The Wagner Daily – March 31, 2022
Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).
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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):
closed positions:
position notes:
- $GFS and $AOSL buy stops triggered.
- Sold or stopped out of all longs and now sitting in a 100% cash position.
Stocks sold off on Wednesday with small and large-cap tech leading to the downside. Overall, total volume was lighter on both the NYSE and NASDAQ, so the S&P 500 and Nasdaq avoided a distribution day.
Nasdaq could use a few days of sideways action to digest recent gains.
Per intraday alerts, the model portfolio is 100% cash as we either stopped out of or sold all open positions. Let’s see how leaders react to Wednesday’s selling and go from there.
$AOSL triggered our buy stop and ripped higher but lacked any follow-through. We raised the stop to Wednesday’s low due to the ugly reversal action, which triggered.
60-minute chart of $AOSL
On the daily chart, $AOSL struggled the first time the Nasdaq sold off by more than 1% on 3/23. It did so once again on Wednesday. Not ideal price and volume action from a leader.
$NVDA may be back in play within the next few days.
$CARG has tightened up from left to right on the daily chart below. The first pullback off the highs was 28% vs 11% recent pullback. Not an official setup.
For those who are new to the service, our system is based on trading growth stocks that can explode higher in a short period of time…when conditions are ideal. For most of 2022, conditions have not been ideal, so we have been playing the short side when setups are there while waiting for a new buy signal. Below are a few things we are looking for in a buy signal.
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 – $BRCC $AGCO $TRTN (over prior day’s high )
- 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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