The Wagner Daily – VRTX Set for Breakout? Monitor for Entry

The Wagner Daily – July 07, 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:

• $HRMY and $EVH buy stops triggered.

Commentary:

Technology ETF $XLK led the Nasdaq higher while biotech ETF $XBI stalled after a few days of solid gains. The Nasdaq Composite and S&P 500 pushed higher with a +0.3% gain, but mid and small-cap ETFs $MDY and $IWM closed -0.6% lower, so a mixed session.

The 60-minute chart of the Nasdaq 100 futures is trending higher with price finding support on pullbacks to the 20-period ema.

Official buy stop entries in $HRMY and $EVH triggered Wednesday morning. Both stocks closed higher on strong volume.

As of Wednesday’s close, most stocks on our watchlist are a bit extended from low-risk buy points and could use a few days of rest.

Below are two unofficial setups that could be in play.

$SWAV is forming a handle above the rising 10-day EMA and could be in play over Wednesday’s high.

$VRTX stalled at new highs but is within striking distance. A move through Wednesday’s high is a possible entry. If the price fails to move out, then monitor for a potential pullback into the rising 20-day EMA.

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

• Longs – see above
• 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.

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