The Wagner Daily – Solar Leads Market Higher – Adding to $ENPH

The Wagner Daily – September 8, 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:

position notes:

• Per intraday alert, bought $ARRY.

Commentary:

The S&P 500’s bounce off the 3,900 support level on lighter volume is day 1 of a new rally attempt. There is quite a bit of resistance above with the 20ema, 50ma, and downtrend line around the 4,000 area.

Resistance is around 12,000 in the Nasdaq Composite:

Leading stocks on our watchlist perked up on Wednesday, which was a positive sign.

Solar is leading the market higher and we have some exposure with $ENPH and $ARRY.

We’d like to add to $ENPH on weakness. 

Per intraday alert, we bought a starter position in $ARRY on a downtrend line break.

Market conditions are far from ideal, so we are in no rush to add new exposure. That being said, we are monitoring $CELH, $PRVA, $PCTY, $WOLF, $EVH, $SWAV, $ON, $LPLA, and $DVN for low-risk buy points should conditions improve.

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

• Longs – $LPLA > 225.00 (downtrend line break), $ARRY (over Wed. high)
• Shorts – none

See you in the chat room,

Rick 

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