The Wagner Daily – December 28, 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 – 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:
- $SMCI buy-limit order triggered.
The S&P 500 has chopped around in a tight range following last Thursday’s reversal candle. A break of 3,800 would put pressure on the reversal. A break of the reversal candle low would suggest further weakness.
There are no new official setups for Wednesday.
he model portfolio is long a small 1/3 position in $SMCI that triggered on Tuesday.
In a better market, the daily chart of $MEDP would be an ideal setup for us on the long side based on a downtrend line break.
The third touch validated the trendline on Tuesday (all trendlines need at least 3 touches to be valid).
Crude oil futures chart has run into resistance of its declining 10-week moving average. If price action reverses lower, then oil and gas stocks which continue to show leadership may have a tough time making much progress to the upside.
Solar ETF $TAN is also in trouble after Tuesday’s break of the 200-day MA. $ENPH broke its 50-day MA and $FSLR may soon follow.
$AAPL hit an obvious swing low on Tuesday and may soon be due for a bounce after a few weeks of selling. Best to wait for a bounce to establish a short entry.
Unofficial Setups
- Longs – $BOX $FOUR $MEDP
- Shorts – $BAC $NTR $AAPL (on a bounce)
Rick
Click here to view this week’s watchlist in google sheets
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