The Wagner Daily – $PTEN setting up for swing trade entry

The Wagner Daily – January 12, 2023

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MTG Market Timing Model –  Buy (based on S&P 500 reclaiming the 20-day EMA)  

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: 

There are no new official setups ahead of Thursday morning’s CPI report at 8:30 am EST.  

The daily chart of the S&P 500 futures contract has run into the resistance of the 200-day MA and is just below the  longer-term downtrend line.  

Breadth has improved during the current rally with the number of stocks setting new 52-week highs outpacing 52-week lows for the seventh day in a row. 

We are monitoring a few charts below for a buy entry.  These setups are not official.  

Watching for a pullback to the 8-day EMA.

$PTEN cleared its downtrend line and is finding support at the rising 8 and 20-day EMAs. Look for a move over the three-day high as the trigger which would also reclaim the 50-day MA.

Monitoring $PODD for a possible downtrend line break this week or next.

Unofficial Setups 

• Longs –  $TGLS $JD $MRNA $MNST (reversal) $MGNI $BAND
• Shorts –

See you in the chat room,

Rick 

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

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