The Wagner Daily – September 1, 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 most of $ARRY.
NOTE – US markets will be closed next Monday, September 5. Our nightly report will not be sent out on Sunday night but will return on Monday night for Tuesday’s session.
Broad market averages continue to selloff after closing below the 50-day MA. As of this writing, S&P 500 futures contract is trading -0.5% lower and is now less than 1% away from the next decent support level around 3,900.
Aside from $CELH and a few others, current market leadership is dominated by energy-related names, although the energy sector is in pullback mode.
$XLE is one of the strongest sector-based ETFs as it’s still trading above the 20-day ema (most are below the 50-day ma).
Natural Gas futures are also holding on to the 20-day ema after a false breakout and could be in play on a break of a short-term downtrend line.
The model portfolio is down to 14% long exposure after stopping out of 3/4 of $ARRY. The price did manage to recover off the 20-day EMA and the current consolidation is still in great shape… just waiting for conditions to improve.
$LNTH is closing in on the rising 10-week moving average which is just above the highs of the last base. A touch of the 10wma is a low-risk way to enter a leading stock in a strong uptrend. This is not an official setup.
As mentioned on Tuesday, our game plan is to manage existing positions and see what holds. We want to avoid adding new longs until the market shows some signs of life.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – watching $CELH $ARRY $ENPH $PCTY $LNTH (pullback to 10wma) $OXY $DVN
- Shorts – none
See you in the chat room,
Rick
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