The Wagner Daily – Oil and Gas Stocks on the Rise: A Closer Look at $HAL and $SLB Charts

The Wagner Daily – December 30, 2022

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The Wagner Daily – December 30, 2022
Proven swing trading strategy, top ETF & stock picks, and market timing model…since 2002

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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:

• No trades triggered.

Commentary: 

Just a reminder, US markets will be closed next Monday, January 2.  The Wagner Daily will not be published on Sunday night but will return Monday night (Jan. 2) for Tuesday’s session.  

HAPPY NEW YEAR!

Stock market averages reversed higher with most closing above the prior day’s high and reclaiming all of Wednesday’s losses.  

Given the time of year and lack of volume, it’s tough to put money to work based on Thursday’s reversal.  Our short-term plan is to sit mostly in cash and see what the new year brings.  

The S&P 500 is back above 3,800 but still has the 20 and 50-day MAs above as resistance.  

The S&P Midcap 400 has shown relative strength in the last few months and is the only broad-based index near its 200-day MA. A move through the big resistance level on the chart below would definitely grab our attention.

As mentioned above, our plan is to lay low during the next few days. However, for those looking to add exposure, here are a few setups to monitor:

These setups are not official.

Oil and gas stocks have held up well after a solid move up. $HAL and $SLB are two of the better-looking charts in the area.

Solar stock $FSLR closed below the 50-day MA but could be just a shakeout if the price can reclaim the 50-day MA within the next few days.

If $SMCI doesn’t move much on Friday, then it will likely close with an inside week, where the high and low of this week is within the prior week’s trading range. A move through the inside week high next week could generate some buying interest.

Unofficial Setups 

• Longs – watching the charts above plus $BABA – downtrend line break, $BMRN – downtrend line break after pullback to 20ema,
• Shorts – $LULU

Rick 

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

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