The Wagner Daily – $ALB Breakout Attempt: Long Opportunity Ahead?

The Wagner Daily – August 30, 2022

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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

position notes:

• Stopped out of the remaining half of $UNG for a near break-even loss.

Commentary:

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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