The Wagner Daily – S&P 500 Fails to Signal Buy at 20-day EMA

The Wagner Daily – June 29, 2022

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MTG Market Timing Model –  SELL (Nasdaq Comp. closed below the 20-day EMA)

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:

• Canceled recent buy setups in $AZN and $EVH

Commentary:

The buy signal in the Nasdaq Composite didn’t last long, as Tuesday’s action sliced through the 20-day EMA on higher volume and took out the low of last Friday’s follow-through day. The timing model is back on a sell signal for now, but let’s see if the Nasdaq can hold support just above 11,000.  

The S&P 500 did not generate a buy signal last week as it failed to close above the 20-day EMA by 1% or more. The 3,800 area is support.

There are no new official setups for Wednesday’s session. We canceled the $EVH and $AZN buy stops, but we will continue to monitor the action in case the market recovers back above the 20-day EMA.

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

• Longs – watching $AZN $EVH $
• Shorts – $BA $ALB $MP (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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