The Wagner Daily – $SWAV Soars 17% on Earnings: Buy Signal Ahead

The Wagner Daily – August 10, 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:

• Raised the stop in $GWW, looking for higher lows to hold on the hourly chart.

Commentary:

Nasdaq 100 futures contract is holding on to the 10-day EMA heading into Wednesday’s big CPI report due at 8:30 am EST.

Depending on how stocks react to the news, we may see a resumption of the current uptrend or a deeper pullback (maybe test of the 20-day EMA). No predictions here.

The model portfolio remains long $GWW, $PWR, and $EVH.

There isn’t a lot out there in terms of actionable buy setups in growth, which has been the case for a while. A few weeks of chop at some point would be ideal to produce lower-risk buy points in our universe of stocks.

$SWAV gapped open and set a new all-time high in reaction to earnings. The 17% move on 2.9x greater than average volume is an intermediate-term buy signal that should lead to higher prices over the next few months. In the short term, we are looking for a brief pause or a pullback to the 10-day EMA as an entry.

$AGL has put in a few big reversal candles off the $24 area and has held the 20-day EMA since reclaiming the 50-day MA in June. Pullback entries are potentially in play on a test of the 20-day EMA while waiting for the break of the downtrend line to add to the position. This is not an official setup.

There are no new official setups for Wednesday’s session. Please see the unofficial watchlist below for ideas.

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

• Longs – $CRDO – over yesterday’s high, $VRRM – small buys near 50ma w/ add on breakout, $AGL – small buys near 20ema, add on strength over downtrend line
• 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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