The Wagner Daily – $BG in Play: Clears Resistance with Strong Ratings

The Wagner Daily – June 1, 2022

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MTG Market Timing Model –  BUY as of 3/16 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):

open positions:

closed positions:

position notes:

• $GLNG buy stop triggered. Per intraday alert, sold 1/2 position of $GLNG 3.

Commentary:

Broad market averages pulled back a bit after last week’s strong thrust off the lows. The Nasdaq Composite closed -0.5% lower but on lighter volume, so not a distribution day (positive sign). The S&P 500 dropped -0.3% but on lighter volume as well.

Our long scans have dried up and would benefit from another day or two of chop in the market, as this would likely lead to NR7 or inside days (nr7 = most narrow range of the last 7 bars).

$GLNG was bought and sold on Tuesday in the model portfolio for a small loss due to the false breakout. We will look to re-enter over the high of 5/26 per intraday alert.

$BG cleared resistance at $117 on heavier than average volume and could be in play on a pullback.

$BG carries a 96 relative strength rating and 98 composite rating from IBD.   The industry group rank is 22 out of 197.

There are no new official setups for Wednesday. We will send an intraday alert if we decide to take action. Let’s see how stocks react to Tuesday’s weakness.

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 – $GLNG (over 5/26 high) $BG (pullback) ADM  (pullback) $ALB (over yest high) 
• Shorts –

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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