The Wagner Daily – August 22, 2022
Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).
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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- Stopped out of the $ENPH add.
Stocks closed out last week’s trading with bears gaining control in the short-term, as the Nasdaq 100 sliced through and closed below the 10-day EMA. The S&P 500 closed at the 10-day EMA, but as of this writing, both the Nasdaq 100 and S&P 500 futures are trading below last Friday’s low and possibly headed to the 20-day EMA.
A pullback to the 20-day EMA during a strong rally is normal action. However, a break of the 20ema followed by further weakness would be a sell signal.
There is one new official buy setup for Monday in $ENPH. For those who are not already long, a touch of 20-day EMA is a low-risk buy point to enter with a 5-6% stop. We are adding to an existing position (small 1/4 add).
$OVV is potentially in play over the two-day high which would also be a downtrend line break with multiple touches. This is not an official setup.
$CELH (along with $ENPH and $SWAV) is a must-own after an explosive move off the lows and shallow 16% correction. Waiting for some sort of reversal candle to print after a shakeout below the 20-day EMA.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – $OVV $WOLF (over 2 day high), $CELH, $TH
- 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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