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 (markets back below 20 & 50-day MAs
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:
Commentary:
The S&P 500 broke its uptrend line and set a lower low last Friday before bouncing into the close. While the bullish reversal does leave the door open for a possible undercut and rally scenario, it may be tough for the S&P 500 to move one way or the other prior to this Wednesday’s Fed meeting.
$TSLA has formed a 5-week long and 15% deep basing pattern after a 50% rally off the lows. The RS line cleared its downtrend and set a higher high.
$PCTY closed with a bullish reversal candle after undercutting the 20-day ema and closing in the top 20% of the day’s range. The relative strength line broke out and set a new high well ahead of price. The unofficial entry is over last Friday’s high.
There are no new official setups for Monday. Stocks we are just monitoring: $EVH $ENPH $CELH $GTLB $SWAV $PCTY $TSLA $WOLF $HQY $PRVA $PI $ON $WOLF
Unofficial Setups –
See you in the chat room,
Rick
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