The Wagner Daily – September 30, 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:
- no trades triggered
On the daily chart, broad market averages and sector ETFs remain in a strong downtrend below the declining 8 and 20-day MAs.
With so many stocks and ETFs extended from the 20-day EMA, it’s tough to find low-risk short setups as the risk-to-reward ratios are not in our favor.
Energy ETF $XLE is one to watch on the short side if there is a bounce into resistance from the 200-day moving average, with the declining 20-day EMA just above.
$FSLR is a different kind of short setup that is only in play when a leading stock breaks down below the 20-day EMA…in an ugly market.
$PCTY is trying to hold the 50-day MA this week as it continues to build a nice base in an ugly market. Just noting its strength here as this isn’t in play on the long side for us.
Unofficial Setups –
- Longs – none
- Shorts – $FSLR – below 2-day low using 20ema as stop. look to cover the same day if there is a big drop
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