The Wagner Daily – Lead Stocks Defy Market Dips: Analysis

The Wagner Daily – June 23, 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:

• $AMD on watchlist.

Commentary:

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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