The Wagner Daily – January 6, 2023
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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.
Nasdaq 100 ETF $QQQ closed below support for the second time in two weeks. In late December, the close below support was a one day shakeout. Given that the price action has failed to reclaim the declining 8-day EMA, the odds are favorable for a test of the October low.
The S&P 500 is still holding support at 3,800 but is unable to close above the declining 8-day EMA and hold.
Energy stocks are struggling to hold on to leadership status. $XLE has yet to reclaim its downtrend line or the 50-day MA.
If big cap leadership within the sector such as $SLB fails to hold up then energy could see some heavy selling during the first half of 2023.
There are no new setups for Friday.
On the short side, $ABNB and $MTCH are bouncing into the declining 20-day EMAs after a false breakdown beneath the lows of the base.
Both are potentially in play on the short side within the next few days.
- Longs – watching $SLB $TDW $BOX $CPRX
- Shorts – watching $ABNB $MTCH
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