The Wagner Daily – Nasdaq vulnerable to more selling

The Wagner Daily – March 23, 2021

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market timing model: S&P 500 BUY, No FTD day in Nasdaq Composite yet,

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:

• No trades triggered. Canceled the $MARA trade for now but will continue to monitor.

Commentary:

The Nasdaq Composite rallied 1.2% on lighter volume and sold off into the close after stalling at the 50-day MA. The Nasdaq is vulnerable to further selling if Monday’s low does not hold. An immediate move back through Monday’s high would be a positive.

The S&P 500 closed with a +0.7% gain but may struggle to gain much ground if the leading financial and energy sectors continue to sell-off.

Although we are starting to see some higher lows develop, for the most part, the fast-moving growth stocks that we are used to trading are still not ready to move higher in numbers. Patience is key.

Below are a few stocks we are monitoring on the long side. These setups are not official.

If $W does breakout, then it may have a hard time gaining much after the initial surge unless conditions improve.

$ABNB and $BMBL are recent IPOs that could be played for an early entry with small size.

$XONE could be in play for a pop if it can clear the downtrend line.

If market conditions in the Nasdaq continue to deteriorate, then none of the charts above will be actionable.

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

• $OPEN – buy at 28.65 (bull flag like move off the lows)
• $NFE – buy at 53.51
• $FINV – buy at 9.01
• $ETSY – buy at 224.70
• $BMBL – buy at 69.60

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