The Wagner Daily – December 15, 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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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:
- No trades triggered.
Stocks sold off late in the session in reaction to Fed news. Despite the weakness, the S&P 500 was able to hold the 20-day ema and the prior day’s low. A break of the 20-day ema would open the door for further weakness and potentially a test of the 50-day MA.
The market-leading S&P Midcap 400 also held the 20-day EMA but the average has flattened out which suggests more chop. Look for the price to chop around above the 200-day MA with a possible shakeout down to the 50-day MA.
There are no new official setups for Thursday. If anything catches our eye intraday, we will send an alert.
Although the timing model is on a buy signal, the lack of power during this rally prevents us from ramping up exposure.
Given the lack of follow-through on breakout attempts, we want to continue to focus on pullback entries closer to the 20-day EMA.
$ARRY moved out from a $22 buy point which we mentioned in yesterday’s report and cleared its handle high on volume. Let’s see if this breakout works. If not, then we will look to enter on weakness after a 2-5 day pullback.
Several stocks on our watchlist look like they need to chop around for a bit to produce lower-risk entries. $ANET below is an example of this.
$ANET failed a breakout attempt above the base high and its last surge up stalled at the prior high. A few weeks of chop would be ideal here to produce a higher low.
$MTSI stalled below the prior swing high and has pulled back close to the 20-day EMA. A touch of the 20-day can serve as a buy entry for partial size. This is not an official setup.
Unofficial Watchlist – the setups listed here are not tracked
- Longs – top watchlist – $FSLR $AEHR $TMDX $PI $ON $RMBS $ANET $MEDP $HRMY $MTSI $PODD $ARRY $CELH $SMCI $DXCM
- Shorts – none
Click here to view this week’s watchlist in google sheets
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