The Wagner Daily – October 28, 2022
Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).
Subscribe now for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record.
Just drop us a comment with any questions or comments–we’d love to hear from you!
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:
- Stopped out of $SWAV.
- Per intraday alert, sold half of $SSO to lock in some gains. Holding on to other half for a potential bigger move.
Nasdaq and S&P futures were hit hard in after-hours trading in reaction to $AMZN’s 20% selloff post-earnings.
The initial plunge was ugly, but the futures have recovered off the lows of the session as of this writing.
S&P 500 futures held the 20-day EMA and is now back above the 8-day EMA. The S&P is in better shape overall as it’s still above the 20-day EMA and has yet to print a distribution day (higher volume selling day).
The Nasdaq 100 futures lost support of the 20-day EMA which is a sell signal unless it can bounce back above within the next few days. The Nasdaq Composite has logged a distribution day (higher volume down day of -.20% or greater) which is generally a negative sign when it prints within a few days of a follow-through day buy signal.
Current rally thoughts –
- S&P 500 does not have a distribution day and is still above the 20-day EMA.
- The Nasdaq Composite has a distribution and has lost the 20-day EMA.
- Energy, materials, and other non-growthy areas are leading the current advance which isn’t ideal.
- $PI and $WING both printed big volume breakaway gap-ups in reaction to earnings, a positive sign for growth.
- The number of 52-week highs vs 52-week lows is still negative on the Nasdaq and NYSE exchanges – though positive in the more narrow indexes S&P 400 and S&P 500.
The mixed signals above point to keeping long exposure limited to 2-4 positions (or less than 40% long) as we wait for more bullish or bearish evidence to come in.
Depending on market conditions, $WING could be in play over the two-day high. This is not an official buy setup.
Just a reminder, there are a ton of stocks on our watchlists reporting earnings within the next two weeks. Be sure to check for earnings before establishing new positions.
- Longs – watching $GFS $ENPH $LNG $WING $PI
- Shorts – (none)
Rick
Start my Wagner Daily membership now to start receiving winning Morpheus stock trade signals, including a stock portfolio you can easily follow. The Wagner Daily PRO includes live swing trader room for daily, real-time trade ideas and powerful stock trading education.
