5 Trade Ideas for Monday: Anthem, CBOE, Flowserve, Graco & ON Semiconductor

Anthem, $ANTM, moved up out of consolidation in June. It continued higher through a series of tops to one in October. It pulled back from there and then made a higher high into November. A small pullback and reversal sees it back at the high. The RSI is rising and bullish with the MACD moving higher. Look for a new high to participate…..

Cboe Global, $CBOE, had a failed break out in September come back to a higher low and then reversed. It moved up through resistance and over the 200 day SMA to a higher high at the end of October. The pullback from there found support and is now reversing back higher. The RSI is also reversing up off of the mid line with the MACD leveling. Look for continuation to participate higher…..

Flowserve, $FLS, rose up off of a base in July and continued to a top in September. It pulled from there to a higher low, just under the 20 day SMA and bounced in October. The bounce stalled a lower high and it suffered a quick pull back. At the end of last week it started to reverse higher again. The RSI is moving higher as well with the MACD rising toward positive. Look for continuation to participate higher…..

Graco, $GGG, fell from a third tap at resistance in September and accelerated to the downside. It found a bottom 1 month later in October over 20% lower. The bounce from there was strong and reached the 50 day SMA before receding in a digestive move. Now it is back at that resistance. The RSI is rising and bullish with the MACD turning positive. Look for continuation to participate…..

ON Semiconductor, $ON, had a long run higher until it started to make a sloppy top in February. It started to move lower in June and found a bottom at the end of October. Since then it has bounced to the 50 day SMA and met resistance. It pulled back slightly and is now back at resistance. The RSI is rising and bullish with the MACD positive and rising. Look for a break of resistance to participate higher…..

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 November Options Expiration in the rear view mirror and traders looking forward to a short Thanksgiving week, sees equity markets hinting at reversing higher.

Elsewhere look for Gold to continue in its short term uptrend while Crude Oil pauses in its downtrend. The US Dollar Index is resuming its move higher while US Treasuries continue to consolidate in their downtrend. The Shanghai Composite is staging a possible reversal while Emerging Markets are trying to buck their downtrend.

Volatility looks to remain slightly elevated but drifting lower, easing the downward pressure on the equity index ETF’s SPY, IWM and QQQ. Their charts show some signs of reversing in the short timeframe, while on the longer timeframe the consolidation is more obvious. 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.