$UPS closed with a tight-ranged inside day and is buyable over Tuesday’s high.
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The majority of new breakouts have struggled with little to no follow-through. Our $CF add triggered its stop for a small 3% loss on a 2.5% position. The model portfolio is down to two 5% longs in $MTDR and $CF.
$UPS is potentially in play over the high of Monday’s reversal candle. This is not an official setup right now.
Per intraday market, covered $ZS for a very small loss due to the lack of follow-through from our short entry. The $CF buy stop order triggered which was an add to a current position.
$MTDR’s false breakout and close near the lows of the day is known as a squat. Let’s see if the price can hold above Thursday or Friday’s low and work its way higher during the next few days.
$MTDR is looking good on the daily chart and just needs to get going.
Prior to the $FB plunge, $MTDR was added to the model portfolio to gain some exposure to the energy.
We entered prior to the base breakout on a break of the hourly downtrend line off the 20-period EMA. This entry was closer to the buy point on 2/1 which was over the high of a tight two-day range.
The Wagner Daily – February 2, 2022 Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date). Subscribe now for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record. […]
Stocks followed through on last Friday’s strength with a trend day to the upside in most major averages.
The S&P 500 and Nasdaq Composite triggered a buy signal in our timing model with Monday’s follow-through on day 6 of a new rally attempt.
Monday’s follow-through day was far from ideal due to the lack of quality leadership. Most stocks are bouncing from very oversold levels and there is very little in the way of stocks ready to breakout from a valid basing pattern within 10-20% of a 52-week high.
An undercut and rally day for the Russell 2000 ETF $IWM. The undercut and rally occurs when the price undercuts a prior low intraday but closes back above. This sort of action can often spark a short-term counter-trend reversal, especially when the price is extended from the 20-day EMA.
The Wagner Daily – January 28, 2022 Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date). Subscribe now for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record. […]
As mentioned earlier this week, intermediate-term trend traders who do not short the market should be in cash waiting for a follow-through day buy signal. For those who do not mind playing the short side, as mentioned above, shorts are in play with a tight stop.
On the short side, $BAC could be in play below the 50-day MA and Wednesday’s low after a bounce into the 50 and 20-day EMAs. The target would be the 200-day MA. This is not an official setup.
