The Wagner Daily – April 7, 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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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.
Stopped out of SPXL
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
See you in the chat room,
This list is a good starting point for monitoring the health of the market for those who have limited time.
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