The Wagner Daily – March 16, 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:
- Per intraday alert, sold short and coverd $BURL due to a false breakdown below support (small loss).
- Stopped out of the $CPRI short entry.
Most broad market averages closed 2% or higher across the board on Tuesday, though volume was lighter than the prior session.
Looks like the S&P 500 is trying to put in a bottom here as it continues to defend the January 24 low of 4,222. Still no buy signal, but a positive sign.
$QQQ and the Nasdaq Composite are on day one of a new rally attempt after bouncing back from Monday’s new low. The Nasdaq complex is much weaker than the S&P and is now on week two of living below the January 24 low.
The model portfolio is back to a 100% cash position after stopping out of the $CPRI short. Per intraday alert, we also shorted $BURL but decided to exit the trade a few minutes later due to the false breakdown below $194. We normally do not like to put on trades and take them off right away, but the combination of the false breakdown and the market strengthening into the close forced us to cover for a very small $20 loss.
There are no new official setups as we plan to lay low ahead of Wednesday’s Fed meeting.
$DAC $MATX $PSTG $LNTH $VRTX $GDX $ACM $RS $GFS are a few names trading near highs.
$PSTG held support from the rising 8-day EMA and formed a tight-ranged inside day on Tuesday. A move through the inside day high is the unofficial buy point. A stop can be placed below Monday’s low.
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 are 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 –
- Shorts – enrtries below prior day’s low $BURL $DOCU $XLF $APTV
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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