The Wagner Daily – Supporting the $S&P 500: 3,800 is the Key

The Wagner Daily – October 26, 2022

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MTG Market Timing Model –  BUY  (time to put money to work)  

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, bought an intraday pullback in $SWAV after an explosive downtrend line break.
• Canceled the $GFS buy limit order.

Commentary:

In response to earnings, $GOOGL fell roughly 7% after Tuesday’s close, which caused the Nasdaq 100 and S&P 500 futures to decline by -2% and -1% respectively.

Let’s see how stocks respond on Wednesday. If conditions are improving, then look for broad-based averages to absorb the selling and push higher within the next day or two.

S&P 500 has support around 3,800 from the prior swing high on the daily chart. On the 60-minute chart, the 20-period EMA should provide support.

Per intraday alert, we bought $SWAV on an intraday pullback from an explosive downtrend line break. If the price cooperates, we will attempt to add to our position on strength during the next few days.

Oil & Gas Exploration and Production ETF $XOP  and $GUSH  have tightened up quite a bit in the past few weeks while holding the rising 8 and 20-day EMAs.

This is not an official buy setup.

Oil and gas stocks, $DINO, $DK, $SU, and $SM are potentially in play.

$SM is trading in a tight range just below the trendline. The unofficial entry is over last week’s high.

Other setups to watch- $SRPT on strength and $GFS on a pullback

Unofficial Setups –

• Longs – $YOU $CELH $AXNX
• Shorts –

Rick 

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