The Wagner Daily – Market Trend: Selling Intensifies, Holding $USO Stock

The Wagner Daily – May 10, 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:

Monday’s action looks to have been the nail in the coffin for bulls hoping to see a strong reversal up after a shakeout below range lows. The S&P 500 sliced through support and distanced itself from the range low with Monday’s -3% loss. Buckle up, as the selling could intensify. That said, we are happy to be almost all in cash with the exception of a small 4% position in $USO. 

Leadership is beginning to crack. In last night’s report, we discussed the possibility of $ADM breaking support of the 50-day MA, which it did. The selling could spill over to others within the Ag area ($CF $MOS $NTR $BG)

Even oil took a beating with $XLE -8.3% and closing at the 50-day MA.

There is very little to do right now due to the lack of low-risk short setups from our scans. If you have to, turn your trading platform off to avoid trading just to trade. Patience is key here as we wait for new setups to emerge.

• Longs – just watching $CC
• Shorts – not many swing trade setups left on the short side

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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