The Wagner Daily – October 7, 2022
Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).
Subscribe now for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record.
Just drop us a comment with any questions or comments–we’d love to hear from you!
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:
- Canceled the $PCTY buy limit and $SWAV buy stop.
Broad market averages fought off a sharp morning selloff for the second day in a row ahead of Friday’s big non-farm payroll report. Whether or not stocks push higher or lower from here will depend on the report. The Fed is looking for signs of a slowdown in the labor market and inflation before making any changes to current policy.
The daily charts of the S&P 500 and Nasdaq Composite have yet to produce a follow-through day ( 1.5% gain on higher volume on day 4 or later of a new rally ) or close above the 21-day EMA by more than 1%, so we are still waiting for a buy signal to put money to work.
There are no new official setups for Friday, but we are monitoring $SWAV for an entry over Thursday’s open if there is a higher open.
Please note that the $PCTY buy-limit and $SWAV buy-stop orders have been canceled. If we decide to enter $SWAV we will send an intraday alert.
As mentioned above, the $PCTY buy-limit order was canceled as the price pushed higher without pulling back. We will look to enter at the first touch of the 8-day EMA for partial size IF conditions continue to improve.
$LPLA breakout is working, a positive sign, but we need to see more action like this.
Other stocks we are watching: $WSC $PI $ANET $PGNY $ON $WOLF $TTD $FOUR
How We Handle A New Buy Signal Through Progressive Exposure
If our timing model generates a buy signal, we then look to enter 2-4 longs with partial size and see how they respond. If these trades gain ground and market conditions improve, we will look to add new exposure.
Unofficial Setups –
- Longs – $SWAV $PCTY $PGNY
- Shorts –
See you in the chat room,
Start my Wagner Daily membership now to start receiving winning Morpheus stock trade signals, including a stock portfolio you can easily follow. The Wagner Daily PRO includes live swing trader room for daily, real-time trade ideas and powerful stock trading education.