The Wagner Daily – April 8, 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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S&P 500 buy, Nasdaq Composite 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):
closed positions:
position notes:
- $MARA and $UPST sell stops triggered and we are out.
The S&P 500 and Nasdaq Composite are still a bit extended from the rising 10-day EMA and may need a few days to correct by time or price.
Although the timing model is on a buy signal, current conditions are far from ideal for growth stock traders as big-cap tech stocks are leading ($FB, $MSFT, $GOOG).
Growth continues to lag.
$FFTY has yet to reclaim the 50-day MA and is still below the 20-day EMA. $IWP (midcap growth) is doing a bit better but is struggling to hold the 50ma.
The model portfolio stopped out of $MARA and $UPST. We will continue to monitor both stocks for a re-entry point next week.
Semiconductors remain strong with $AMAT and $LRCX holding up well.
Internet-content stocks are having a solid week with $SNAP, $PINS, and $TWTR reclaiming the 50-day MA.
Will $PINS form a handle or continue to push higher?
$SQ is still on our watchlist for a pullback entry either to the 50-day MA or near the 10-day EMA, if the 10ema is above the 50ma.
Crypto-related stocks were hit hard on Wednesday but $FUTU held its ground. We love the dry-up in volume and price volatility at the 50-day MA, just needs to follow through.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $FUTU – buy at 151.00
- Waiting for pullback entries
- Other stocks potentially in play – $UBER $NARI $KSS $SM & $CPE over prior day’s high
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