The Wagner Daily – August 18, 2022
Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).
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Our timing model was designed to keep our trades in line with the prevailing market trend, not to call tops or catch bottoms in S&P 500 or Nasdaq Composite.
today’s watchlist along with open and closed positions:
Add- Stopped out of half of $ENPH on a break of 8-day EMA.
The hourly charts of $QQQ and $SPY are in bounce mode after breaking down below the 20-period EMA. If the current bounce stalls at the 20ema and takes out the swing low, then a lower low beneath the 20ema would be in place (possible reversal of trend).
$AAPL, which carries the biggest weighting in the Nasdaq 100 and S&P 500 has rallied into a ton of overhead. The daily chart is extended after a big run-up and possibly vulnerable to a selloff.
There are no new setups for Thursday’s session.
From a growth stock perspective, the current rally has been disappointing due to the lack of explosive price action in stocks trading near 52-week highs. While we have seen some solid follow-through in big volume gap ups such as $ENPH and $SWAV, the majority of stocks making explosive moves are bouncing from 52-week low, more than 70-90% off the all-time high.
At some point we expect growth to reclaim leadership, but until then we are playing it slow and waiting for new setups to emerge.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – $PCTY $LTHM $EOG $TSLA $CELH $DGII $CLR
- Shorts –
See you in the chat room,
Rick
These lists are a good starting point for monitoring the market’s health for those with limited time.
https://morpheustrading.com/services/swing-trade-alerts
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