The Wagner Daily – Nasdaq at Risk: $AAPL and $TSLA Breaking Down

The Wagner Daily – May 12, 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:

The S&P 500 and Nasdaq Comopsite sold off once again after a one-day pause. Both averages are working on six weeks in a row of lower closes on the weekly chart.

The next big support area for the Nasdaq Composite is around the 200-week MA and the 61.8% fibo level on the weekly chart below.

$AAPL and $TSLA breaking down below range lows won’t help the Nasdaq. $AAPL sliced through the prior low on very heavy volume and closed at the lower trendline.

$ARKK and $IWP have been our go-to charts for monitoring growth. $ARKK is starting to accelerate to the downside and may be headed for a round trip test of the pandemic low before bottoming out.

$IWP sliced through support from the 50% fibo and 200-week MA this week but has the 61.8% fibo just below.

There are no new official setups for Thursday. Our plan is to sit tight in cash and wait for new setups to develop, long or short.

For us to entertain the long side, we’d have to see either a follow-through day on day 4 or later of a rally off the lows, or a major index reclaiming the 20-day EMA and holding.

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

• Longs – just watching $CC
• Shorts – below prior day’s low, $TSM $GDS $GOOGL

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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