The Wagner Daily – $ENPH Breakout Potential: Watch for Base Above 2-Day High

The Wagner Daily – November 28, 202

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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: 

Hope everyone had a great Thanksgiving!

Market conditions remain favorable for some long exposure but we are not stepping on the gas just yet.

Broad-based futures are trading roughly -0.6% lower as of this writing.  

The S&P 500 E-mini futures contract has support from the rising 8-day EMA around 4,000.  The 20-day ema around $3,950 is our line in the sand for the current bull market. A break of the 20-day on a closing basis would open the door for further weakness.

There is one new official setup for Monday.

$ENPH is potentially in play as a base breakout above the two-day high.

Watching $CELH for a pullback entry this week after an explosive move back through the 50-day MA / 10-week MA.  

$TMDX stalled at $60 once again. Note that we tightened up our stop just below the two-day low and 8-day EMA for half the position. If the 8ema doesn’t hold, we will look to re-enter closer to the 20-day EMA if possible.

A break of the current downtrend line could spark the next wave up in $CPNG.

Unofficial Watchlist

• Longs – $MEDP $PDD $SHLS (pullback to 8ema) $TMDX $PODD $WING
• Shorts –

Rick 

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

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