The Wagner Daily – May 24, 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
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:
- One new official setup in $TNA
Stocks continued to push higher on Monday following last Friday’s bullish reversal.
As of this writing, the S&P 500 and Nasdaq 100 futures were -0.8% off Monday’s close.
If the S&P 500 futures hold ground overnight, then that wouldn’t be too bad of a gap and one the price could recover from.
Small-Cap Russell 2000 index ETF $IWM closed with a tight-ranged inside day and is potentially in play for a swing over the two-day high. Note the higher low that is in place vs a lower low in the S&P or Nasdaq.
Rather than buy $IWM, we have a buy stop in $TNA (3x leveraged small cap) for a quick swing trade (see trade details above).
Semiconductor ETF $SMH also showed relative strength last Friday by putting in a higher low on the daily chart. $SMH is potentially in play for a swing over the two-day high.
For those who are new to the service, our system is based on trading growth stocks that can explode higher in a short period of time…when conditions are ideal. Below are a few things we are looking for in a buy signal.
Keys to market turning bullish:
- Buy signal in the timing model, such as a FTD (follow through day) or reclaim of 21-day EMA
- Stocks begin to breakout on volume and hold… indexes hold the 21-day EMA
- Number of stocks making new 52-week highs vs 52-week lows enters into positive territory
- After first wave of breakouts, new setups emerge
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – $ALB buy stop 244.00, $GFS buy stop 55.21, off lows – $DWAC $DKNG both entries above yest. high
- Shorts – none, index near lows
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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