The Wagner Daily – Cup with Handle Pattern in $BROS

The Wagner Daily – March 25, 2022

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MTG Market Timing Model –  BUY as of 3/16 close

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 (potential trade entries):

 
open positions:

closed positions:

position notes:

• Stopped out of $CARG and sold $FAZ for a small loss. Added to $GFS and bought $SEDG.

Commentary:

The current rally remains in a strong uptrend holding above the 20-period ema on the hourly charts of most major indexes.

Per intraday alert, we added to $GFS and bought $SEDG. Note that we sold $FAZ for a small scratch loss as we saw the indexes continue to run higher. However, if there is a reversal lower within the next few days, then financials may be worth monitoring on the short side ($FAZ or $COF).

There are two new official buy setups for Friday.

First up is $LYV which has been in base mode since last November. After a false breakout in early March, the price undercut the prior low and has since bounced back on decent volume. Note that the price has tightened up the past few days while holding above the now rising 8 and 20-day EMAs. Our entry is over the high of Thursday’s bullish reversal candle.

$BROS is forming the handle portion of a cup with handle pattern. Thursday’s inside day is a buy signal. Generally speaking, the entry is over the high of the inside day, but in this case, the entry is over the two-day high because it is so close.

Keys to market turning bullish:

• Buy signal in the timing model, such as a FTD (follow through day) or reclaim of 21-day EMA
• Stocks begin to breakout on volume and hold… indexes hold the 21-day EMA
• Number of stocks making new 52-week highs vs 52-week lows enters into positive territory
• After the first wave of breakouts, new setups emerge

Unofficial Setups – For experienced traders only, no guidance is given for these setups.

• Longs – ACLS over yest high, stocks off lows w/ entry over prior day’s high: DOCS DLO BYND SNOW LABU CELH TNA
• Shorts –  COF below yest. low

Press HERE (link restricted to paid members) to view this week’s stock watchlist, an excellent starting point for monitoring the health of the market and finding the best stocks for swing trading.

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