The Wagner Daily – $LPLA: Breakout Working but More Needed

The Wagner Daily – October 7, 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:

 

position notes:

• Canceled the $PCTY buy limit and $SWAV buy stop.

Commentary:

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,

Rick 

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