Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).
Subscribe now for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record.
Just drop us a comment with any questions or comments–we’d love to hear from you!
MTG Market Timing Model – Buy mode from 10/21/22 signal date, but S&P 500 below 20-day ema which is a potential sell 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:
Commentary:
For the second day in a row, stocks sold off on a pick-up in volume.
The S&P 500 lost the 20-day EMA with back-to-back days of distribution (higher volume selling). Any bounce in the S&P will have quite a bit of resistance to work through, which increases the odds of a touch of the 50-day MA.
In yesterday’s report we mentioned the following, “Given the lack of follow-through in the market, we are playing a bit more defense today. Note the new stops above.”
Tuesday’s selling followed through on Monday’s weakness and forced the model portfolio back into a 100% cash position.
There are a handful of stocks out there still holding up such as $PODD, $DXCM, or $TMDX, but even these stocks aren’t making much progress after a few weeks of higher prices in the main averages.
While we have seen decent buy setups emerge as of late, there is almost no follow-through after the initial thrust-up, which makes for ugly reward-to-risk ratios. It’s tough to set a stop 3% to 7% from the entry when stocks are moving just 3-7% higher before reversing lower.
Oil stocks have offered the best reward-to-risk ratios this year as they have been able to buck the trend of the market, but this sector is in distribution mode now.
There are no new official setups for Wednesday. We will send an intraday alert if any action is taken.
$SMCI is tops on our watchlist, but we are waiting for a 2-3 week pause that holds up around the 20-day EMA.
Unofficial Watchlist
Rick
Click here to view this week’s watchlist in google sheets
Start my Wagner Daily membership now to start receiving winning Morpheus stock trade signals, including a stock portfolio you can easily follow. The Wagner Daily PRO includes live swing trader room for daily, real-time trade ideas and powerful stock trading education.
As volatility ripples through the markets, every investor is asking the same question: is it time to buy, or is…
Unlock the secrets to identifying market bottoms and harness the power of opportunity amidst market turbulence. Dive into our comprehensive…
Are you ready to seize the golden opportunity in trading? In our last analysis, we forecasted a monumental breakout in…
Embark on a journey to master the art of crypto swing trading with Deron Wagner, founder of Morpheus Trading Group.…
In the fast-paced world of trading, navigating through the noise of social media can be daunting. But fear not, for…
Feeling a bit shaken up by Bitcoin's recent turbulence? Don't worry, we've got you covered! Dive into this comprehensive guide…