{"id":17054,"date":"2022-05-03T06:48:00","date_gmt":"2022-05-03T10:48:00","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=17054"},"modified":"2023-02-09T22:20:27","modified_gmt":"2023-02-10T03:20:27","slug":"swing-trading-stocks-050322","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/swing-trading-stocks-050322\/","title":{"rendered":"The Wagner Daily &#8211; Market Trend: New Rally Attempt, Watching $GTLB Stock"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220503GTLB.png\" alt=\"$GTLB daily \" title=\"\"><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Wagner Daily &#8211; May 3, 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; Sell&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=\"$todays watchlist\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/watch.png\" title=\"\"><br \/><br \/><a><strong><em>open positions:<\/em><\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/open.png\" alt=\"$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\/2020\/closed.png\" alt=\"$closed positions\" title=\"\"><\/figure>\n\n\n\n<p><strong>po<\/strong><strong>sition notes:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>No trades triggered.<\/li>\n<\/ul>\n\n\n\n<p><strong><em><strong><em><strong><em><a><strong><em>Commentary:<\/em><\/strong><\/a><\/em><\/strong><\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n<p>A strong late afternoon rally created a bullish reversal candle on the daily charts of all the broad market averages we follow.<\/p>\n\n\n\n<p>The S&amp;P 500 undercut and closed back above a major swing low with a bullish reversal candle on volume. This is known as undercut and rally type action, which can often lead to a bottom in a bullish chart or at the very least a short-term bounce.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220503SPX.png\" alt=\"$S&amp;P 500 daily \" title=\"\"><\/figure>\n\n\n\n<p>Monday&#8217;s selling pushed the CBOE Volatility Index ($VIX) above 35, which has led to short-term bottoms in the S&amp;P 500 this year.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220503VIX.png\" alt=\"$VIX\" title=\"\"><\/figure>\n\n\n\n<p>The Nasdaq Composite also reversed higher on volume but closed just shy of reclaiming the prior low. If it can do so within the next day or two, then it should be able to push higher.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220503SPX.png\" alt=\"$S&amp;P 500 daily \" title=\"\"><\/figure>\n\n\n\n<p>Monday&#8217;s bullish reversal action is day 1 of a new rally attempt. If Monday&#8217;s lows do not hold within the next day or two, then that would be a clear negative and likely lead to more selling.&nbsp; A buy signal for us can occur as early as day 4 of a new rally with a follow-through day.&nbsp;<\/p>\n\n\n\n<p>Shorts at this point are off the table. As for longs, this is not exactly a great environment for growth stocks so it&#8217;s one that we would play with light size until there is more evidence of a clear bull.&nbsp;&nbsp;<\/p>\n\n\n\n<p>There are no new official setups for Tuesday. However, $GTLB is in play unofficially above Monday&#8217;s high looking for the price to reclaim the 20 and 50-day MAs and clear the downtrend line. The stop can be placed beneath Monday&#8217;s low.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220503GTLB.png\" alt=\"$GTLB daily \" title=\"\"><\/figure>\n\n\n\n<p>One could also look to buy $SPY or a leveraged $SPY ETF with a stop beneath Monday&#8217;s low looking for a short-term pop.<\/p>\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; $GTLB &#8211; over Monday&#8217;s high, watching $HRT $TOST $ONON $MAT $LNTH $CALM<\/li>\n\n\n\n<li>&nbsp;Shorts &#8211; none<\/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>Monday&#8217;s bullish reversal action is day 1 of a new rally attempt. If Monday&#8217;s lows do not hold within the next day or two, then that would be a clear negative and likely lead to more selling.\u00a0 A buy signal for us can occur as early as day 4 of a new rally with a follow-through day.\u00a0<\/p>\n<p>Shorts at this point are off the table. As for longs, this is not exactly a great environment for growth stocks so it&#8217;s one that we would play with light size until there is more evidence of a clear bull.\u00a0\u00a0<\/p>\n<p>There are no new official setups for Tuesday. However, $GTLB is in play unofficially above Monday&#8217;s high looking for the price to reclaim the 20 and 50-day MAs and clear the downtrend line. The stop can be placed beneath Monday&#8217;s low.<\/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-17054","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\/17054","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=17054"}],"version-history":[{"count":2,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/17054\/revisions"}],"predecessor-version":[{"id":17084,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/17054\/revisions\/17084"}],"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=17054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=17054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=17054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}