The Wagner Daily – XBI Biotech ETF: In Play Over 2-Day High

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):

open positions:

closed positions:

position notes:

• No new official setups

Commentary:

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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