The Wagner Daily – $MOS in Play for Short Below Monday’s Low: Bearish Outside Candle

The Wagner Daily – November 29, 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, sold all positions except for partial size in $TMDX and a 1/3 position in $MEDP.

Commentary: 

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.

3Unofficial Watchlist

• Longs – just watching $PODD $MEDP $GFS $PI $ARRY $ENPH $TMDX $ANET
• Shorts – $MOS

Rick 

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

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