The Wagner Daily – Nasdaq Closes Near Session Highs

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$ Nasdaq comp

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):

$todays watchlist

open positions:

$open positions

closed positions:

$closed positions

position notes:

  • Back in cash.


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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.

$ 500 daily

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.

$ Nasdaq comp

The Nasdaq Composite weekly chart may be tightening if the 13,000 area holds up.

$ Nasdaq comp

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.

  $XLF daily

$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.

  $HOME daily

$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. 

  $RBLX daily

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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