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The Wagner Daily – June 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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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):
closed positions:
position notes:
- Note the new stop in $LSPD.
The Nasdaq Composite fought off a negative reaction to the Fed meeting and reversed higher in the final hour of trading. The late reversal was a positive sign for the current rally in tech, as buyers were willing to step in on weakness, which prevented the Nasdaq from suffering a clear-cut distribution day.
Looking for Wednesday’s low to hold through Friday’s close.
The model portfolio stopped out of $RBLX on Wednesday’s open due to the gap down. $SNAP stop also triggered, as the price failed to hold the 10-day EMA.
Those who bought the breakout in $GNRC (per yesterday’s chart) which was not an official setup, continue to hold with a stop 5-6% below the entry. Any pullback near the base high during the next few days could also serve as an entry.
There are no new official setups for Thursday, but we do have a few unofficial charts to look at.
First up is $RH, which has pulled back to support of the 20-day EMA and 50-day MA on lighter volume the last two days. A move through the high of the reversal candle could spark some buying interest with a fairly tight stop.
CROX broke out on volume Monday but has sold off the past two days (on lighter volume)before finding supoprt at the downtrend line and rising 10-day EMA.
A move through Wednesday high is the entry.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $GNRC – pullback to 365ish
- $RH – buy at 662.00 (swing trade)
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