5 Trade Ideas For Monday: Abbott Labs, Ciena, Deere, Green Dot & Oshkosh

Abbott Labs, Ticker: $ABT

Abbott Labs, $ABT, started higher in consolidation in May, breaking out in July. It continued to a peak at the end of September. Since then it pulled back to the 100 day SMA and bounced, eventually retesting the high at the end of November. It has pulled back from there now and is approaching support. The RSI is falling and bearish with the MACD negative and moving lower. Look for a break of support to participate…..

Ciena, Ticker: $CIEN

Ciena, $CIEN, started moving higher off of its 200 day SMA in June. It met resistance and pulled back in July to the 100 day SMA. There it reversed and pushed over resistance gapping higher at the end of August. After consolidating that move for nearly two months it has been making a series of higher lows forming trend support. The RSI is pulling back in the bullish zone with the MACD crossed down. Look for a reaction at support to participate…..

Deere, Ticker: $DE

Deere, $DE, ended a pullback in May and started on a long wide channel. It was defined by the May top and bottom and aside from 2 one day overthrow reversals has been in the range ever since. It is moving lower in the channel now with the RSI falling and the MACD turning negative. Look for continuation to participate…..

Green Dot, Ticker: $GDOT

Green Dot, $GDOT, gapped up in May and quickly consolidated. it made a run higher in June that fell back to retest the consolidation and then continued back to a top in September. Another pullback added significance to the support zone and it made another push to a new high in November. Since then it has been moving lower and ended the week at support. The RSI is falling and the MACD is negative and dropping. Look for a break through support to participate…..

Oshkosh, Ticker: $OSK

Oshkosh, $OSK, had been moving lower until it bounced at the end of October. The bounce hit the 200 day SMA and then started back lower. Last week the drop moved into the gap with the RSI falling and bearish and the MACD negative and moving lower. 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 heading into the Christmas shortened week sees equities looking the worst they have in at least 2 years.

Elsewhere look for Gold to continue in its uptrend while Crude Oil continues the path lower. The US Dollar Index continues to mark time moving sideways while US Treasuries are biased higher short term. The Shanghai Composite and Emerging Markets have resumed their downtrends.

Volatility looks to remain elevated and creeping higher keeping the bias lower for the equity index ETF’s SPY, IWM and QQQ.  Their charts are in solid downtrends on both the daily and weekly view, with the IWM and QQQ in unofficial bear markets, off more than 20%, with the SPY close behind.   Use this information as you prepare for the coming week and trad’em well.

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.