The Wagner Daily – No New Setups for Friday, Watching for Reclaim of 20-day EMA

The Wagner Daily – March 11, 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:

In Thursday’s report, we mentioned there wasn’t enough evidence to support that a bottom is in place, but it’s clear that the Nasdaq doesn’t want to give up the 13,100 level.  This played out once again on Thursday, with the price action in the Nasdaq, S&P 500, and $XLK (technology ETF) all holding key support levels.

What next?  As of this writing, Nasdaq futures are +1% higher in pre-market trading.  While it looks like the charts above could bounce for a few days, the big question is can they reclaim the 20-day EMA… and hold?  

As for new setups, there are no new official entries for Friday.  Unofficially, stocks such as $SG, $MATX, $PSTG, $GSL, $DAC, $GOGL, and $RS are potentially in play on strength.  

SG is in pause mode after a strong thrust off the lows and is in play unofficially over Thursday’s high with a tight stop (3-4% below entry).  Should go if it triggers.  If not, exit, and wait for re-entry.

For most of us, this market is not in play on the long side with the market timing model sitting on a sell signal.  Conditions are still quite vulnerable and there is simply too much volatility on a day-to-day basis preventing us from putting on heavy exposure.  Patience is key here as we wait for our type of market to set up.

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

• Longs – see names above    
• 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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