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