The Wagner Daily – Long $GFS: Holding Through Potential Pullback After Failed Gap Up

The Wagner Daily – December 14, 2022

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The Wagner Daily – December 14, 2022
Proven swing trading strategy, top ETF & stock picks, and market timing model…since 2002

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MTG Market Timing Model –  Buy mode from 10/21/22 signal date, SPY MDY still holding 20ema  

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: 

Broad market averages opened 2-4% higher in reaction to favorable data from Tuesday’s CPI report.  However, the gap did not hold, as $QQQ and $SPY came within a few cents of filling its gap before reversing higher.

The S&P 500 closed in the bottom 1/4 of the day’s range and just below the 200-day MA.  

Today is a Fed day, with a decision on rates to be released at 2 pm ET.   Fed chairman Powell to speak at 2:30 pm ET. 

Generally speaking, the price action after 2pm on Fed day can be very volatile.  

Let’s see if the 4,000 support area can hold.

We are still long a small position in GFS, which we plan to hold through a potential pullback following Tuesday’s failed gap up. 

There are no new official setups ahead of Wednesday’s Fed meeting.  

If anything catches our eye intraday, we will send an alert.  

Below are a few charts we are monitoring for an entry (not official buy setups yet). 

$CELH – Failed a few breakout attempts but could be in play on a pullback to the 20-day EMA. 

SMCI – If Tuesday’s gap creates a midpoint of the consolidation, then we’d look for the price action to tighten up during the next week or two above the 20-day ema.  No entry yet, just watching for now. 

ARRY – Has a lower high at $22 that can serve as a buy point as it fleshes out the handle portion of a cup with handle pattern.  

Unofficial Watchlist –  the setups listed here are not tracked

• Longs –  top watchlist –  $TMDX $PI $ON $RMBS $ANET $MEDP $HRMY $MTSI $PODD $ARRY $CELH $SMCI $DXCM
• Shorts – none

Rick 

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

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