The Wagner Daily – $TSLA Holds Strong, 20-day EMA Next Move

The Wagner Daily – April 4, 2022

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MTG Market Timing Model –  BUY as of 3/16 close

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:

Stocks bounced back late Friday afternoon leading to decent reversal action on the daily charts of most broad-based indexes. The Nasadq 100 and S&P 500 closed in the upper half of the day’s range and held on to the 8-day ema.

Tough to buy $QQQ over Friday’s high as there is limited upside before dealing with resistance.

The S&P 500 is in better shape than $QQQ as its trading above the 200-day MA.

There are no new official setups for Monday, but here are a few charts to monitor for an entry.

Tight ranged inside day for $SFM off the 20-day EMA. The 2-day high is an unofficial entry with a stop beneath the two-day low.

$TSLA has held up well but would like to see another week or two of rest to allow the 20-day EMA to catch up.

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

• Longs – entries over Friday’s high – $SEDG $GTLB $TRTN  $DUOL $UUUU
• Shorts – $AER

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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