The Wagner Daily – $QCOM Stock Short Setup Below 20-day EMA

The Wagner Daily – October 21, 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:

• Per intraday alert, sold half of $OXY for a scratch.

Commentary:

Although the Nasdaq 100 is finding support at the 8-day EMA the past few days,  the index is still unable to recapture the 20-day EMA, as has been the case ever since the current selloff started in mid-August.

A break of Thursday’s low could put an end to the short-term bounce and spark another wave down or at the very least a test of the swing low.  $QQQ can be played on the short side below Thursday’s low or through the inverse ETF $SQQQ.  

$QCOM is another possible short setup beneath Thursday’s low after stalling below the declining 20-day EMA.  

Per intraday alert, we sold half of $OXY at break-even due to weakening market conditions.  

There are no new official setups for Friday.  If any action is taken on the short side, we will send an intraday alert.  

Unofficial Setups –

• Longs – $DVN
• Shorts – $SQQQ (inverse) $QCOM $MRVL $ON (break of 200ma)

Rick 

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