The Wagner Daily – July 21, 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:
- $ENPH and $LNTH buy stops triggered.
The Nasdaq Composite gained another +1.6% on Wednesday and is up +5.8% from the close of the bullish reversal candle on 7/14.
While market conditions have improved, most leading growth stocks have underperformed this week, which is disappointing.
The graph below shows the percentage gain of several stocks and broad-based ETFs since the close of 7/14. Although $LNTH has kept pace with $QQQ, growth has struggled while junk off the bottom ripped higher.
Buy stops entries in $LNTH and $ENPH triggered. $LNTH closed above range highs on a pick up in volume but does have earnings next week on 7/27. Note that we raised the stops above breakeven to guard against a 10% winner turning into a loss.
We raised the stop in $ENPH to guard against a false breakout ahead of earnings next week on 7/27.
$SWIR was in pretty good shape prior to the Nasdaq reclaiming the 50-day MA, breaking out above the base high on 7/12 while $QQQ was selling off. One would have expected $SWIR to move higher with $QQQ this week but has stalled for several days in a row with the relative strength line breaking down.
There are no new setups for Thursday’s session. The $MCK buy stop has been canceled. Also, note the new stops in the watchlist section.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – none
- 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.
https://morpheustrading.com/services/swing-trade-alerts
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