The Wagner Daily – Trade Alert: $CARG at 20 EMA

The Wagner Daily – March 2, 2022

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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):

open positions:

closed positions:

position notes:

• No trades triggered.

Commentary:

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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