The Wagner Daily – Stops Hit, New Setups for $GE and $RBLX

The Wagner Daily – June 2, 2021

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MTG Market Timing Model – S&P 500 sell (just broke 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:

• $UPST and $APP stops triggered.

Commentary:

Despite the Nasdaq and S&P closing negative on the day, it was a decent session for growth stocks while energy and financials led.  

If Tuesday’s low holds in the Nasdaq, then look for the price to push through the swing high.

The model portfolio stopped out of $UPST and $APP but remains long $RBLX and $SE. Please note the new stops in $RBLX and $SE. With $RBLX, we placed the stop back below the three-day low and rising 10-day EMA. For $SE, we are back to the original stop to give the price action a bit of breathing room.

There are two new setups for Wednesday’s session.

$GE ripped higher on heavy volume last week. The two days of tight-ranged price action on lighter volume is a bullish sign suggesting higher prices IF $GE can punch through the three-day high and hold.

$GE has made quite the explosive move off the lows and may be ready to run again.

Although we stopped out of $UPST, the price action held up well during the last hour of trading and clsoed above the 10-day EMA. We have a buy stop in place to re-enter over the hourly downtrend line with a sell stop below Tuesday’s low.

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

• $PLL – downtrend line break at 67.70
• $GS – pullback to 378.50
• $SHOP – buy stop at 1282.00
• $CELH – buy stop at 68.05
• Watching – $TUYA $PATH $SNAP $CRWD $NVDA $AMAT $UPST $ELAN $GS (pullback)

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