The Wagner Daily – November 8, 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!
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 S&P 500 reclaimed the 20 and 50-day MAs on lighter volume Monday. Let’s see how this index holds up this week vs mid-term elections, inflation data, and last Wednesday’s ugly red candle, which is in control.
Nasdaq 100 ETF $QQQ is in bounce mode. The price may be able to push through the 20-day EMA for a day or two but let’s see where this index stands by Friday’s close.
Overall, our scans are not seeing many lower-risk buy setups out there in stocks within 25% of a 52-week high. Our short-term plan is to take it slow and see how the broad-based averages hold up this week.
Energy ETFs $OIH and $XLE have taken out base highs after an extended move and may be vulnerable to some profit-taking within the next week or two. Not trying to call a top here, just noting that the charts are a bit extended from the 20-day EMA.
$BIIB failed another breakout attempt on Monday, but if Tuesday’s action remains in the trading wick of Monday, then we’d look for some follow-through to the upside if the price can take out Monday’s high. If the price action weakens, then a test of the rising 20-day EMA would be an ideal low-risk buy point.
After a big volume gap up above the base high, $SMCI is potentially in play on weakness on a touch of the 8-day EMA.
- Longs – $BIIB $TMDX & $SMCI (pullback 8ema)
- Shorts – (none)
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.