The Wagner Daily – September 2, 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:
- Stopped out of $CELH and $ON.
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 closed with bullish reversal candles on Thursday which could lead to a short-term bounce.
Ideally, the current correction off the highs is the beginning of a new base (the left side of the base). If so, then we will be looking for the averages to set higher lows and eventually break the downtrend line as a sign that momentum is turning bullish.
While $SEDG and $ARRY held up, $CELH and $ON stops triggered in the model portfolio.
$ARRY has shown a ton of strength and is at the top of our watchlist to add if/when market conditions improve.
$CELH triggered our stop and we are out but the pattern is still in play if the $100 area holds.
$ENPH shook out stops below a prior low but our $271 stop held. The relative strength line is still near highs, so if the market can find some support it should see another leg up.
Natural gas stocks $DVN and $OXY may be in play on weakness if they can break the short-term downtrend lines.
$DVN found support at the 20-day EMA.
Other stocks we are watching – $LNTH $OXY $WOLF $ON $FRO $CCJ $LTHM $PRVA $NBIX $BMRN $EVH $SWAV
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – none
- Shorts – none
See you in the chat room,
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