The Wagner Daily – Nasdaq on buy signal

The Wagner Daily -April 5, 2021

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market timing model: S&P 500 buy, Nasdaq buy 

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 Nasdaq Composite joined the S&P 500 on a buy signal after last Wednesday’s follow-through day (FTD) and close above the 20-day EMA. The Nasdaq still has quite a bit of resistance to clear around $13,600, but the technical picture has improved.

With both indices in buy mode, this should improve the quality of setups in stocks we like to trade during the next few weeks.  For the buy signals to remain intact, the S&P 500 should stay above the rising 20-day EMA (on a closing basis). The Nasdaq needs to hold the low of the 3/31 follow-through day (on a closing basis).

There are two new buy setups for Monday’s session.

$MARA is a beast of a stock that we don’t want to miss. It’s an explosive stock that can be tough to trade at times and may require more than one entry before getting it right.  Ideally, we’d love to see a 2-3 day pause or pullback before moving higher, but the price could just rip from here without much of a pause. Our buy stop is over last week’s high.

$WSM’s breakaway gap-up on explosive price and volume action was a buy signal. Last week’s pause was almost an inside week, with the price action chopping in a tight range on declining volume. We like $WMS over last week’s high.

Semiconductor stocks are leading right now and we are positioned well with entries in $AMAT and $LRCX.  Metals $CLF, $TWST, and $X could be in play this week.  Along with $MARA, $RIOT, $SI, and $FUTU should be monitored for buy points.  Some of these stocks may only need a day or two of chop before moving higher.

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

• $CLF – buy at 20.45
• $MU- buy at 94.51
• $SI – buy in the 140-144 range with stop below 50ma
• $SLGG – buy at 7.65
• $UPST – buy at 147.68
• $KPN – buy at 11.00
• $SM – buy pullback to 18.20ish, stop 16.68
• $SEAS – buy at 51.76

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