The Wagner Daily – New Setup Alert: $PINS Cup with Handle

The Wagner Daily – April 13, 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:

• Per intraday alert, bought and sold half of $SI due to a lack of follow-through from our entry.
• Per intraday alert, sold the $SE pullback entry which triggered earlier in the day for a scratch.

Commentary:

Growth stocks have been a bit of a mixed bag in terms of performance as of late.  A handful of high-quality stocks have assumed leadership and followed through to the upside while others have yet to move out and are still chopping around the 50-day MA.

The model portfolio is shaping up after a few stops outs. $WSM failed to move out and triggered our stop. $SI, which was an entry via an intraday alert stopped us out of half the position due to the failed gap-up (still long the second half).  We also sold $SE for a scratch, looking to put money to work in other stocks such as $PINS and $SNAP.

$RBLX pushed higher on Monday, which was a positive response to Friday’s close per the commentary in Monday’s report.

$FUTU, $ETSY, and $APPS are current longs in the model portfolio that could be ready to extend from the buy point this week.

$APPS reversed off support on Monday and closed with a bullish outside day. A bullish outside day occurs when the day’s low is less than the prior day’s low and the day’s high is above the prior day’s high, with a close that is near the highs of the session.

$ETSY has closed above the 50-day MA for the third day in a row and could be ready to extend higher IF it can clear the two-day high.

There is one new official setup for Tuesday in $PINS, which is attempting to form the handle portion of a cup with handle pattern. A handle is a short-term pullback of five or more days on the right side of the cup. The handle should form above the 50-day MA and in the top half of the base. $PINS may or may not form a full handle here, but the pause is good enough for us so we are placing a buy stop over the handle high.  The sell stop is below Monday’s low.  

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

• $ICHR – pullback entry, buy at 60.01 over Monday’s high
• $SLQT – buy at 32.15 and 32.65
• $UPWK – buy at 49.01
• $FVRR- buy at 233.00
• $FUTU – add over 165.00
• $APPS – add over 94.00

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