The Wagner Daily – $ENPH Crosses Downtrend Line, Awaiting Strong Volume

The Wagner Daily – August 26, 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:

• $ARRY buy stop triggered for the 3.3% add.

Commentary:

The Nasdaq Composite and S&P 500 reclaimed the 20-day EMA, which is a positive for the timing model. The Nasdaq did so on a pick-up in volume. Let’s see if the Thursday lows can hold during the next few days.

There are no new official setups for Friday’s session. The 3.3% add in $ARRY triggered on Thursday.

Our $UNG long remains in a tight range above the 10-day ema but may be vulnerable to further selling. If not already long, then a pullback to the 20-day ema would be a buy signal. Below is a daily chart of the Natural Gas futures detailing support from the 20-day ema and uptrend line.

$ENPH closed above the short-term downtrend line after a few failed attempts but volume was light. We are waiting for a solid accumulation day with a close above $300, which we have yet to see.

$PCTY could be in play over the two-day high or on a shakeout below the 20-day ema. This is not an official setup.

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

• Longs – $PCTY, also watching $TH $PGNY $CHK (breakout)
• Shorts – none

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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