The Wagner Daily – Nasdaq: March Low at Risk

The Wagner Daily – April 12, 2022

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MTG Market Timing Model –  Buy Mode but on verge of sell signal if S&P 500 loses 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:

• No trades triggered.

Commentary:

The Nasdaq Composite continued its selloff with another gap down on Monday and a close well below the 50-day MA.

If the 13,320 level is unable to hold then a test of the March low is likely.

There are no new official setups for Tuesday.

Our weekend scans did not produce many setups on the long side and Monday’s action did little to help. As for shorts, it’s tough to enter new swing trades with the market already two weeks off the swing high.

Our game plan is to sit tight and manage existing positions.

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

• Longs – $AMC $GME (nr4 days that could pop)
• Shorts – none

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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