The Wagner Daily – Tight Action: $XOP

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$XOP daily

The Wagner Daily – May 7, 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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market timing model: S&P 500 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:

  • Canceled the $LESL buy setup.


image 60

Note – There is no video tonight, but will be back next Friday. For those new to our service, a short video replaces the commentary section of our report every Friday.

The S&P 500 closed with a bullish reversal candle after bouncing off support of the 20-day EMA. Can the index move to new highs from here and hold, or will the price need more time to digest the last advance?

$ 500 daily

For the third day in row, the Nasdaq held up at the 50-day MA and may be due for a bounce. Tough to get excited about the Nasdaq, as there isn’t much leadership left and resistance is only 1.3% to 1.8% higher.

$Nasdaq COMP

There is one new official setup for Friday in the energy ETF $XOP.  We already have some exposure with $XEC but wanted a bit more.

We like the tight action at the 50-day MA after clearing the downtrend line. Our buy entry is over the high of Thursday’s bullish reversal candle and the high of 4/29 (the swing high). We have split stops, with half below Thursday’s low and the other half below the swing low.  

For those who are a bit more aggressive, the ETF $GUSH is also buyable using Thursday’s low as a stop.

$XOP daily

Although $KSS has struggled to follow through since triggering a buy entry in the model portfolio, the price and volume action has been constructive. We especially like the dry-up in volume this week with Thursday’s volume possibly the lightest of the year. Looking for $KSS to hold the 50ma and eventually clear $63.  We have a bit of time to see some progress before earnings on 5/20.

$KSS daily

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

  • $DLTR – downtrend line break, buy at 116.00
  • $OMF – buy at 56.45 (bullish reversal candle)
  • $CF – buy limit at 51.10 (big move Thursday, looking for an entry on weakness)
  • $SQM – buy at 54.01 (bullish reversal candle that could lead to downtrend line break)

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