The Wagner Daily – April 20, 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):
- $RBLX stop triggered. Bought $CRWD and $FUTU
All major indices closed in negative territory on lighter volume, so no distribution
Growth stocks continue to lag and were hit the hardest with $FFTY down -2.3% vs -0.5% in the S&P 500.
$FFTY has struggled this year, unable to reclaim the 50-day MA while the S&P has climbed to new highs.
Ten out of eleven sectors we track in tc2000 closed in negative territory. Technology was hit the hardest at -1.4%. Energy was the only sector that closed higher.
$CPE and $MTDR are a few of the stronger-looking charts within the sector that could be in play this week on strength. These setups are not official.
Per intraday alert, we purchased $CRWD and $FUTU. $CRWD failed to follow through and closed well off the highs of the session. $FUTU ripped higher, which was an impressive showing given what the market did. However, after the close, $FUTU sold off about 10 points in reaction to news of a secondary offering.
For those who were able to enter closer to $160, a break-even stop will do. Officially, the stop is just below the 61.8% fibo level and our entry around $164.
Over the past few days, many growth stocks on our watchlist have given back almost all the progress made since reclaiming the 50-day MA. It’s tough to trust anything right now, so we plan to lay low in the short term unless something really catches our eye.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $CPE – buy at 36.40 and/or 39.00
- $MTDR – buy at 25.76
- $GS – buy at 345.00
- Others to track for entries on strength: $ATKR $ZLAB $MRVI $BKE $MAR $BOOT $BKNG $CME
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