{"id":16790,"date":"2022-07-06T06:48:00","date_gmt":"2022-07-06T10:48:00","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=16790"},"modified":"2023-02-09T02:19:11","modified_gmt":"2023-02-09T07:19:11","slug":"swing-trading-stocks-070622","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/swing-trading-stocks-070622\/","title":{"rendered":"The Wagner Daily &#8211; $HRMY Cup with Handle: Buy on Breakout"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220706HRMY.png\" alt=\"$HRMY daily\" title=\"\"><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Wagner Daily &#8211; July 06, 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 (Nasdaq Composite below the 20-day EMA)<\/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=\"$todays watchlist\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220706watch2.png\" title=\"\"><br \/><br \/><a><strong><em>open positions:<\/em><\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220706open.png\" alt=\"$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=\"$closed positions\" title=\"\"><\/figure>\n\n\n\n<p><strong>po<\/strong><strong>sition notes:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>No trades triggered.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong><em><strong><em><strong><em><a><strong><em>Commentary:<\/em><\/strong><\/a><\/em><\/strong><\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n<p>Tuesday&#8217;s bullish reversal action was a positive sign for the current rally. Although the Nasdaq Composite did not reclaim the 20-day EMA, it did close with a +1.8% gain on higher volume (follow-through day-like action). Biotechs led the market higher with beaten-up growth also catching a bid ($ARKK +9%).<\/p>\n\n\n\n<p>Nasdaq Composite is working on a higher low though it will have to clear the 20ema and hold to take out the swing high.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220706IXIC.png\" alt=\"$Nasadq Composite\" title=\"\"><\/figure>\n\n\n\n<p>Biotech ETF $XBI rallied 6% and is acting like a new market leader. The price set a second higher high and higher low with the 20-day EMA crossing above the 50-day MA.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220706XBI.png\" alt=\"$XBI daily\" title=\"\"><\/figure>\n\n\n\n<p>The target is the $90 area, which is a measured move of 25% (the first advance off the lows was $25%). That said, we definitely want to lock in partial gains at the 2 to 1 reward-to-risk ratio (10-12% gain).<\/p>\n\n\n\n<p>The chart below shows the bull flag-like action off the lows with an orderly pullback.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220706XBI2.png\" alt=\"$XBI daily\" title=\"\"><\/figure>\n\n\n\n<p>The market timing model will not go into buy mode until the S&amp;P 500 or Nasdaq Composite closes 1% or more above the 20-day EMA. However, we are treating Tuesday&#8217;s action as a buy signal in leading stocks such as biotechs.&nbsp;&nbsp;<\/p>\n\n\n\n<p>There are two new official setups for Wednesday in $EVH and $HRMY. Both charts below are daily, but the monthly time frame is worth a look as both are sitting just below all-time highs after a year or more of chop.<\/p>\n\n\n\n<p>The $EVH buy stop is based on a downtrend line break with at least three touches on the trendline. Note the relative strength line that has moved out ahead of price (bullish divergence).<\/p>\n\n\n\n<p>We are going with a 5% starter position and a standard 6% stop.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220706EVH.png\" alt=\"$EVH daily\" title=\"\"><\/figure>\n\n\n\n<p>$HRMY&#8217;s cup with handle pattern already triggered a buy entry over the handle high at $47. The current pause is a second handle with a buy stop above the swing high. Note the RS line to new highs ahead of the price.<\/p>\n\n\n\n<p>We are going with a 5% starter position and a standard 6% stop.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/220706HRMY.png\" alt=\"$HRMY daily\" title=\"\"><\/figure>\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; $JKS &#8211; breakout 69.80, $VRTX breakout 293.51<\/li>\n\n\n\n<li>\u00a0Shorts &#8211; none<\/li>\n<\/ul>\n\n\n\n<p>See you in the chat room,<\/p>\n\n\n\n<p>Rick&nbsp;<\/p>\n\n\n\n\n\n\n\n<p>This list is a good starting point for monitoring the health of the market for those who have limited time.<\/p>\n\n\n\n<p><a href=\"https:\/\/morpheustrading.com\/services\/swing-trade-alerts\">https:\/\/morpheustrading.com\/services\/swing-trade-alerts<\/a><\/p>\n\n\n\n\n\n\n\n<p class=\"has-light-green-cyan-background-color has-background\"><em><strong><a href=\"https:\/\/morpheustrading.com\/services\/swing-trade-alerts\" target=\"_blank\" rel=\"noreferrer noopener\">Start my Wagner Daily membership now<\/a><\/strong> to start receiving winning Morpheus stock trade signals, including a stock portfolio you can easily follow. <strong><a href=\"https:\/\/morpheustrading.com\/services\/swing-trade-alerts\" target=\"_blank\" rel=\"noreferrer noopener\">The Wagner Daily PRO<\/a> <\/strong>includes <strong>live swing trader room<\/strong> for daily, real-time trade ideas and powerful stock trading education. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>$HRMY&#8217;s cup with handle pattern already triggered a buy entry over the handle high at $47. The current pause is a second handle with a buy stop above the swing high. Note the RS line to new highs ahead of the price.<\/p>\n<p>We are going with a 5% starter position and a standard 6% stop.<\/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-16790","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\/16790","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=16790"}],"version-history":[{"count":1,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/16790\/revisions"}],"predecessor-version":[{"id":16794,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/16790\/revisions\/16794"}],"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=16790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=16790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=16790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}