The Wagner Daily – $ANET: Breakout, Buy Over 2-Day High, Split Stops

The Wagner Daily – November 16, 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 $PODD

Commentary:

Broad market averages continue to digest the recent run-up with some much-needed chop. 

We are long $IWM in the model portfolio, based on the price action on the daily chart of the E-Mini Russell 2000 futures contract.  

So far, the action is looking pretty good, digesting recent gains and allowing the 8 and 20-day EMAs to catch up.  

There is one new official setup for Wednesday’s session and it is a mult-touch downtrend line breakout in $ANET. 

Note the pick up in volume since $ANET recaptured the 50 and 200-day MAs.  

Our buy entry is over the two-day high.  Note the split stops.  

Other stocks to watch for entries on strength:  $UTHR, $OC $BECN $PSTG 

Unofficial Watchlist

• Longs –  Some names in play on weakness-  $MEDP $SMCI $ENPH $TMDX $PODD $PI $DEN $SHLS $ARRY
• Shorts –

Rick 

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

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