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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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.
- $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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