The Wagner Daily – April 22, 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 – Sell due to both the S&P 500 and Nadsaq Comp below the 20 and 50-day MAs
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):
closed positions:
position notes:
- Per intraday alert, stopped out of $COP for a 1% loss.
In Thursday’s report we mentioned the following “Until the Nasdaq can push through resistance, we will continue to operate with high levels of cash.“
As of Thursday’s close, we are back to a 100% cash position as the Nasdaq Composite stalled once again at resistance and sold off sharply. Thursday’s plunge increases the odds of the Nasdaq testing the March lows.
Per intraday alert, we sold $COP early in the session as it broke the prior day’s low for a very small 1% loss.
There is one new official setup for Friday’s session. We are buying the 3x inverted $QQQ ETF – $SQQQ. $SQQQ allows us to short by going long and can be bought in retirement accounts.
We are looking for a slight pullback from yesterday’s wide trading range with a buy limit order at $40.70. Just a reminder, this is a buy limit order that must trade down to our price to trigger. The protective stop is placed beneath the 61.8% fibo level of Thursday’s candle, minus some wiggle room.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – $
- Shorts – $NFLX – sell short at 211.00, $BBY sell short at $93.000, $RH – sell shhort at $334.39.
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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