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MTG Market Timing Model – Sell due to both the S&P 500 and Nadsaq Comp below the 20 and 50-day MAs
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.
No trades triggered.
Stocks reversed higher on Wednesday, with the S&P 500 reclaiming the 50-day MA. The Nasdaq Composite also closed with solid a reversal candle but is still below the 50-day MA.
There is one new official setup for Thursday.
$TSLA closed with a bullish outside day and reclaimed the 20-day ema. The recent pullback looks to be forming the handle portion of a 42% deep cup with handle pattern. The buy stop entry is over Wednesday’s high with a protective stop beneath the three-day low.
The idea here is to put on some exposure in one of the best acting growth stocks in case the market is able to recover from the recent selloff and push higher. Reports earnings on 4/25.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
Longs – $COP >102.10, $COST > 5945.00 Shorts – none
Press HERE (link restricted to paid members) to view this week’s stock watchlist, an excellent starting point for monitoring the health of the market and finding the best stocks for swing trading.
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