The Wagner Daily – Energy Sector Struggles in $S&P 500 & Strong US Dollar Market

The Wagner Daily – September 27, 2022

Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).

Subscribe now for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record.

Just drop us a comment with any questions or comments–we’d love to hear from you!

MTG Market Timing Model –  SELL  

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:

• no trades triggered

Commentary:

The S&P 500 is just above a significant low with a few indicators pointing to the index being oversold and due for a bounce (McClellan Oscillator at -272). That bounce may be difficult to navigate because it isn’t always as simple as a two to three-day bounce followed by a market rollover. It could be a one-day spike, followed by a few days of weakness, and then a multi-day bounce that eventually leads to another leg lower.  

All of this against the backdrop of the CBOE Volatility Index  $VIX in the 30s, with the potential for a spike into the 40-50 range.

Earlier this year, whenever the S&P 500 fell, money poured into the energy sector.  That has not been the case recently, with crude falling in lockstep with broad-based averages over the last two months.  

The US dollar is in a very strong uptrend which is putting pressure on all commodities.  

There are no official setups for Tuesday. 

The average investor should be sitting on 100% cash and waiting for market conditions to improve before putting money to work. The more active trader may be also sitting in cash while they wait for stronger short setups to materialize.

Unofficial Setups –

• Longs – none
• Shorts – none

See you in the chat room,

Rick 

Start my Wagner Daily membership now to start receiving winning Morpheus stock trade signals, including a stock portfolio you can easily follow. The Wagner Daily PRO includes live swing trader room for daily, real-time trade ideas and powerful stock trading education.