The Wagner Daily – July 20, 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:
- LI stops triggered and we are out.
The health of the current rally improved on Tuesday with the Nasdaq Composite reclaiming the 50-day MA on a pick-up in volume. Tuesday’s breakout above range highs takes the Nasdaq out of chop mode and into trend mode with a higher high and higher low in place.
Small cap growth ETF $IWO also reclaimed the 50-day MA.
The model portfolio stopped out of $LI after a nasty two-day shakeout. If the price can recover back above the 20-day EMA and hold, then we will look to re-enter if/when the price tightens up.
Based on Tuesday’s bullish price and volume action in the main indices, we have a few new setups on Wednesday’s watchlist.
First up is a breakout entry over the two-day high in $ENPH. Note that we are going with a tight stop as the trade should work out right away with earnings next week. Our goal is to hold through earnings if we have a decent profit buffer of 5-8% or more heading into the report.
$MCK has held up really well the past few months with the price undercutting and closing back above the 50-day a few weeks ago. We like to price action tightening up from left to right on the daily chart. Our plan is to enter over Tuesday’s high.
The last setup is a potential add to $LNTH (no chart listed). There are two entries, a buy stop on strength or buy-limit on weakness. Whichever setup triggers first is the official entry (cancel the other setup).
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – watching $MCK $GTLB $ENPH $EVH $HRMY $VRTX $SWAV $LI $CELH
- Shorts –
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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