The Wagner Daily – Market Push Continues: Trend Above 20-Day EMA

The Wagner Daily – August 17, 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:

Add

position notes:

• $UNG buy stops triggered.
• $TSLA buy limit triggered. Per intraday alert, reduced size in $TSLA to 1/4 position.

Commentary:

Stocks continue to push higher with the hourly charts of most major averages still in trend mode above a rising 20-period EMA. We expect prices to push higher until there is a break of the 20-period EMA and a failed attempt to reclaim the average.

The Nasdaq Composite and S&P 500 are already at or closing in on resistance from the declining 200-day (daily) or 40-week MA (weekly),  along with the 50% and 61.8% fibo levels. The above makes for quite a bit of resistance to work through without a correction at some point. Whether that correction begins this week or after a few weeks of trading above the 200-day MA, we don’t know (anything can happen). 

There are no new setups for Wednesday’s session, but if anything catches our eye intraday we will send out an alert.

Can $ENPH hold the 8-day EMA and push higher, or will the price pull back to the 20-day EMA?

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

• Longs – $ON $DQ $PCTY $SHLS
• 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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