The Wagner Daily – October 27, 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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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.
- No trades triggered.
The Nasdaq Composite paused at the previous swing high and closed near the lows of the session on a pick-up in volume (a distribution day). Let’s see if there is any follow-through to the downside on Thursday.
The S&P 500 stalled above the 50-day MA and closed near the lows of the session. Total volume was lighter on the NYSE which allowed the S&P to avoid a distribution day.
The S&P 500 could use a day or two of chop to digest the recent run-up with support in the 3,800 area.
We are seeing an improvement in the number of stocks setting new 52-week highs vs 52-week lows.
New highs are outpacing new lows on the Russell 2000, S&P 400, and S&P 500. While improving on the Nasdaq and NYSE, they remain negative.
There are no new setups for Thursday but we are monitoring a handful of stocks for potential entry points.
$ENPH – big volume gap up reclaims 50-day ma
$WING – big volume gap up above base highs
$GFS – big volume gap up reclaims 50-day ma (still has earnings on 11/8)
$WING gapped above base highs on 4.7x average volume and closed near the middle of the day’s range. If there is a day or two of tight chop, we may look to enter over the one or two-day high with a 5-7% stop.
This is not an official buy setup.
Unofficial Setups –
- Longs – $REGN $ENPH $CF $FSLR $PI $DK $LNG $CTRA
- Shorts – (none)
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