The Wagner Daily – June 3, 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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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.
- Per intraday alert, bought a 5% position in $TQQQ.
Stocks pushed higher on lighter volume after a two-day pause.
Per intraday alert, we bought the leveraged Nasdaq 100 ETF $TQQQ to take advantage of the bull-flag-like action on the daily chart of the Nasdaq 100 futures.
There are two new setups on Friday’s watchlist.
First up is a potential breakout from a 7-week long cup in $CNX. We like the tight-ranged price action on Thursday just below the base high. Our buy stop entry is $23.
$PSTG’s big volume gap up post-earnings is a positive sign for growth.
The gap up reclaimed the 200-day MA, but there is resistance from the 50-day MA just above. However, we don’t mind taking a small starter position here to see what develops over the next week or two. The number of funds that own $PSTG has increased in the last few quarters which is impressive given the overall weakness in growth.
Below is a 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 – $NFE (breakout) $PLUG (off lows over yest high)
- 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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