The Wagner Daily – $AAPL Rallies, Overhead Resistance Ahead in Major Indices

The Wagner Daily – August 18, 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:

• Stopped out of half of $ENPH on a break of 8-day EMA.

Commentary:

The hourly charts of $QQQ and $SPY are in bounce mode after breaking down below the 20-period EMA. If the current bounce stalls at the 20ema and takes out the swing low, then a lower low beneath the 20ema would be in place (possible reversal of trend).

$AAPL, which carries the biggest weighting in the Nasdaq 100 and S&P 500 has rallied into a ton of overhead.  The daily chart is extended after a big run-up and possibly vulnerable to a selloff.  

There are no new setups for Thursday’s session. 

From a growth stock perspective, the current rally has been disappointing due to the lack of explosive price action in stocks trading near 52-week highs.  While we have seen some solid follow-through in big volume gap ups such as $ENPH and $SWAV, the majority of stocks making explosive moves are bouncing from 52-week low, more than 70-90% off the all-time high. 

At some point we expect growth to reclaim leadership, but until then we are playing it slow and waiting for new setups to emerge.

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

• Longs – $PCTY $LTHM $EOG $TSLA $CELH $DGII $CLR
• 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.

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