The Wagner Daily – October 19, 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:
- Per intraday alert, bought a 5% position in $OXY.
The Nasdaq Composite remains below the 20-day EMA but found support at the 8-day EMA for the second day in a row.
During the recent selloff from the August high, the Nasdaq has sliced through the 8-day EMA with ease after stalling and the 20-day EMA and rolling over, so Wednesday’s action may be indicating a potential change in character.
Money flowed into oil and gas on Wednesday. Per intraday alert, we bought a 5% position in $OXY over the high of the prior day’s reversal candle.
A move through the current lower high at 69.40 is another potential entry point if not already long.
From our last report, $DINO pushed to new highs. There are several oil & gas stocks potentially in play such as $DVN.
A move through the $73 – $74 area on volume would break a mult-month-long downtrend line with several touches. This is not an official setup, but we will send an intraday alert if any action is taken.
$FOUR is setting up a downtrend line break with an entry over the two-day high. This is not an official setup, but we will send an intraday alert if any action is taken.
Our market timing model remains on a sell but we dipped our toes in the water on the long side with a 5% long position in $OXY. We may add more long exposure to oil and gas this week or next, as it appears to be the strongest group in the market. Until there is a clear buy signal, we will likely limit long exposure to 2-3 positions.
Unofficial Setups –
- Longs – $DVN $FOUR
- Shorts – none
See you in the chat room,
Rick
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