The Wagner Daily – $ARRY: Entering on Cup with Handle Handle, Buy Stop at Thursday High

The Wagner Daily – November 18, 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:

• Note the new setups.

Commentary:

Broad-based averages held up well despite the gap-down action on Thursday’s open, with most indexes closing near the highs of the session.   

Leading stocks on our watchlist also held up well and appear to be setting up to move higher, a positive sign (though taking it one day at a time).   

 S&P Midcap 400, which is the leading index right now reversed off support: 

There are two new official setups for Friday.

$ARRY recently gapped higher on big volume and appears to be forming the handle portion of a 40% deep cup with handle pattern.

Price found support at the rising 8-day EMA on Thursday and we have a buy stop to enter partial size over Thursday’s high. We will look to add to the position.

$MEDP is also in play for us on a pullback with a buy limit order at the 20-day EMA (we have to estimate where the 20-day ema will be).

Several stocks on our watchlist could either be in play on strength if they reclaim the 8-day EMA or on weakness (touch of 20-day EMA).

$WING is not an official setup but can be played on strength (above 8ema) or weakness (near 20ema).

$TMDX is in the same boat, buyable on strength or weakness using the 8 or 20-day EMAs.

Unofficial Watchlist

• Longs – $WING $TMDX $ENPH (breakout over yest high) $CELH (pullback) $SHLS (watching for pullback) $ANET
• Shorts –

Rick 

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

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