The Wagner Daily – Nasdaq on Buy Signal Amid Growth Participation

The Wagner Daily – June 7, 2021

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MTG Market Timing Model – buy mode

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:

•    Per intraday alert, sold the add in $UPST for a small gain.

Commentary:

The Nasdaq Composite remains on a buy signal after reclaiming the 20-day and 50-day MAs last Friday. However, the buy signal isn’t ideal as cyclicals have outperformed growth, though grow is starting to participate.  

Per intraday alert, we sold the add in $UPST last Friday for a small gain due to ugly reversal action. If still long the full position, continue to hold with a stop beneath last Thursday’s low.

The 10-day EMA in $NVDA is catching up to our entry price and should provide support.

$SNAP is not an official setup but worth mentioning as an example of looking for tight action near a rising moving average (for an entry).

There are no new official setups for Monday.

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

• $PLBY – buy at 48.30
• $UNFI – buy at $40
• Wathing $SE $ASAN $CLF $NOG $AMAT $SNAP $CRWD $ZS $HAYW

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