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5 Trade Ideas for Monday: Amgen, Commerce Bancshares, JB Hunt, Mylan and Sealed Air (Charts Below)

Amgen, Ticker: $AMGN

Amgen, $AMGN, started moving higher at the end of May ad reached a top in December. Since then it has been retracing that move. The RSI is now in the bearish zone with the MACD dropping and negative.

Commerce Bancshares, Ticker: $CBSH

Commerce Bancshares, $CBSH, started a move higher in October that lasted until a top in early February. Since then it dropped sharply, bouncing at a lower low and then stalling at a lower high. It is heading lower again with a RSI turning lower at the mid line and the MACD also reversing down and negative.

J.B. Hunt Transport, Ticker: $JBHT

J.B. Hunt Transport, $JBHT, started to move lower out of consolidation in February. When it broke below the 200 day SMA it accelerated to the downside and eventually made a bottom in mid-March. It bounced and stalled ending last week with a turn lower. The RSI is in the bearish zone with the MACD avoiding a cross up and negative.

Mylan, Ticker: $MYL

Mylan, $MYL, moved sideways for nearly a year before dropping again in February. It made a bottom in mid-March and started to move higher last week. The RSI is rising out of oversold territory with the MACD crossing up, a positive momentum swing.

 Sealed Air, Ticker: $SEE

Sealed Air, $SEE, started to roll lower in April and gathered steam to the downside as the calendar turned to 2020. It found support last week and bounced late in the week. The RSI is rising out of oversold and the MACD turning to cross up. Look for continuation to participate…..

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 calendar turning to spring saw anything but a refreshing new start in the markets with the worst week for equity markets since 2008.

Elsewhere look for Gold to continue its pullback while Crude Oil drops possibly into the teens. The US Dollar Index continues to shine as it moves to the upside while US Treasuries pause in their uptrend. The Shanghai Composite looks to possibly reverse the downtrend while Emerging Markets continue to move lower.

The Volatility Index looks to remain extreme, keeping the boot on the throat of the equity index ETF’s. Their charts are broken on both the daily and weekly timeframe. On the shorter timeframe the IWM showed some stability in the short run while the SPY looks the weakest. The longer timeframe shows the QQQ the strongest of a weak bunch that is hemorrhaging. Use this information as you prepare for the coming week and trad’em well ya.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 calendar turning to spring saw anything but a refreshing new start in the markets with the worst week for equity markets since 2008.

Elsewhere look for Gold to continue its pullback while Crude Oil drops possibly into the teens. The US Dollar Index continues to shine as it moves to the upside while US Treasuries pause in their uptrend. The Shanghai Composite looks to possibly reverse the downtrend while Emerging Markets continue to move lower.

The Volatility Index looks to remain extreme, keeping the boot on the throat of the equity index ETF’s. Their charts are broken on both the daily and weekly timeframe. On the shorter timeframe the IWM showed some stability in the short run while the SPY looks the weakest. The longer timeframe shows the QQQ the strongest of a weak bunch that is hemorrhaging. Use this information as you prepare for the coming week and trad’em well ya.


5 Trade Ideas for Monday: Amgen, Commerce Bancshares, JB Hunt, Mylan and Sealed Air

Post Author: Professor Syed Imteaz

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