The Wagner Daily – January 3, 2023
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.
- No trades triggered.
The S&P 500 remains range-bound below all key moving averages with the 20-day EMA and 50-day MA as resistance. Even if the S&P is to push higher from here, it will be tough to trust any move until there is a big pick-up in buying interest.
We are also monitoring S&P 400 ETF $MDY for a close above resistance at $450.
The Nasdaq Composite closed off the lows of the week and may see a bounce. Tough to short stocks within the Nasdaq at current levels.
We continue to monitor a handful of setups that are showing relative strength to the broad-based averages.
Below are a few unofficial setups from our internal watchlist.
After clearing its downtrend line, $SLB is sitting in a tight range above the 8, 20, and 50-day MAs.
$HALO is on week 4 of a flat base pattern after breaking out from a cup with handle pattern in November. The high of last Friday’s reversal candle can serve as a buy entry for aggressive traders. This is not an official setup.
$MEDP is another top-rated growth stock on our list. Last week’s false breakout above the swing high led to another test of the 50-day MA, which held. Any pullback near the 50-day MA can be bought with small size for aggressive traders.
$CPRX has pulled back to the range high while holding above the 8-day EMA. Potentially in play unofficially on a downtrend line break.
Our game plan is to lay low during the first few days of 2023. Although we have a few unofficial setups posted above, there is nothing wrong with sitting mostly in cash.
- Longs – watching the charts above as well as $SMCI $HAL $NBIX $PI $CAT $BOX
- Shorts –
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