The Wagner Daily – Stock Watch: $TITN’s Upward Momentum and Potential for a Pullback

The Wagner Daily – January 10, 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.
• $UTHR removed from the watchlist.

Commentary: 

Broad market averages closed with back-to-back reversal candles, as Friday’s bullish reversal gave way to Monday’s bearish reversal.  

Monday’s action creates a potential lower high in most broad-based averages.

$SPY lower high at the 50-day MA, with the 200-day MA just above. Market conditions are tricky here, as the S&P is close to its 50-day MA and could just chop around for a few weeks to create a base with a higher low in place since the October low.

$QQQ potential lower high just below the 50-day MA.

$S&P 400 is working on a second lower high into a short-term downtrend line.

Again, these charts will have to be monitored daily for confirmation of a bullish or bearish scenario playing out.

$UTHR did not trigger on Monday and is removed from our watchlist. There are no new setups for Tuesday, but we are monitoring $TITN for a pullback entry.

$TITN gapped up on big volume and has so far held the gap up day low and 20-day EMA minus a shakeout week. Price cleared the downtrend line and is pushing higher. Let’s see if Monday’s reversal leads to a 2-3 day pullback and a touch of 20ema.

Unofficial Setups 

• Longs – watching $FIVE TGLS $JD $APO $RMBS $TEX $TITN $MOD $ELF
• Shorts – $AAPL $ABNB $TDOC $DDOG $NET $CRWD $ZM

See you in the chat room,

Rick 

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

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