The Wagner Daily – $IWM Follows Through on Bullish Signal

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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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:

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 –

See you in the chat room,

Rick 

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