The Wagner Daily – August 08, 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 along with open and closed positions:
- Per intraday alert, bought $PWR.
The weekly chart of the Nasdaq Composite is closing in on resistance from the declining 30-week moving average and the downtrend line. As discussed in our last report, the Nasdaq is a bit extended from the 20-day EMA (on the daily chart) and would benefit from a few days of corrective action, either by time (sideways chop) or price (pullback).
Per intraday alert, $PWR was added to the model portfolio on strength off the 20-day EMA as it cleared the prior day’s high. We like the entry on weakness following a false breakout, so let’s see if the price can follow through this week.
Note that the stop for the full position is now below last Friday’s low.
There is one new official setup on Monday’s watchlist in $EVH, which is another pullback entry. Last week’s breakaway gap up failed to hold, but the price found support just below the breakout pivot at $35 with some help from the rising 10-day EMA.
Our entry is over the high of last Friday’s reversal candle with a tight stop beneath the low of the same day.
The monthly chart below shows $EVH setting a new all-time high after basing out for a few months around the prior high. Not many charts have strong eps and sales growth over the past few quarters along with a chart breaking out to a new all-time high after a few years of chop.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – $BUMBL & TAN pushed higher off the list last Friday. Watching $HALO, $HRMY, $DQ, $SANM & ON – for pullbacks, $WWE
- 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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