The Wagner Daily – $HALO: A Stock to Watch for Aggressive Traders After Breaking Out from a Cup with Handle

The Wagner Daily – January 3, 2023

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MTG Market Timing Model –  Sell (as of 12/15/22) due to a break of 20ema in the S&P 500

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:

 

position notes:

• No trades triggered.

Commentary: 

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.    

Unofficial Setups 

• Longs – watching the charts above as well as $SMCI $HAL $NBIX $PI $CAT $BOX
• Shorts –

Rick 

Click here to view this week’s watchlist in google sheets

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