The Wagner Daily – October 5, 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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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.
- no trades triggered
Stocks impressed on day two of a new rally attempt, led by a 4% increase in the small-cap Russell 2000 ETF $IWM. $IWM put in a day 5 follow-through day on Tuesday based on the strong gain on higher volume. However, it is not an index we track to generate a buy signal since it’s an ETF.
Both the S&P 500 and Nasdaq Composite closed 3% higher on a pick-up in volume.
Nasdaq and NYSE internals were bullish as well. Volume in advancing issues accounted for more than 90% of the total volume on both exchanges. Nasdaq advancers outpaced decliners by 3.7 to 1 and 6.2 to 1 on the NYSE.
The Zweig Breadth Thrust is an indicator that generates a buy signal when it moves from below 40 to 61.5 in 10 sessions or less. It is currently sitting at 55ish with a few more days to go.
We are monitoring a handful of stocks for entries should the timing model shift into buy mode.
Stocks below are trading within 30% of a 52-week high and have strong earnings and/or sales growth.
Unofficial Setups –
- Longs – $SWAV $PCTY
- Shorts –
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