The Wagner Daily – March 10, 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.
In Tuesday’s report, we stated that volatility in the major indexes forced us to cover remaining short positions to lock in gains. This turned out to be the right call (little luck never hurt) as stocks gapped significantly higher on Wednesday’s open from a big overnight move in the index futures.
Once again, the Nasdaq Composite is rescued after breaking the January low of 13,100 on a closing basis. There isn’t enough evidence out there to suggest that a bottom is in, but it’s clear that the Nasdaq doesn’t want to give up the 13k level.
The big question is can the Nasdaq reclaim the 20-day EMA and hold, which it has failed to do on several occasions this year.
There are no new official setups for Thursday’s session. Below are a few of the better-looking patterns near highs out there. There a no short setups yet, but that could change within the next day or two.
$VRTX relative strength line breakout
$pstg relative strength line breakout
$ZIM relative strength line breakout
$FCX pullback to the 20-day EMA
For those new to this report, our system is based on trading growth stocks that can explode higher in a short period of time…when condtions 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 look 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 first wave of breakouts, new setups emerge
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – $FCX $VRTX $ZIM $DAC $PSTG
- Shorts – none
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.
https://morpheustrading.com/services/swing-trade-alerts
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