The Wagner Daily – October 31, 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.
- Per intraday alerts, bought $PI and $WING.
After a two-day pause, the S&P 500 resumed its uptrend with a strong 2.5% gain and close above the 50-day MA.
Last Friday’s bullish reversal action and close back above the 20-day EMA in the Nasdaq Composite allowed the (Nasdaq) timing model to remain on a buy signal.
Per intraday alert, the model portfolio bought a small quarter position in $WING looking to add over the swing high.
$PI was also added to the model portfolio late last Friday after clearing the gap up day high.
Current rally thoughts –
- S&P 500 does not have a distribution day and is above the 20-day EMA and 50-day MA.
- The Nasdaq Composite has a distribution day but reclaimed 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.
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 $WING $PI CELH
- Shorts – (none)
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