The Wagner Daily – May 12, 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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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):
- Back in cash.
Broad market averages gapped significantly lower on Tuesday but did manage to stage a solid comeback with a close in the top 20% of the day’s range. The S&P 500 closed below the 20-day EMA for the first time in a while and could potentially trigger a sell signal with a break of Tuesday’s low.
The Nasdaq closed near the highs of the session but had to rally just over 2% from the open to get there. Any bounce may have a tough time sticking due to all the resistance around the 50-day MA.
The Nasdaq Composite weekly chart may be tightening if the 13,000 area holds up.
S&P 500 may be losing some leadership with financial ETF $XLF stalling at the top trendline. The chart may need a few weeks of rest to digest the last advance.
$HOME’s big volume breakaway gap up and tight range on declining volume is a bullish look. This is not an official setup but could be in play unofficially over Monday’s high with a stop beneath $36.
$RBLX is not in play for us right now but we are monitoring the action to see how it handles resistance in the $77-78 area.
The model portfolio stopped out of all open positions on Tuesday and is now 100% in cash. $FCX and $CLF sell stops triggered for small gains which offset recent losses.
There are no new setups for Wednesday as we wait for new patterns to emerge.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $HOME – buy at 36.84
- watching – $TMST $SUM $GVA $MDP $SGMS $TS $MDP $COIN $UPST $RBLX
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