The Wagner Daily – LI Closes with Bullish Gap Down Reversal Candle

The Wagner Daily – July 22, 2022

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MTG Market Timing Model –  BUY  

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:

• $LNTH sell stops triggered and we are down to a 2.5% (1/4) position heading into earnings on 7/27.
• Per intraday alert, sold $ENPH at break-even.

Commentary:

Stocks continue to climb higher with the majority of buying occurring in beaten-up names off 52-week lows. Patience will be key here as we wait for institutions to show they want to own growth.

We are monitoring a few charts for potential buy points but there are no official setups for Friday. If any action is taken, we will send an intraday alert.

$LI closed with a bullish gap down reversal candle and could be back in play with a move through the prior day’s high and 20-day EMA.

$GTLB printed a reversal candle after undercutting this week’s low and the 10-day EMA.

$HRMY remains in chop mode finding support at the 20-day EMA after a shakeout below.

Can $VRTX reclaim the 20-day EMA after closing below?

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

See stocks 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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