The Wagner Daily -July 01,2022
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 (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):
closed positions:
position notes:
- No new official setups
Stocks reversed higher after a weak open but failed to hold on to the gains in the final hour of trading. The late selling forced the S&P and Nasdaq to close near the midpoint of the day’s range rather than in the top 25% (which is preferred for a reversal).
As of this writing, both the Nasdaq 100 and S&P 500 futures are trading 1% or more below Thursday’s close. A break of Thursday’s low would suggest further weakness.
There are no new official setups for Friday.
$LNTH is in play on weakness down to the $64-65 area looking for the 50-day MA to hold
Chinese stocks and ETFs have outperformed the past few weeks. $KWEB, $PGJ, and $YINN are a few worth watching.
Biotech ETF $XBI is in play over the two-day high following a strong move off the lows and lighter volume pause.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – see above
- Shorts – see above
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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