The Wagner Daily – SPX Inside Day: Potential Breakout

The Wagner Daily – March 31, 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  Sell  

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):

open positions:

closed positions:

position notes:

• No trades were made.

Commentary:

The S&P 500 formed a tight-ranged inside day on Tuesday, which sets the daily chart up for a potential breakout if the price can clear Tuesday’s high and hold.

The Nasdaq Composite is still holding on to the 13k support level when it could have easily rolled over, a positive sign.

Semiconductor stocks are setting up for a move higher. The charts of $AMAT and $LRCX are tightening up on lighter volume after Tuesday’s inside day.

For those with no exposure to this area, the charts below could be in play on a move through the three-day high.

Money is flowing back into crypto related stocks such as $MARA, $SI, $RIOT, and $FUTU.

$MARA appears to be the strongest with Tuesday’s action clearing the downtrend line on a pick up in volume. We are monitoring the action for a short-term pause or pullback.

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

• Watching: $SBH $SNBR $CLF $WSM $GMBL $KLAC $LRCX $AMAT $MARA $SI

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