The Wagner Daily – October 24, 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 $DVN and $SSO.
Stocks closed out last week’s trading with a solid trend day to the upside. The S&P 500 and Nasdaq Composite both gained roughly 2.3% as volume increased, generating a follow-through day buy signal. Along with the follow-through day, the S&P 500 also closed by 1% or more above the 21-day EMA, which is another buy signal.
Per intraday alert, we added some long exposure to the S&P 500 late Friday afternoon after the price took out last Thursday’s high, creating an outside day (outside day – today’s high is higher than the prior day’s high and today’s low is lower than the prior day’s low). We bought a half position in the 2x leveraged S&P 500 ETF $SSO.
Late Friday afternoon, with the timing model working towards a buy signal, we also purchased oil and gas stock $DVN over the prior day’s high based on a downtrend line break.
After several failed attempts, the price finally closed above the downtrend line on a pick-up in volume.
Although conditions are improving and we now have a buy signal, money is still flowing into non-growth stocks, which is a concern.
A few megacap leaders report this week : 10/26 – $META , 10/27 – $AAPL $AMZN
There are no new official setups for Friday. However, stay tuned for intraday alerts if any new setups are triggered.
Unofficial Setups –
- Longs – $SRPT $FRO $JACK $RBLX $YELP
- Shorts –
Rick
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