The Wagner Daily – May 3, 2021
Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).
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S&P 500 buy, Nasdaq Composite buy
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.
today’s watchlist (potential trade entries):
closed positions:
position notes:
- Note the new stop in $CPE. If you sold at $39.11 on Friday, no problem, no need to get back in.
The S&P 500 gapped lower on Friday, which was a negative response to Thursday’s bearish hanging man candle. A break of the two-day low that holds would suggest further downside. There is a decent amount of support about 1% lower.
A test of the top trendline in the Emini S&P 500 futures is about 1% away.
The 20-day EMA on the S&P 500 index is a little over 1% away. An undercut of the 4/20 low is another level of support, roughly -1.5% lower.
Last week’s failed breakout attempt in the Nasdaq Composite could lead to a shakeout below the 20-day EMA or possibly an undercut of the last swing low. The index has been in trend mode since reclaiming the 50-day MA but has yet to break out to new highs.
Growth continues to struggle. Note the RS line of the IBD 8585 growth index vs SPY, which is sitting near the lows
$SE and $ALGN were a few failed breakout attempts in growth last week.
$NET is one of the only stocks in the growth space moving higher on bullish price and volume action but reports earnings on 5/6. We are not buying $NET but will monitor the action closely this week.
So what groups are working? We did notice strength in oil last week which led to an entry in $CPE. The price followed through nicely from our buy point but reversed quickly. Note the new stop in the open positions section. In Friday’s report, $CPE’s stop was incorrectly listed as 39.11 which was the closing price (we apologize for the error). For those who are already out at 39.11, there is no need to re-enter.
Can energy stocks hold on to recent momentum?
$CIT is potentially in play over the high of last Friday’s inside day if the S&P 500 holds up. This is not an official setup.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
Not much going on… will post more setups this week as they develop
- $CIT – buy at 53.96
- $KSS – buy at 61.46
- Watching – $NET $SNAP $SLQT $NARI
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