The Wagner Daily – Relative Strength in Commodity Stocks & ETFs

The Wagner Daily – April 11, 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 –  Buy in S&P 500 (as long as it holds 50ma)

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:

• $CF buy stop triggered.

Commentary:

Commodity-based stocks continue to lead while tech struggles. Oil, coal, gold, and agriculture closed out last week’s trading with bullish action. Per last Friday’s report, agriculture stock $CF triggered its buy stop and we are long.

The S&P 500 is outperforming the Nasdaq and is the key index to focus on with regard to our timing model. We will remain in buy mode as long as the S&P 500 holds the 50-day MA.

Weakness in Tech ($XLK) and software ($IGV) is weighing on the Nasdaq Composite which closed below the 50-day MA.

There are no new official setups for Monday. Just a heads up, US markets will be closed on Friday, April 15.

$DBA moved out last Friday and is one to keep an eye on for a potential pullback entry to the rising 8-day ema. This is not an official setup.

As mentioned above, software and tech are weak and potentially in play for aggressive shorts on the unofficial watchlist below. 

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

• Longs – $MP reversal candle w entry at 54.00, $LMT – pullback to 455.00
• Shorts – $AMAT below 119.20, $CPNG – below 17.60, others to watch below Friday’s low : $SNOW $RBLX $AFRM $BLDR

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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