The Wagner Daily – June 17, 2022
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US markets will be closed on Monday, June 20. Our next report is for Tuesday (6/21) and will be sent out by 5pm EST on Monday.
Have a Happy and Safe Holiday Weekend!
Thursday’s ugly gap down erased the prior day’s gains and set a lower low on the daily charts of $SPY and $QQQ, which confirmed Wednesday’s high as a lower high. These charts are likely headed for another leg down.
Energy leadership has been under distribution all week long with $XLE slicing through the 20 and 50-day moving averages on heavier than average volume. This bear is beginning to show no mercy with leadership thinning out.
We were monitoring a handful of stocks for short-entries closer to the 20-day EMA, but that plan went out the window with Thursday’s selling which turned the rally attempt into a one-day bounce.
For those seeking short exposure, stocks breaking down below a trading range of at least 3-4 weeks long are in play. Protective stops on these setups should be no more than 3% from the entry.
$TSLA and $NVDA are a few examples of potential range breaks.
A short entry closer to the 20-day EMA would have been ideal for $TSLA, but Thursday’s reversal closed near the lows of the range. Note that the 50-day MA crossed below the 200-day MA two weeks ago, a bearish intermediate-term sell signal.
$NVDA is also in play on the short side beneath this week’s low after a failed breakdown attempt on Tuesday.
The setups above are not official.
Just a reminder that Friday is quadruple options expiration, which can make for a volatile session.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs –
- Shorts – $TSLA $NVDA $AMZN below range lows, $MSTR $TWTR $GME – below yest. low
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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