The Wagner Daily – December 27, 2023
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 – 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:
- Note the $SMCI setup is a buy-limit order.
Can last Thursday’s bullish reversal candle action in the broad-based averages push stocks higher in the short term?
The S&P 500 has resistance around the 20 and 50-day MAs (3,900).
Nasdaq 100 is further away from the 50-day MA, with the 20ema now below the 50ma, which should be a big resistance level (around 11,400).
Our timing model remains on a sell signal with all major indices below the 20-day EMA. In the short term, we may see higher prices but much will depend on how the averages react to the resistance levels mentioned above.
Energy stocks are once again providing leadership, while a handful of growth stocks continue to hold the 50-day MA.
This is hardly an ideal market to put much money to work but having some exposure in one or two names is fine.
There is one new official setup tonight in $SMCI. We are looking to re-enter with a buy-limit order just above last Friday’s close (small 1/3 position). The buy limit is to guard against a bad fill if the price gaps higher on Monday’s open.
Look for the 50-day MA to provide support.
$CELH is in play potentially over the two-day high.
$FOUR is potentially in play on a move through $54.
Unofficial Watchlist –
- Longs – $BOX $BTU $MEDP
- Shorts – none
Rick
Click here to view this week’s watchlist in google sheets
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