The Wagner Daily – $SLB Forms Bullish Reversal, Eyeing Higher Low

The Wagner Daily – December 19, 2022

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MTG Market Timing Model –  Sell (as of Dec. 15) due to a break of 20ema in S&P 500

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: 

Our timing model moved back into sell mode last week with all major indices we follow breaking the 20-day EMA on the daily chart.

The S&P 500 closed below 50-day MA last Friday and may be due for a bounce after a sharp selloff.  

The Nasdaq 100 ($NDX) broke the 50-day MA last week and may be due for a short-term bounce. Any bounce above the 50-day MA will have to work through resistance from the declining 8 and 20-day EMAs.

There isn’t much to do on either side of the market, so there are no new official setups for Monday’s session.

Market conditions are too shaky to add new longs. As for shorts, a bounce would be ideal for lower-risk setups.

Although the majority of stocks on our watchlist haven’t moved much in recent weeks, many are still hanging around the 20 or 50-day MA ($CELH $MEDP $WING).

$SLB closed out last week’s trading with a bullish reversal candle that could create a higher low. Not an official setup… just keeping an eye on the action for now.

$GTLB has formed a bull-flag-like pattern after a decent thrust off the lows and could be in play over the two-day high. This is not an official setup.

Unofficial Watchlist –  the setups listed here are not tracked

• Longs – watching $PODD $SLB $MEDP $FSLR $CELH $SNCI $PI $WING $BTU $AEHR
• Shorts – on a bounce $CRWD $CRWD $ZS $NET $CRM $MRVL $RBLX $MOS

Rick 

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

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