respects and may be starting to turn back lower.

Elsewhere look for Gold to continue its reversal higher as Crude Oil rises. The US Dollar Index looks weak and headed lower while US Treasuries are strong and rising. The Shanghai Composite looks to continue its drift higher as Emerging Markets are starting to turn lower. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts show some weakness, especially in the SPY, with the IWM and QQQ a bit strong and consolidating, but no longer rising short term. Use this information as you prepare for the coming week and trad’em well.

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