The Wagner Daily – Bullish Momentum: $NET

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$NET  daily

The Wagner Daily – May 3, 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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quick jump to:today’s watchlistopen & closed positionsmarket commentaryresources:subscriber guideour trading strategybloghandy links:

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):

$todays watchlist

open positions:

$open positions

closed positions:

$closed positions

position notes:

  • Note the new stop in $CPE. If you sold at $39.11 on Friday, no problem, no need to get back in.


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The S&P 500 gapped lower on Friday, which was a negative response to Thursday’s bearish hanging man candle. A break of the two-day low that holds would suggest further downside. There is a decent amount of support about 1% lower.

A test of the top trendline in the Emini S&P 500 futures is about 1% away.

$emini S&P 500 daily

The 20-day EMA on the S&P 500 index is a little over 1% away.  An undercut of the 4/20 low is another level of support, roughly -1.5% lower.

$s&p 500  daily

Last week’s failed breakout attempt in the Nasdaq Composite could lead to a shakeout below the 20-day EMA or possibly an undercut of the last swing low. The index has been in trend mode since reclaiming the 50-day MA but has yet to break out to new highs.

$s&p 500  daily

Growth continues to struggle. Note the RS line of the IBD 8585 growth index vs SPY, which is sitting near the lows 

$IBD 8585 daily

$SE and $ALGN were a few failed breakout attempts in growth last week.

$SE daily
$ALGN  daily

$NET is one of the only stocks in the growth space moving higher on bullish price and volume action but reports earnings on 5/6. We are not buying $NET but will monitor the action closely this week.

$NET  daily

So what groups are working? We did notice strength in oil last week which led to an entry in $CPE. The price followed through nicely from our buy point but reversed quickly. Note the new stop in the open positions section. In Friday’s report, $CPE’s stop was incorrectly listed as 39.11 which was the closing price (we apologize for the error). For those who are already out at 39.11, there is no need to re-enter.

$CPE daily

Can energy stocks hold on to recent momentum?

$WLL daily
$MTDR  daily

$CIT is potentially in play over the high of last Friday’s inside day if the S&P 500 holds up. This is not an official setup.

$CIT daily

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

Not much going on… will post more setups this week as they develop

  • $CIT – buy at 53.96
  • $KSS – buy at 61.46
  • Watching – $NET $SNAP $SLQT $NARI

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