The Wagner Daily – $CNX: Long Opportunity in Bear Market

The Wagner Daily – June 13, 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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MTG Market Timing Model –  SELL

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):

Add
open positions:

closed positions:

position notes:

• No trades triggered.

Commentary:

Stocks followed through to the downside last Friday with all major indices we track closing in the -2.5% to -3.5% range. The S&P 500 sold off on higher volume and although volume was not higher on the Nasdaq it was above average.

S&P 500 and Nasdaq should at the very least test/undercut prior lows, with the potential for another leg down. No predictions here, but conditions aren’t improving.

Aside from crude oil and energy stocks, little is holding up. Crude oil ETF $USO is in short-term pullback mode and so are most energy stocks.

$CNX has pulled back on lighter volume into support of the prior swing high and rising 8-day EMA. This is not an official setup, but may be one of the few long opportunities in this market for aggressive traders.

Wheat ETF $WEAT reclaimed its 50-day MA last week and is trying to clear the downtrend line. If last week’s low holds, then a possible higher low would be in place. Watch for a starter entry over last Friday’s high. This is not an official setup.

As far as short setups go, there isn’t much out there in terms of actionable ideas after a sharp, two-day decline in the averages. A one-day pause or 2-3 day bounce would be ideal.

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

• Longs – watching $CNX $USO $WEAT $ARCH $BTU
• 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.

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