The Wagner Daily – Revived Growth: $ARKK Tightens Up

The Wagner Daily – July 14, 2022

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MTG Market Timing Model –  BUY  – weak signal so far, with little follow-through in leading biotech names

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 (potential trade entries):

open positions:

closed positions:

position notes:

• Per intraday alert, re-entered $LI over the prior day’s high.

Commentary:

Stocks staged an impressive recovery Wednesday, fighting off morning weakness from the CPI inflation report and almost closing in positive territory.

Nothing has changed technically on the daily chart of $QQQ this week. It remains a chop-fest.

Beaten down growth is looking pretty good, with $ARKK tightening up from left to right on the daily chart below (price swings tightening from 23% to 12%).

Per intraday alert, we re-entered $LI over the prior day’s high. Note the bullish outside day action off the 20-day EMA.

$SWAV is not an official setup but is one to watch for further strength after Wednesday’s bullish reversal action.

It’s tough to put more money to work until we see some progress from current open positions.

Unofficial Setups – For experienced traders only, no guidance is given for these setups.

•  Longs – watching $PRVA $TMDX $PRVA $SWAV $BYND $AXNX $WING $DLTR
•  Shorts –  

See you in the chatroom,

Rick 

This list is a good starting point for monitoring the health of the market for those who have limited time.

https://morpheustrading.com/services/swing-trade-alerts

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