The Wagner Daily – Breakout Setup in Wheat ETF ($WEAT)

The Wagner Daily – April 7, 2022

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MTG Market Timing Model –  Sell standby due to close below 20ema

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:

Stopped out of SPXL 

Commentary:

Stocks followed through to the downside with another day of heavy volume selling. Technology was hit the hardest with $XLK and $QQQ both down more than -2%.

The market timing model is on a sell standby after Wednesday’s closed below 20-day EMA on the Nasdaq Composite and S&P 500.  A move below Wednesday’s lows would generate a sell signal.

Note that we canceled the $DFS short entry for Thursday.

There is one new official buy setup in Wheat ETF ($WEAT).

$WEAT reclaimed the 8 and 20-day EMAs after undercutting both averages and a prior swing low last week. The high of Wednesday’s inside day is the buy entry plus a few cents. Our target is around the $12-12.50 area.

$HCC is not an official setup but is worth watching for an entry over the high of Wednesday’s tight-ranged inside day. Note that the price is pulling back into the 10-week MA on the weekly chart.

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

• Longs – over prior day’s high –  $HCC, $DLTR, $SLB
• Shorts – $DFS 109.60, $USB 52.40

Press HERE (link restricted to paid members) to view this week’s stock watchlist, an excellent starting point for monitoring the health of the market and finding the best stocks for swing trading.

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