The Wagner Daily – Stocks Rising: 52-Week Highs Outpace Lows

The Wagner Daily – October 27, 2022

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MTG Market Timing Model –  BUY  (from 10/21/22 follow-through day buy signal)

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:

• No trades triggered.

Commentary:

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)

Rick 

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