The Wagner Daily – Nasdaq 100 Futures Eye 11,400

The Wagner Daily – September 28, 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  

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:

S&P 500 has chopped around last Friday’s range for the last two sessions and remains oversold in the short term.

On the daily chart of S&P 500 futures, a move above the 3,680 level that holds could spark a short-term bounce.  The price could simply continue to unravel; just because it is oversold does not mean it has to bounce. 

A push through the 11,400 area on the Nasdaq 100 futures could lead to a bounce.

$TSLA stalled at the 50-day MA and reversed lower. If the price does hold up here and bounces higher with the market later this week, then we may have a short setup in play on a test of the 200-day MA.

The majority of broad-based averages are extended to the downside and are either at or close to a significant swing low, which makes this market very difficult to short from a reward-to-risk perspective.

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 

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