The Wagner Daily – Market Plummets: Rebound Ahead?

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):

open positions:

closed positions:

position notes:

• No trades triggered.

Commentary:

Stocks were hammered for the third session in a row with most broad-based averages down -4% to -5% and setting new lows on the year.

The sharp selloff has led to a touch/undercut of the trendline connecting swing lows on the daily charts below. Let’s see if the undercut can lead to a short-term bounce in the market.

There are no new official setups for Tuesday. There isn’t much to do right now as longs are off the table and shorts will need some sort of bounce in the market to produce better reward-to-risk ratios.

Just a quick reminder to remain disciplined and true to whatever trading system you follow. In this environment, it’s all too easy to lose focus and force trades. Let’s be patient and wait for clear setups to emerge.

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

• Longs –
• 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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