The Wagner Daily – Trading $CPRX: Navigating Breakout and Pullback Modes

The Wagner Daily – January 5, 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 Midcap 400 is the leading broad-based index and is up against all major moving averages.

Looking for the price action to punch through resistance and hold as a sign of strength.  A failed attempt to recapture the moving averages could lead to a sharp reversal lower.

The S&P 500 closed with an inside day on Wednesday following Tuesday’s outside day. Waiting for a break in either direction to determine the next swing.

$QQQ is leading to the downside and has yet to reclaim its 8-day EMA.

There are no new official setups for Thursday. However, if anything catches our eye intraday we will send an alert.

In yesterday’s report, we discussed $NBIX as a potential buy over the high of Tuesday’s reversal candle. The setup triggered and is still in play with a stop beneath Tuesday’s low. This is not an official setup.

$CPRX is in pullback mode after breaking out from its last consolidation. Although not an official setup, could be in play on strength above $19 or on weakness if there is some sort of dip below the 20-day EMA that leads to a bullish reversal candle.

Unofficial Setups 

• Longs – $DE $CAT $HAL $SLB $TDW $BOX $MEDP $BCOR
• Shorts –

Add

Rick 

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

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