The Wagner Daily – Cutting Exposure in $PWR?

The Wagner Daily – August 12, 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:

Broad market averages reversed lower from a failed gap up and closed near the session’s lows on higher volume. In the short term, if Thursday’s selling follows through, then a test of the rising 8-day EMA is likely.

The 8-day has provided support during the rally (could also use the 9 or 10-day SMA or EMA).

$IWM, $MDY, and $DIA all stalled at the first touch of the 200-day MA in a few months.

There are no new official setups for Friday. There isn’t much out there that is actionable for us other than the Natural Gas ETF $UNG, which could be in play on a breakout.

Note the new stops in the open positions section above. We have a tight stop for half of $GWW below yesterday’s low and a stop below the rising 8-day EMA on the second half.

$PWR is in pretty good shape, but if market conditions deteriorate further we may be forced to cut some exposure.

$AGL triggered its buy entry on Thursday but failed to follow through and stopped us out of half the position. Given Thursday’s ugly rejection at the swing high, the price may need another week or two of sideways action around the 20-day EMA to stabilize and attempt to push higher.

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

• Longs – $VRRM $UNG
• Shorts –

See you in the chatroom,

Rick 

These lists are a good starting point for monitoring the market’s health for those with limited time.

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