The Wagner Daily – XBI ETF: Outperforming the Market

The Wagner Daily – June 22, 2022

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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:

• Stopped out of $NVDA.

Commentary:

Tuesday’s gap up was the third decent sized gap the market has seen in four sessions. Although one would expect the broad based averages to push higher in the short term, recent volatility suggests that we are just as likely to see a reversal lower.

As of Tuesday’s close, the S&P 500 and Nasdaq are still below the 10-day EMA and in a downtrend with lower highs and lower lows in place.

For now, we are expecting higher prices as long as Tuesday’s lows hold.

Biotech ETF $XBI is one of only a few ETFs trading above the 20-day EMA  after reclaiming the average on Tuesday (not counting inverse or bond related ETFs).

$TAN (solar) and $FXI & $KEWB (chinese ETFs) are the few others.

These are a few areas to focus on if the broad-based averages can push through resistance and retake the 20-day EMA.

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

• Longs – only watching $JKS $ENPH $LI $VRTX $LNTH $HQY $
• Shorts – $MRNA $CRWD $SHOP $DOCN (below yest. low)

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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