The Wagner Daily – $PI Re-Entry: Profit Primer with EMA

The Wagner Daily – November 2, 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:

• Per intraday alert, bought $PI on a touch of the 20-period ema on 60-minute.

Commentary:

Stocks pulled back in ahead of Wednesday’s Fed meeting.  As usual, we can expect volatility to pick up in the afternoon session after the 2 pm EST decision on rates.

The S&P 500 has support from the 8 and 50-day MAs, but if volatility is high, we can’t rule out a possible test of the 20-day EMA.  A positive reaction to the Fed would increase the odds of a rally into the declining 200-day moving average.

As mentioned in our last report, we sold $PI for a small loss looking to re-enter on weakness. Per intraday alert, we re-entered  $PI on a test of the 20-period EMA on the 60-minute chart.  We typically monitor the first touch of the 20ema on hourly and the 8-day EMA on daily for pullback entries following a  decent gap up on volume.

$MEDP is another recent gap-up we are monitoring.  

An entry on strength is possible over the two-day high, which would put the price back above the gap-up day high.  A pullback to the rising 8-day EMA would be a spot to monitor for an entry on weakness.

This is not an official setup. 

Other stocks on our buy watchlist (many report earnings within next two weeks):

$ENPH $FSLR (after pause) $GFS $CELH $SWAV  $ENPH $LTHM $ALB $CF $CEG (on pullback)  

Unofficial Watchlist

• Longs – $MEDP – over 2-day high
• Shorts – (none)

Rick 

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