The Wagner Daily – June 23, 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):
closed positions:
position notes:
- $AMD on watchlist.
Day three of a bounce off the lows in the Nasdaq Composite and Nasdaq 100 saw both averages push through the prior day’s high and the 10-day EMA before selling off into the close.
Look out below if Wednesday’s lows fail to hold on the charts above. If the charts hold up, then we’d look for a bounce to the 20-day EMA.
There is one new official setup for Thursday in $AMD.
$AMD set a new low after breaking down from a 6-week long consolidation. The two-day bounce has stalled at the prior base low with back-to-back days of weak closing action.
Our short entry is beneath Wednesday’s low with a protective stop above the high of the same day.
$AMZN, $TSLA, $CRWD, and $GOOG are a few large-cap leaders that did not make new lows with the Nasdaq/SP-500. Let’s see how these stocks react to Wednesday’s poor closing action. If these stocks begin to roll over then the market could be headed for another round of selling.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – only watching $JKS $ENPH $LI $VRTX $LNTH $HQY
- Shorts – $STT $SQ $ANET (short entries 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.
https://morpheustrading.com/services/swing-trade-alerts
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