Anthem Inc (NYSE:ANTM)
Anthem, $ANTM, started to climb higher in October last year. It met resistance along with the market in January and pulled back. For 4 months it consolidated and then in June started to move higher again. It began to consolidate in August and is now pressing against the top of the consolidation range. The RSI is rising in the bullish zone and the MACD flat after a pullback. Look for a new high to participate in the upside…..
Express Scripts Holding Co (NASDAQ:ESRX)
Express Scripts, $ESRX, pulled back from a high in January and then went through a 6 month consolidation. In August it started to move higher before consolidating late in the month. It started higher out of that consolidation two weeks ago and is now moving higher again. The RSI is strong in the bullish zone with the MACD flat and positive. Look for continuation to participate higher…..
Edwards Lifesciences (NYSE:EW)
Edwards Lifesciences, $EW, started higher from a pullback to its 100 day SMA at the end of April. That move finished with a double top into July and then it gapped down. The stock price has been consolidating ever since, until Friday. That is when it pushed over resistance. The RSI is rising ad bullish with the MACD rising and crossing to positive. Look for continuation to participate higher…..
Graco Inc (NYSE:GGG)
Graco, $GGG, got smacked down hard after making a January high. After touching its 200 day SMA it bounced up to resistance at a lower high and consolidated for 3 months. In June it broke to a higher high and has been consolidating under that peak ever since. Last week ended with it back at resistance with the RSI rising in the bullish zone and the MACD lifting higher. Look for a push through resistance to participate to the upside…..
Raytheon Company (NYSE:RTN)
Raytheon, $RTN, topped out in April and then dropped like a crashing plane. It bounced into May, topping at a lower high and then fell back again, to a lower low. Since then it has consolidated in a tight range, with a 1 day exception, under resistance. The RSI is pressing against the edge of the bullish zone and the MACD is crossed up and rising. Look for a push over resistance to participate…..
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 heading into September Options Expiration week sees the equity markets have regained some swagger.
Elsewhere look for Gold to consolidate in its downtrend while Crude Oil continues to drift higher. The US Dollar Index looks to continue to mark time while US Treasuries head lower in broad consolidation. The Shanghai Composite remains weak and looking for support while Emerging Markets may be finding some footing after a long downtrend.
Volatility looks to remain at very low levels keeping the bias higher for the equity index ETF’s SPY (NYSE:SPY), IWM and QQQ. And after a digestive week they all firmed up with positive weeks to show renewed short term strength, to go along with the long term strength. 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.