The Wagner Daily – August 30, 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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MTG Market Timing Model – SELL (Nasdaq & SP-500 below the 20ema)
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 remaining half of $UNG for a near break-even loss.
Stocks tried to reverse higher on Monday but failed to make much progress and closed near the open. Our focus this week is on how leading stocks such as $CELH and $ENPH hold up vs the 20-day EMA. The same can be said for the S&P 500 and Nasdaq Composite, but vs the 50-day MA.
The model portfolio stopped out of the remaining half position in $UNG just below break-even.
There are no new official setups for Tuesday. Our short-term plan is to manage existing positions while keeping an eye on a handful of stocks for low-risk buy points.
Although we are now out of $UNG, we may look to re-enter if natural gas pulls back to and holds the 20-day EMA. This is not an official setup.
A recent failed breakout attempt in $ALB could lead to a shakeout below the 20-day ema, which would be an ideal spot for some long exposure.
$ON’s false breakout could also lead to a test/undercut of the 20-day EMA this week.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – $CELH $ENPH – entries on pullbacks to the 20-day ema, watching $NBIX $GTLB
- 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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