The Wagner Daily – Market Update: Holding Two Positions

The Wagner Daily – January 3, 2022

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MTG Market Timing Model – Buy 

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 (potential trade entries):

open positions:

closed positions:

position notes:

• Note the new stop in $ANET.

Commentary:

Friday’s selling increased the odds for further weakness in the S&P 500 ETF $SPY with support at the 10-day EMA at $473.

The Nasdaq Composite is near a big support level at 15,600.

Our game plan is to sit tight with two open positions and see how the market holds up on Monday. If further weakness leads to bullish reversal candles on the daily chart of the main averages, then we could see some pullback setups emerge on Tuesday or Wednesday.

Note the new stop on $ANET which was lowered just a bit (would result in a 4% gain if triggered).  

We remain long $MU with a stop beneath the low of the wide-ranged advance on 12-23. Look for support to come in around the 8-day EMA or 10-day SMA.

Growth remains out of favor with very few stocks above the 50-day MA. $TSLA, $DDOG, and $MDB are a few we continue to monitor.

$AMAT, $QCOM, $MRVL, $SLAB are all holding up near highs. Can they follow through to the upside? Will $AMD and $NVDA hold the 50-day MA?

A few stocks that are setting up:

$F is sitting near highs with a 3 week long flat base above the rising 20ema. This is not an official setup.

$TREX is in consolidation mode after a +50% rally off the lows. Look for the price to chop around above the 20-day EMA with a move through last week’s high as a buy signal unless a lower buy point emerges. Not an official setup.

Unofficial Setups – For experienced traders only, no guidance is given for these setups.

• Watching – $BJ $AMAT $F $DDOG $GFS $ON $MRO $GDYN $SLAB $MRVL $TREX

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