The Wagner Daily – June 22, 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 due to strength in Nasdaq Composite (still above 20ema)
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:
- $NET buy limit and $SHOP buy stop triggered.
The Nasdaq Composite recovered from a weak open and closed near the highs of the session with a bullish reversal candle. The daily chart looks to be forming a handle above the rising 20-day EMA.
The S&P 500 recovered from Friday’s undercut of the 50-day MA with a bullish reversal candle. With growth stocks leading the current rally, the S&P doesn’t have to be strong but we’d prefer the index at the very least tread water rather than break down below the 50-day MA.
$NET and $SHOP were added to the model portfolio on Monday. Note that the $CRWD add was canceled for now.
$SHOP’s close was disappointing but the trade still has a pretty good shot of working out if Monday’s low holds, especially if Tuesday’s action opens and remains above Monday’s close.
There are two new setups for Tuesday’s session.
$KRNT has been in base mode since February and is now forming a handle that found support at the 20-day EMA. A move through Monday’s reversal candle high is our trigger, looking for the price to follow through to the upside. The add is over the handle high.
$CDNA has been in base mode since January and recently 3cleared the downtrend line of the consolidation in May. The price is consolidating in a fairly tight range near the highs with the rising 20-day EMA just below. Our entry is over the base high with an add 2% higher.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $FRHC – buy at 61.97
- $PATH- buy at 69.80(swing trade)
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