The Wagner Daily – S&P 500 Reclaims Rising 20-Day EMA

The Wagner Daily – March 29, 2021

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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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