The Wagner Daily – S&P 500 Digests Recent Gains

The Wagner Daily – May 18, 2021

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MTG Market Timing Model – S&P 500 buy (back above 20ema), 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:

position notes:

• Canceled $XOP buy orders
• $LUV buy limit order triggered.
• Per intraday alert, bought $SCCO.

Commentary:

The S&P 500 digested recent gains on Monday, as it closed with an inside day off the 20-day EMA.  Look for the price to push higher if Monday’s low holds on a closing basis during the next few days.

$LUV was added to the model portfolio on a buy limit order on Monday. We are looking for the price to hold the 50-day MA as it digests the recent bounce off the lows, followed by another wave up later this week or next.

Per intraday alert, we purchased $SCCO after the price cleared the hourly downtrend line and reclaimed the 20-period EMA on the hourly chart.

Note the orderly pullback after a false breakout to new highs that found support around the rising 10 and 20-day EMAs.

There is one new official setup for Tuesday in $CF, which has chopped around in a tight range after breaking out from its base on bullish price and volume action.

The pullback reversed just shy of the rising 10-day EMA and saw a dry-up in volume last Friday, which was a narrow-ranged session. Our entry is over Monday’s high with a stop beneath last week’s low.

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

• $CSTM – buy at 17.28
• $FXX – buy pullback to 43.00

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