The Wagner Daily – June 6, 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.
- Canceled the $PSTG setup.
Broad market averages failed to follow through on Thursday’s strength but did close out the week just above the rising 20-day EMA. Our plan is to operate with a short-term bullish bias as long the price holds the 20-day ema on a closing basis.
$CNX remains on the watchlist from last Friday.
Please note we canceled the $PSTG trade in favor of an energy-based stock trading near highs ($PTEN).
Along with $CNX, $PTEN is an official setup.
We like the constructive action on the pullback to support from the base high and rising 8-day EMA. Our buy stop is over last Friday’s high with a stop beneath last week’s low.
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 – $CLR and $RRC are also pullback entries like $PTEN, $NFE – buy at 50.00, $PLUG buy at 18.60 (bounce off lows) – also watching $ASH, $ZIM, $OGN
- 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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