The Wagner Daily – November 29, 2022
Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).
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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.
- Per intraday alert, sold all positions except for partial size in $TMDX and a 1/3 position in $MEDP.
Broad-market averages followed through (to the downside) on Monday’s gap down, opening the door for further weakness.
As of Monday’s close, the shorter-term uptrends remain in place but a break of recent swing lows would confirm a potential reversal of trend with lower highs in place.
S&P 500 Emini Futures – Has 20ema for support. For now, chop mode.
Nasdaq 100 Futures does not have the cushion of the S&P 500 and is already at the 20-day EMA.
Monday’s selling was a clear signal to exit longs or raise stops to protect gains / breakeven points.
New longs are off the table for now, but we are monitoring our lists for pullback entries.
$GFS is an example of a potential pullback entry after a false breakout ($ANET is another), looking for the 20-day EMA to provide support.
On the short side, $MOS put in a bearish outside candle after stalling at the declining 50-day MA and is in play below Monday’s low as an unofficial setup.
- Longs – just watching $PODD $MEDP $GFS $PI $ARRY $ENPH $TMDX $ANET
- Shorts – $MOS
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