{"id":16928,"date":"2022-06-02T06:48:00","date_gmt":"2022-06-02T10:48:00","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=16928"},"modified":"2023-02-09T10:42:49","modified_gmt":"2023-02-09T15:42:49","slug":"swing-trading-stocks-060222","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/swing-trading-stocks-060222\/","title":{"rendered":"The Wagner Daily -Market Support: Nasdaq &amp; S&amp;P 500 at 20-day EMA"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220602IXIC.png\" alt=\"$Nasdaq Composte  daily \" title=\"\"><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Wagner Daily &#8211; June 2, 2022<\/h2>\n\n\n\n<p><em>Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).<\/em><\/p>\n\n\n\n<p><em><strong><a href=\"https:\/\/morpheustrading.com\/services\/swing-trade-alerts\" target=\"_blank\" rel=\"noreferrer noopener\">Subscribe now<\/a><\/strong> for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record. <\/em><\/p>\n\n\n\n<p><em>Just drop us a comment with any questions or comments&#8211;we&#8217;d love to hear from you!<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p><a><strong><em>MTG Market Timing Model &#8211;&nbsp; BUY (SP-500 and Nasdaq above 20ema on daily)&nbsp;&nbsp;<\/em><\/strong><\/a><\/p>\n\n\n\n<p>Our timing model was designed to keep our trades in line with the prevailing market trend, not to call tops or catch bottoms in S&amp;P 500 or Nasdaq Composite.<\/p>\n\n\n\n<p><a><strong><em>today&#8217;s watchlist (potential trade entries):<\/em><\/strong><\/a><\/p>\n\n\n\n<p><img decoding=\"async\" alt=\"$todays watchlist\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220602watch.png\" title=\"\"><br \/><br \/><a><strong><em>open positions:<\/em><\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/open.png\" alt=\"$open positions\" title=\"\"><\/figure>\n\n\n\n<p><strong><em>closed positions:<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220601closed.png\" alt=\"$closed positions\" title=\"\"><\/figure>\n\n\n\n<p><strong>po<\/strong><strong>sition notes:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>No trades triggered.<\/li>\n<\/ul>\n\n\n\n<p><strong><em><strong><em><strong><em><a><strong><em>Commentary:<\/em><\/strong><\/a><\/em><\/strong><\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n<p>Both the Nasdaq Composite and S&amp;P 500 found support at the 20-day EMA, which is the line in the sand for the current rally\/bounce.<\/p>\n\n\n\n<p>The daily chart of the Nasdaq Composite has more breathing room before hitting major resistance in the 12,600 &#8211; 12,800 area. The 50-day MA and 50% fibo retracement level from the last wave down line up around 12,800.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220602IXIC.png\" alt=\"$Nasdaq Composte  daily \" title=\"\"><\/figure>\n\n\n\n<p>The S&amp;P 500 has less room to operate with, with resistance clustered just above 4,200.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220602SPX.png\" alt=\"$sp-500 daily \" title=\"\"><\/figure>\n\n\n\n<p>The biggest problem with the current rally remains the lack of leadership. Energy continues to lead, but the charts within that group are extended in the short term.<\/p>\n\n\n\n<p>Shipping stocks are trading near 52-week highs and could be in play this week ($EGLE and $GNK).<\/p>\n\n\n\n<p>$GNK is an official buy setup over the high of Wednesday&#8217;s inside day. If triggered, the price would be back above the prior swing high at 26.00. Our target is a 10-15% move, looking to sell into strength.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220602GNK.png\" alt=\"$GNK daily \" title=\"\"><\/figure>\n\n\n\n<p>As you can see from the lack of setups in the report, the current rally is lacking in power and may not have much more upside.&nbsp; This is not a prediction, as we are just calling it as we see it&#8230; one day at a time.&nbsp;<\/p>\n\n\n\n<p>Below is quick guide of what we will be looking for this week:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Can the Nasdaq Composite and S&amp;P 500 hold the rising 20-day ema? A quick break below the 20-day EMA this week would be a negative sign.<\/li>\n\n\n\n<li>Avoid distribution days in the Nasdaq or S&amp;P 500 (one may be ok, but two in one week would be a negative sign).<\/li>\n\n\n\n<li>How are recent breakouts working? Are they extending from the pivot or struggling?<\/li>\n\n\n\n<li>If recent breakouts pull back in, is the action constructive? Lower volume and not giving up much ground?<\/li>\n<\/ul>\n\n\n\n<p><strong>Unofficial Setups<\/strong> &#8211; For experienced traders only, no guidance is given for these setups.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;Longs &#8211; $ARCH &#8211; above yest. high<\/li>\n\n\n\n<li>\u00a0Shorts &#8211; $ZI $DDOG (below yest. low)<\/li>\n<\/ul>\n\n\n\n<p>See you in the chat room,<\/p>\n\n\n\n<p>Rick&nbsp;<\/p>\n\n\n\n\n\n\n\n<p>This list is a good starting point for monitoring the health of the market for those who have limited time.<\/p>\n\n\n\n<p><a href=\"https:\/\/morpheustrading.com\/services\/swing-trade-alerts\">https:\/\/morpheustrading.com\/services\/swing-trade-alerts<\/a><\/p>\n\n\n\n<p class=\"has-light-green-cyan-background-color has-background\"><em><strong><a href=\"https:\/\/morpheustrading.com\/services\/swing-trade-alerts\" target=\"_blank\" rel=\"noreferrer noopener\">Start my Wagner Daily membership now<\/a><\/strong> to start receiving winning Morpheus stock trade signals, including a stock portfolio you can easily follow. <strong><a href=\"https:\/\/morpheustrading.com\/services\/swing-trade-alerts\" target=\"_blank\" rel=\"noreferrer noopener\">The Wagner Daily PRO<\/a> <\/strong>includes <strong>live swing trader room<\/strong> for daily, real-time trade ideas and powerful stock trading education. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Both the Nasdaq Composite and S&#038;P 500 found support at the 20-day EMA, which is the line in the sand for the current rally\/bounce.<\/p>\n<p>The daily chart of the Nasdaq Composite has more breathing room before hitting major resistance in the 12,600 &#8211; 12,800 area. The 50-day MA and 50% fibo retracement level from the last wave down line up around 12,800.<\/p>\n","protected":false},"author":2,"featured_media":12060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[782],"tags":[],"class_list":["post-16928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wagner-daily-archives"],"_links":{"self":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/16928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/comments?post=16928"}],"version-history":[{"count":1,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/16928\/revisions"}],"predecessor-version":[{"id":16950,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/16928\/revisions\/16950"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media\/12060"}],"wp:attachment":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media?parent=16928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=16928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=16928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}