The Wagner Daily – GTLB Set to Make a Move After 20-day EMA Test

The Wagner Daily – July 26, 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 along with open and closed positions:

position notes:

• No trades triggered.

Commentary:

After a decent rally off the lows, broad-based averages are now in pullback mode following last Friday’s selloff.  So far, the pullback appears to be orderly on the daily chart of the Nasdaq 100 futures. 

S&P Biotech ETF $XBI reversed higher on Monday after a three-bar pullback to the 20-day EMA. Let’s see if Monday’s reversal holds.

We are also monitoring a few biotech stocks that reversed higher on Monday such as $HRMY and $VRTX.

If $VRTX is unable to reclaim the 20-day EMA, then a test of the 50-day MA is likely along with more chop/base building.

$ENPH reports after the close today. We’d love to see a big volume gap up in reaction to the report (on Wednesday) that clears resistance just below $230. Nothing to do right now.

$GTLB could be in play soon after Monday’s test of the 20-day EMA. Look for a potential shakeout below the 20-day EMA Tuesday morning, followed by a reversal higher.

There are no new official setups for Tuesday.

Our plan is to take it slow and wait for earnings season to reveal new leadership, as the majority of names on our watchlist report within the next two weeks.  

Also reporting after the close on Tuesday are $MSFT $GOOGL $V.  Wednesday after the close: $META

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

• Longs – $GTLB $BMBL $LI (reversal off 10-week MA) $DQ (reversal off 10-week MA) $VRTX (reclaim 20ema), $HRMY (reclaim 20ema)
• Shorts –

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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