The Wagner Daily – Tech Earnings: $AAPL & $AMZN Results Impact

The Wagner Daily – April 29, 2022

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MTG Market Timing Model –  Sell  

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:

In Thursday’s report we discussed the potential for a bullish reversal in the S&P 500 and Nasdaq IF the price action was able to hold above Wednesday’s close.  Both the S&P 500 and Nasdaq put in decent up days after taking out Wednesday’s high.

S&P 500 daily chart from yesterday’s report.

S&P 500 daily from Thursday.

Although both indexes rallied more than 2% on higher volume, the focus was after the bell as tech giants $AAPL and $AMZN reported earnings.

$AAPL managed to hold up overall, but is trading 2% lower and near the 200-day moving average. Can the 200-day MA hold?

$AMZN is down 10% pre-market and is below a major support level. 

$FB gapped higher on Thursday from earnings but can it reclaim the 50-day MA or will the gap stall and rollover?

All the above points to more questions than answers, which is why most traders with an IBD/CANSLIM or trend trading approach should be mostly in cash waiting for conditions to improve.

Let’s see how the stocks above close out the week. If the market is able to push higher, then we should see some decent short setups develop, as the moving averages are now stacked to the downside (10<20<50<200) on the daily charts of the S&P 500 and Nasdaq Composite.

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

• Longs – $AAL over Thursday’s high
• Shorts – watch $FB for roll over if price fails at 50ma

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.

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