Allstate Corporation (NYSE:ALL)
Allstate, $ALL, had a straight run higher from the election in November until August. It pulled back to its 50 day SMA then and has recovered since. Last week it pushed up off of the 20 day SMA to end the week at prior resistance. The RSI is moving back higher off of the mid line with the MACD about to cross up. Both support continuation higher. Look for confirmation to participate…..
Fiserv (NASDAQ:FISV)
Fiserv, $FISV, had a steady plod higher from the October low until turning sideways in June. It moved above a support/resistance zone in late September and then topped, pulling back to retest the zone again. Friday saw a push up off of that support with the RSI turning up and the MACD turning toward a cross up. Look for continuation higher to participate…..
IDEXX Laboratories Inc (NASDAQ:IDXX)
IDEXX Laboratories, $IDXX, rocketed higher in February and then continued to move up to a top developed over the May through July timeframe. It pulled back from there in August and settled just over its 200 day SMA. It has moved sideways since until making it’s first higher high Friday. The RSI is rising and bullish while the MACD is also moving higher. Look for continuation to participate…..
PVH Corp (NYSE:PVH)
PVH, $PVH, broke above its 200 day SMA in May and ran higher in a series of steps to a peak in early September. It has pulled back from there in a channel to the 20 day SMA. Friday saw it break that channel to the upside. It has a RSI that is bullish and rising with a MACD about to cross up. Look for continuation to participate…..
Sealed Air (NYSE:SEE)
Sealed Air, $SEE, topped over 50 in February and then pulled back to a low in May. A bounce found resistance in July and established a downtrend resistance. That held into early October when it broke the downtrend to the upside. It ended last week with a strong move higher to horizontal resistance. The RSI is rising in the bullish zone and the MACD is moving higher. Look for a push over resistance to participate higher…..
Up Next: Bonus Idea
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 October Options Expiration in the rearview mirror saw equities have pushed through the first 20 days of October and are looking very strong.
Elsewhere look for Gold to continue lower in the short run while Crude Oil slowly grinds higher. The US Dollar Index looks to continue consolidation with a possible reversal building while US Treasuries are heading lower.
The Shanghai Composite looks to mark time in the slow uptrend while Emerging Markets pause and possibly retest the recent breakout. Volatility looks to remain very low keeping the bias higher for the equity index ETF’s SPY (NYSE:SPY), IWM and QQQ. Their charts agree with the only caution a possible pause in the QQQ, perhaps a rotation back to the IWM again. 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.