The Wagner Daily – May 17, 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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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.
- No trades triggered.
The S&P 500 bounced back from a sharp selloff and reclaimed the 20-day EMA. If the S&P 500 closes above the 20-day EMA on Monday, then our timing model will shift back to buy mode.
In last Friday’s report, we discussed a possible change in character on the weekly chart of the Nasdaq Composite if the price did not hold the 20-week EMA on a closing basis. It did, so a positive sign.
The daily chart isn’t much to look at, just a chop fest below a sideways 50-day MA, but the consolidation is constructive.
With growth stocks still out of favor, our focus remains on leading industry groups.
Oil & Gas Exploration stocks are one of the strongest groups in the market and $XOP is the Oil and Gas ETF, which reclaimed the breakout pivot last Friday. Rather than chase the price action, we are looking for a slight pullback near last Thursday’s high as a buy entry. The stop is beneath last week’s low. This is a buy limit order, so it can only trigger on weakness.
This is an official trade setup.
$LUV is also an official trade setup after clearing the downtrend line and reclaiming the 50-day MA on volume. We have a buy limit order to enter on slight weakness, looking for the price to retrace a bit of last Friday’s range.
$CF is not an official setup but is potetnially in play over last Friday’s high. The current pullback has been orderly with the price chopping around on lighter volume. Watch out for a higher open on Monday that could lead to a false trigger on the open.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $CF – buy at 55.01
- $SCCO – 77.80 (pullback to 20ema)
- $CSTM – buy at 17.30 (tight ranged inside day)
- $CMC – buy at 32.30
- $EOG – triggered buy entry last Friday over prior day’s high (could enter on slight weakness)
- $ASO – buy at 36.20
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