The Wagner Daily – $QQQ: Stall at 20-day EMA, Push Higher if Above Tues Close

The Wagner Daily – November 9, 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:

We are monitoring the daily chart of the S&P 500 futures for a break of a valid downtrend line, which would separate the price from the 50-day moving average as well.

$QQQ stalled at the 20-day EMA but could continue to push higher if the price holds above Tuesday’s close.

Along with the mid-term election results, the market will also have to digest Thursday’s inflation data from the CPI report.

We remain mostly in cash ahead of the CPI. There isn’t enough evidence to suggest loading the boat with long exposure just yet, but anywhere from 10-30% invested seems reasonable.

There are no new official setups, but here are a few stocks we are watching:

$ERF – two days in a row of tight action following a heavy volume gap up

$GFS – a short-term pause would be ideal

$TMDX – Big volume breakaway gap up above base highs. Waiting for a touch of the 8-day EMA.

Unofficial Watchlist

• Longs – $TMDX & $SMCI (pullback 8ema) $BTU $SCHW $CCRN $UTHR $HALO
• Shorts – (none)

Rick 

Click here to view this week’s watchlist in google sheets

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