The Wagner Daily – Stock Watch: $HRT With Higher Lows

The Wagner Daily – May 2, 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:

Friday’s session was an ugly beatdown that left bulls nowhere to hide with just about every industry group closing lower.

The Nasdaq Composite broke its base low and is entering downtrend mode after a few months of chop.

The S&P 500 is still above the prior low.

Commodity stocks were also hit. $XLE failed to reclaim the 20-day EMA and may be due for a few weeks of sideways to lower action to digest the last advance.

Big cap tech is under heavy selling pressure.

$AAPL closed below the 200-day MA after stalling at the 50-day MA.

$TSLA closed below the 50 and 200-day MAs.

$FB stalled at the 50-day MA after reporting earnings and is shortable on a bounce into the 20-day EMA. This is not an official setup.

$HRT is one of a few stocks with higher lows in place during the past few months. This stock isn’t actionable due to week market conditions but should be placed on a buy watchlist.

There are no new setups for Monday. Given Friday’s weakness, we would expect more downside this week with the potential for a short-term bounce. 

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

•  Longs –  
•  Shorts – $FB – short bounce to 203.00, $MU short stop 67.89, NEM – short stop 72.63 (bear flag) , AA – short stop 66.94  (avoid these setups if there is a large gap down)

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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