The Wagner Daily – $UNG & $OVV Show Strength in Natural Gas: Official Setup

The Wagner Daily – August 23, 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 $PWR.
• Per intraday alert, bought $ENPH and $CELH off the 20ema.

Commentary:

The Nasdaq Composite sliced through the 20-day EMA on its way to a -2.6% loss.  The 20-day EMA is our line in the sand for measuring bull market action.  Above strong, below weak.  Unless the Nasdaq can reclaim the 20-day EMA within the next day or two, the timing model will likely shift into sell mode.

Despite the weak market, several leading stocks on our list held up well. CELH, $ENPH, $ALB, $PRVA, $EVH, and $LTHM are a few.

Per intraday alert, we bought leading stocks $CELH and $ENPH on the open after a bullish reversal back through the 20-day EMA.

Natural Gas ETF $UNG showed relative strength on Monday by breaking out above range highs. $OVV is a natural gas stock that is in play over the three-day high.

Note the price swings tightening up from left to right as well.

This IS an official setup.

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

• Longs – watching $OVV $WOLF $FANG $USO $ENPH $LTHM $ARRY
• 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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