The Wagner Daily – $TSLA Reclaims 200-day MA: Buy on Weakness or Strength?

The Wagner Daily – August 16, 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:

• Stopped out of half of $GWW on the open. Per intraday alert, sold the remaining $GWW position for a 7% gain.
• Stopped out of $EVH.

Commentary:

The Nasdaq Composite and S&P 500 remain in a strong uptrend with resistance just above from the 200-day MA.

There are two new official setups for Tuesday’s session.

The first is a downtrend line break in the natural gas ETF $UNG, which has formed a 9-week cup with handle pattern. The first entry is over the downtrend line and the second is over the handle high.

$TSLA reclaimed its 200-day MA on a pick-up in volume.  We have a buy limit order to enter on weakness, looking for a test of the 8/8 high. If there is no pullback, then we may enter on strength above the swing high via an intraday alert.

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

• Longs – $LYFT $OLLI $SMR $STKL $PTCT (entries over prior day’s high),  $PCTY (over swing high).
• Shorts –

See you in the chat room,

Rick 

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

https://morpheustrading.com/services/swing-trade-alerts

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