The Wagner Daily – Price Action: $FCX

The Wagner Daily – May 5, 2021

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S&P 500 buy, Nasdaq Composite sell (broke 20ema)

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:

• Stopped out of $CPE for a small 4% gain.
• $CLF buy stop triggered.

Commentary:

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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