Hartford Financial Services Group (NYSE:HIG)
Hartford Financial, $HIG, started higher out of consolidation in April, finding a top in August. It then pulled back to its 100 day SMA in September. The bottom was followed by a long bullish engulfing candle and it moved higher. Recently it has consolidated under resistance with a RSI that is moving into the bullish zone and a MACD that is rising. Look for a push over resistance to participate higher…..
Honeywell International Inc (NYSE:HON)
Honeywell, $HON, gapped up in April and has been moving higher ever since along rising trend support. Two weeks ago it started to pullback from a new all-time high and found support at a higher lower. Friday it reversed back up to that prior high on a strong candle. The RSI is in the bullish zone and the MACD is rising. Look for a push over resistance to participate higher…..
Microsoft (NASDAQ:MSFT)
Microsoft, $MSFT, broke higher in October and then established a long running trend to the upside. There were brief periods of consolidation or digestion along the way including one that ended a week ago. Friday saw the stock bounce up off of its 50 day SMA, a support zone many times during this run higher, with a RSI turning back up and a MACD leveling after a reset lower. Look for continuation to participate higher…..
Regeneron Pharmaceuticals Inc (NASDAQ:REGN)
Regeneron Pharmaceuticals, $REGN, fell lower and started to consolidate at the beginning of 2016. It continued to consolidate, tightening the range in December last year, before a move higher in May. That topped in June with a Shooting Star candle and has moved lower in steps. The third step down appears to be over with the RSI turning back up and the MACD about to cross up. Look for continuation to participate higher…..
Schlumberger NV (NYSE:SLB)
Schlumberger, $SLB, topped in January and started to roll lower. That move found a bottom in July and bounced. It fell back again in August to a lower low and bounced again. Since then it has moved higher and is making a higher high now. The RSI is in the bullish zone and the MACD is rising. Look for continuation 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 as the book closes on the 3rd Quarter sees stocks are driving to new all-time highs and looking very strong.
Elsewhere look for Gold to continue its short term pullback while Crude Oil continues to trend higher. The US Dollar Index is consolidating after a long fall and maybe ready to reverse while US Treasuries are biased to continue lower in the short term. The Shanghai Composite continues to consolidate and Emerging Markets are consolidating in their uptrend.
Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY (NYSE:SPY), IWM and QQQ. Their charts all look fabulous in the longer timeframe. The IWM may need a breather after a strong run while the SPDR S&P 500 (NYSE:SPY) and PowerShares QQQ Trust Series 1 (NASDAQ:QQQ) also look strong in the short run. 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.