The Wagner Daily – Nasdaq Deteriorates, Closes Below EMA

The Wagner Daily – December 14, 2021

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MTG Market Timing Model – SELL  

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 (potential trade entries):

open positions:

closed positions:

position notes:

• Stopped out of $TSLA.

Commentary:

Market conditions continue to deteriorate with the Nasdaq Composite and Nasdaq 100 closing below the 20-day EMA after a short-term bounce. The Nasdaq Composite closed just above the 50-day MA and prior base high which did not provide much support during the last selloff. 

The weekly chart remains in trend mode with the price finding support at the 20-week EMA since bottoming out in 2020.  

The S&P 500 stalled at 4,700 and is vulnerable to further selling in the short-term with leaders like $AAPL under pressure.

The timing mode is back in sell mode with the Nasdaq Composite losing the 20-day EMA.

There are no official setups for Tuesday on the long or short side.

$ZS and $TEAM are still in play unofficially as shorts. $ZS was discussed in Monday’s report. $TEAM stalled at the 20-day EMA and may be headed for a test of the recent low …IF the price fails to reclaim the 10-day EMA.

We are now in a 100% cash position after stopping out of $TSLA. Our watchlists took a beating on Monday and there is very little worth owning right now.  This market could use a few weeks of sideways to lower prices to reset the charts. Having said that, we know that anything can happen which is why it’s best to take it one day at a time.

Unofficial Setups – For experienced traders only, no guidance is given for these setups.

• none

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