The Wagner Daily – $MOS: Potential Short on Bounce

The Wagner Daily – September 29, 2022

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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:

The S&P 500 and Nasdaq Composite both closed with a 2 percent gain on a pick-up in volume. In the S&P 500, Wednesday was day 1 of a new rally attempt. On the Nasdaq Composite, one could argue Wednesday was a follow-through day based on day 1 being a reversal candle and days 2, 3, and 4 holding above the day 1 low.

The Nasdaq is still trading below its 8-day EMA and 20-day EMA, so let’s see if it can reclaim the 8-day EMA and hold.

Below are a few charts we are monitoring on the long side for an entry should market conditions improve. These setups are not official.

As for short setups, $TSLA could be in play on a bounce to the 200-day MA. Not an official setup.

$MOS is another potential short candidate on a bounce into resistance. Not an official setup.

Unofficial Setups –

• Longs – none
• Shorts – none

See you in the chat room,

Rick 

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