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 (as of 12/15/22) due to a break of 20ema in the S&P 500
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:
Commentary:
Tuesday’s bullish response to the prior day’s bearish reversal is a positive sign for the market in the short term.
Note that Thursday’s CPI report (8:30 am) could have an impact on the market.
$SPY daily chart has held up well and is now back above its 50-day MA with room to run up to the 200-day MA.
Semiconductor ETF $SMH has rallied into the 200-day moving average and looks to be forming its first base after a decent thrust off the lows.
$AEHR is one of the strongest acting semis after an explosive three-day rally off the lows. While we can’t do much with this sort of action in the short term but it is a must-watch for a dry up in volatility.
$TTC could be in play if it can push through the $116 buy point. This is not an official setup.
In the short term, the market looks to be headed higher. There is a ton of resistance above for most broad-based averages, so the upside is limited. There isn’t enough bullish evidence out there to suggest the current rally is the beginning of a new bull market. That could change.
Unofficial Setups
See you in the chat room,
Rick
Click here to view this week’s watchlist in google sheets
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