The Wagner Daily – March 29, 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, Nasdaq Composite – SELL
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:
- $DEN buy stop triggered.
Commentary:
The S&P 500 continues to lead with the price reclaiming the rising 20-day EMA on a follow-through day.
The Nasdaq Composite moved in the right direction last week after holding support at 13,000. There is a ton of overhead resistance, which is fine, as this index and many leading stocks could use a few weeks of chop to base out.
Midcap growth ETF $IWP, like the Nasdaq remains below a declining 20-day EMA.
With the exception of recent strength in semiconductor stocks such as $AMAT, $ICHR, and $LRCX, most tech related areas are not in play. Homebuilders ($TMHC $PHM $LGIH), metals ($X $CENX $TMST $CLF), and some energy stocks ($DEN $SM $DVN) are strong.
There are no new setups for Monday as our scans did not produce many low-risk buy points following Friday’s run-up.
$WSM is not an official setup but one we are monitoring for a potential pullback entry off the rising 10-day EMA. The big volume breakaway gap up has held up well so far, which is a very bullish sign
Unofficial Setups – For experienced traders only, no guidance is given for these setups.- $TKAT – for a quick swing over 41.20
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