The Wagner Daily – $CELH: A Must-Own After Explosive Move and Correction

The Wagner Daily – August 22, 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 the $ENPH add.

Commentary:

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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