The Wagner Daily – May 5, 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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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.
- Stopped out of $CPE for a small 4% gain.
- $CLF buy stop triggered.
The S&P 500 bounced back from an ugly morning session and closed above the 20-day EMA. Tuesday’s low must hold in the short term to avoid triggering a sell signal.
The Nasdaq Composite sliced through the 20-day EMA and is no longer in buy mode. Looks like the chart could use several weeks of chop above the 50-day MA.
There is one new official setup for Wednesday in $FCX.
$FCX has formed a two-month-long base that is 25% deep. Note the tight price action near the highs of the base with a dry-up in volume. Our entry is over the two-day high.
IBD numbers: RS 97, Composite 99, Industry group rank 21 of 197. Accumulation/Distribution rating is a B.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- MTDR – buy at 27.21
- URBN – buy at 39.11
- THO – buy at 148.40
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