The Wagner Daily – March 14, 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
Broad market averages sold off last Friday after a failed morning gap. Both the S&P 500 and Nasdaq Composite are holding above the recent swing low but remain in a downtrend with several months of lower highs and lower lows in place.
Can the S&P 500 clear 4,300? That would be a good start, followed by a close above the 20-day EMA.
$334 is an important level to watch on the daily chart of the Nasdaq 100 ETF $QQQ. The $Qs spent almost all of last week trading below $334. Can big-cap tech recover this week?
Our weekend scans didn’t turn up much on the long side. There is one new official setup below on the short side along with a few more on the unofficial watchlist at the bottom of the report.
$CPRI recently sliced through the 50ma on heavy volume. We like the tight price action after the sharp sellof, which is still below the declining 8-day EMA. Friday’s tight-ranged session is our short signal with the two-day low as the entry.
This is an official setup.
$VSCO is also in play on the short side beneath Friday’s low. This is 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 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 – watching $MATX $BTU $PTSG
- Shorts – enrtries below prior day’s low $MNRA $FL $BURL $LKQ $CWH
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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