The Wagner Daily – S&P 500 holds rising EMA

The Wagner Daily – May 10, 2021

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S&P 500 buy, Nasdaq Composite sell

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:

 (none)

position notes:

• $XOP added to the portfolio (see intraday alert).

Commentary:

The S&P 500 remains the leading broad-based index after holding support of the rising 20-day EMA last week (as did $DIA). Current leadership is solid, with financials, retail, building-related, and commodity-based stocks setting new highs.

The Nasdaq lacks leadership right now as growth has been out of favor for a few months. Could be in chop mode for a while.

$XOP was added to the model portfolio last Frida to increase exposure in energy related stocks. Looking for the price to follow through to the upside during the next few weeks.

The model portfolio is still long $KSS which has formed a fairly tight trading range on lighter volume after bouncing off the 50ma on volume.

Prior to last week’s move through resistance, $URBN had formed a tight trading range above the 50-day MA.   The correction was only 18% off the high.  A break of the two-day high could spark the next wave up.

Not an official trade setup

$THO setting up for a potential breakout entry over the high of the handle after last week’s failed breakout attempt.

There are no new official setups for Monday’s session.

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

• $THO – buy at 148.80
• $BLMN – buy at 30.76
• $SEAS – buy at 54.92

Other stocks to monitor for pullback or breakout: $HZO, $IRSG $CSTM $SQM $CZR

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