The Wagner Daily – Stop Loss for $FUTU

The Wagner Daily – April 20, 2021

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quick jump to:today’s watchlistopen & closed positionsmarket commentary

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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:

• $RBLX stop triggered.  Bought $CRWD and $FUTU

Commentary:

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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