The Wagner Daily – Re-entering $PWR on Support Bounce

The Wagner Daily -August 02, 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:

• $GWW long triggered.
• Per intraday alert, reduced $XBI to a 1/4 position with so many medical stocks reporting earnings this week.

Commentary:

In Monday’s report, we mentioned the Nasdaq Composite was extended from the 20-day EMA on the daily chart and could use a few days of sideways to lower price action. Tuesday’s doji candle suggests the bulls are losing steam and the Nasdaq may be vulnerable to further selling. Given the recent run-up, we expect any pullback to be short-lived and a buying opportunity provided that new setups develop. The above is not a prediction (just a guide) as we know that anything can happen.

There is one new official setup for Tuesday in $SEDG, along with another buy limit order in $ENPH.

$SEDG gapped higher on heavy volume and is in play on a pullback to the rising 8-day EMA. The price could continue to push higher without a pause, but we don’t want to chase the action.

Per intraday alert, we re-entered $PWR after bouncing off support of the downtrend line and 8-day EMA.

Patiently waiting for new setups to emerge.

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

• Longs – $EDU >27.00 $CEG over 2-day high (strong breakout)
• 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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