The Wagner Daily – $ARRY and $ENPH: A Positive Sign for Investors

The Wagner Daily – December 22, 2023

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MTG Market Timing Model –  Sell (as of Dec. 15) due to a break of 20ema in the 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:

• Note one new official setup

Commentary: 

Note – US markets will be closed next Monday, Dec. 26. 

Stocks followed through on the prior day’s reversal action with higher prices on Wednesday. We are seeing money rotate back into energy stocks, with plenty of other charts forming quality patterns (so far).

It is clear from the daily chart of the S&P 500 above that the price is bouncing into a significant amount of resistance. However, when we examine the action “under the hood” in our scans, we see plenty of stocks holding important support levels and building out bases to potentially move higher from. We don’t know if these patterns will follow through to the upside or not, but the rollover scenario should be viewed as a lock.  

With all broad market averages below a declining 20-day EMA, it wouldn’t make much sense to load the boat with long exposure. However, taking on one or two positions with the idea of adding exposure if we continue to see bullish price and volume action is a solid game plan.

There is one new official setup for Thursday. We have a buy limit order in $SMCI, looking to enter on a pullback to the rising 10-week MA.

$MEDP is potentially setting up for a downtrend line break, especially so if we see a one or two-day pause below the trendline.

From yesterday’s report, $AEHR is still potentially in play over last week’s high.

$ARRY is holding up after a false breakout and $ENPH closed with a bullish reversal candle on volume at its 50-day MA. A positive sign.

Unofficial Watchlist – 

• Longs – $AEHR – over last week’s high, $WING – over reversal candle high, $SMCI – on pullback, $BTU – over 29.55
• Also in play- short term pops in $FOUR $BOX $MBLY
• Shorts – none

Rick 

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

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