The Wagner Daily – Opportunity for $SQ Pullback Entry

The Wagner Daily – April 8, 2021

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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):

open positions:

closed positions:

position notes:

• $MARA and $UPST sell stops triggered and we are out.

Commentary:

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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