The Wagner Daily – July 12, 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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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:
- Per intraday alert, bought $LNTH vs the 50ma.
- Stopped out of $PRVA and partial size of $LI.
- note the new stops above
Most leading stocks pulled back in along with the market on Monday.
Biotech ETF $XBI closed -4% lower on lighter volume. Let’s see if $XBI can hold the 10-day EMA.
The Nasdaq Composite sold off on lighter volume, closing just a bit below the 10 and 20-day EMAs. A clear break of the MAs would likely force the model portfolio back to cash unless open positions showed extreme relative strength.
The model portfolio added one new position on Monday in $LNTH off support of the 10, 20, and 50-day MAs. Note that we raised the stop to last Friday’s low minus some wiggle room.
Looking for the price action in $SWAV to hold the low of last Friday’s outside candle, which is also below the 10-day EMA and $200 support level.
Note all the new stops in the open positions section above. Let’s see how current open positions hold up on Tuesday and go from there.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – $GTLB >58.00, $UTHR (over swing high), $VRTX & $TMDX over yest high
- Shorts – none
See you in the chatroom,
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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