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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:
Commentary:
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.
Unofficial Setups
Rick
Click here to view this week’s watchlist in google sheets
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