The Wagner Daily – $ARRY Surges Higher: An Opportunity for a Low-Risk Entry

The Wagner Daily – August 24, 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:

• In yesterday’s report, $OVV was incorrectly listed as a buy limit order instead of a buy stop, so the trade did not trigger. Please cancel the setup. If long, continue to hold with the stop mentioned in Tuesday’s report.
• Per intraday alert, bought $WOLF.

Commentary:

Broad market indexes rallied early but could not hold on to the gains and sold off into the close. A break of the two-day low in the Nasdaq Composite would trigger a sell signal in our timing model which is based on price holding the 20-day EMA.

$OVV was incorrectly listed as a buy limit order on Tuesday so it did not trigger. If long, continue to hold with the stop mentioned in the report. Cancel the limit order.

There is one new official setup for Wednesday in $ARRY.

$ARRY exploded higher in late July and early August with a few big volume gap ups. Tuesday’s pullback was the first touch of the 20-day EMA in a strong new uptrend.

Our entry is over the high of the reversal candle.

Natural Gas Futures failed a breakout attempt above $10 and may need to test the 20-day EMA before pushing higher…if the price fails to hold the 10ema. We are still long the nat gas ETF $UNG looking for the 20-day EMA to hold.

Oil and gas stock $EQT also sold off with natural gas and could be in play off the 20-day EMA. No entry yet.

Healthcare stocks may be in play tomorrow. Here are a few names we are watching. $LNTH $NBIX $PTCT $IONS $BMRN

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

• Longs – watching $NBIX $LNTH $BMRN $ENPH $ARRY $GFS $ARRY $WOLF
• 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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