The Wagner Daily – June 28, 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 – BUY (Nasdaq Composite 1% or more above 21ema)
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:
- none
Broad market averages pulled back in on Monday but avoided distribution due to lighter volume. Total volume on the NYSE and Nasdaq exchanges was also below average.
In the short-term, we’d like to see the Nasdaq Composite hold above last Friday’s low.
With the Nasdaq Composite on a buy signal, we can begin to put money to work on the long side. However, we are not in rush to build up exposure as there aren’t a ton of setups out there with low-risk buy points.
There are two new official setups for Tuesday’s session. The first is a breakout buy in $EVH. The chart below is taken from Monday’s report. The stop is 6% away.
The second setup is a breakout entry from a bullish double-bottom pattern in $AZN.
In a double bottom pattern, the second low should undercut the first low. The buy point is the swing high between the first and second low.
We are going with a standard 6% stop.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – $LNTH (pullback near 50ma), $HQY (over 68.35),
- Shorts – (none)
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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