The Wagner Daily – Shakeout in $PENN

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The Wagner Daily – March 18, 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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market timing model: S&P 500 BUY, No FTD day in Nasdaq Composite yet, but price is above 20ema

Our timing model was designed to keep 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):

open positions:

closed positions:

position notes:

• Per intraday alert, bought $SQ, $SI, $RIOT, and $TWTR.

Commentary:

Markets reacted positively to Wednesday’s FOMC meeting with a solid rally in the last two hours of trading. The late move recovered all of the damage done from the weak open and pushed the Nasdaq back above the 20 and 50-day MAs.

The model portfolio was busy in the afternoon session with intraday alerts to buy $RIOT, $TWTR, $SI, and $SQ. We entered $RIOT due to its bullish engulfing candle. $SQ reclaimed the 50-day MA with a bullish gap down reversal. 

For those not receiving alerts, please log in to the member’s area of our site and make sure the SMS text alert box is checked.

Just a quick note regarding the small share size in $RIOT and $SI. These stocks are very explosive and trade in a 10-15% range on a daily basis, which is why we backed down the share size, but overall trade risk remained the same.

There are three new trades for Thursday’s session. Two are new buys with an add in $SQ.

We have been stalking $NCTY for an entry this week and Wednesday’s bullish reversal candle off the 20-day EMA is a buy signal. The entry is over the day’s high with a stop beneath the same day’s low.

A two-day shakeout in $PENN led to a stop run below the 20-day EMA, followed by a bullish reversal candle that closed back above the EMA. The buy entry is over Wednesday’s high with a stop beneath the same day’s low.

Unofficial Setups – For experienced traders only, no guidance is given for these setups.

• $CAN – buy at 32.50 (bullish reversal candle)
• $EOLS – buy at 13.70 (over high of Wed. nr7 day)
• $BMBL – buy at 73.51 or 75.00
• $W – buy at 331.51
• $SHAK – buy at 130.30
• $FINV – buy at 8.47
• $QFIN – buy at 33.51

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