The Wagner Daily – $LTHM Misses Trigger: Update on Last Friday’s Setup

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$LTHM daily

The Wagner Daily – May 31, 2022

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MTG Market Timing Model –  BUY as of 5/26 close

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):

$todays watchlist

open positions:

$open positions

closed positions:

$closed positions

position notes:

  • No trades triggered.


Last Friday’s close was more than 1% above the 21-day EMA on the S&P 500 and Nasdaq Composite, which is another buy signal in addition to last week’s follow-through day in the Nasdaq.  We only use the 21-day ema on the S&P 500 and Nasdaq for our timing model.  The 20-day ema is used for stock and ETF analysis.  

There is quite a bit of overhead (resistance) on both charts below which could limit the upside, but as we know…anything can happen. No predictions here.

$SP 500 daily
$NASDAQ daily

Last Friday’s official setup in $LTHM missed its trigger by a few cents. The reason why we went with a limit order slightly above the prior day’s close is that we were looking for a flat or slightly lower open. We thought about placing a buy stop above the prior day’s high, but the protective stop beneath the 2-day low would have been close to 12% (too wide).

$LTHM daily

With most stocks straight up the past few days, our weekly scans did not turn up many actionable buy setups.

We do have one new official entry in $GLNG over the high of last Thursday’s washout reversal candle.

$GLNG has formed a six-week-long and 22% deep base with a 99 relative strength rating from IBD. The industry group rank is 10 out of 197.

The stop is below Friday’s low, which is also below the 50-day MA.

$GLNG  daily

There isn’t a lot out there in terms of high quality breakout setups, but we could see some 2-3 day pullback entries in energy later this week or early next week.

Below is quick guide of what we will be looking for this week:

  • Can the Nasdaq Composite and S&P 500 hold the rising 20-day ema? A quick break below the 20-day EMA this week would be a negative sign.
  • Avoid distribution days in the Nasdaq or S&P 500 (one may be ok, but two in one week would be a negative sign).
  • How are recent breakouts working? Are they extending from the pivot or struggling?
  • If recent breakouts pull back in, is the action constructive? Lower volume and not giving up much ground?

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

  •  Longs – $SBLK (over Fri high), $MOS (over 2-day high, patience required here so size small), $VERU buy stop 13.20, $CEIX – buy stop 55.00
  •  Shorts –

See you in the chat room,


This list is a good starting point for monitoring the health of the market for those who have limited time.

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