The Wagner Daily – March 2, 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 – SELL
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:
- No trades triggered.
The Nasdaq Composite stalled just below the 20-day EMA and closed -1.6% lower on higher volume. Can the Nasdaq form a bull flag from here or will price continue to slide lower.
The number of new 52-week highs minus new 52-week lows remains in negative territory on both the NYSE and NASDAQ exchanges.
The timing model remains on a sell signal, though there is clear leadership from Commodity based stocks and aerospace & defense.
There are no new official setups for Wednesday, but keep an eye out for intraday alerts if market conditions improve.
$DOCS pulled back to the rising 8-day EMA and reversal candle high. Let’s see if the price can chop around for another day and produce a lower-risk buy point.
$CARG could be in play on the first touch of the 20-day EMA on the 60-minute chart after an explosive move up. The initial gap was confirmed by big volume.
Whenever the market (ideally the Nasdaq) attempts to bottom out, we look for a few things:
- Higher lows, market should hold the low set on day one of the new rally attempt
- Market reclaims 10-day SMA and eventually reclaims the 20-day EMA (within a few weeks)
- Follow through day (buy signal) prints on day 4 or later of a new rally attempt (may occur before or after the index reclaims the 20-day EMA)
- New leadership emerges to confirm the fresh new buy signal
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – watching $CARG $DOCS $BRCC $Add
- Shorts – watching $SHOP $GME $RBLX $SNOW (below yest low).
See you in the chat room,
Rick
This list is a good starting point for monitoring the health of the market for those who have limited time.
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