The Wagner Daily – Nasdaq Reverses to Close Sharply Higher

The Wagner Daily – March 30, 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 $SEDG and the add in $GFS. Note that we canceled the $SEDG buy stop to add.

Commentary:

Nasdaq Composite fought off some morning weakness and closed with a solid +1.8% gain on higher volume. Let’s see how the Nasdaq deals with resistance form the prior high and 200-day MA just above. Conditions are improving with both indexes (Nasdaq Composite & S&P 500) in lockout rally mode.

There are two new setups for Wednesday’s session.

First up is an add to $GFS over Tuesday’s high. $GFS closed with a bullish reversal candle after wiping out stops below the swing low. Our entry is over Tuesday’s high.

IBD numbers – RS 96, Comp 95, Acc/Dist A-, group rank 62 of 197

$AOSL has tightened up the past few days on light volume and is in play over the two-day high.

IBD numbers – RS 98, Comp 98, Acc/Dist B+, group rank 45 of 197

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

• Longs – $MP 55.01, $AMR 130.80, $BRCC 20.30, $GFI 15.40
• Shorts –

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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