The Wagner Daily – $ZS Stop Out Update: Monitoring for Entry

The Wagner Daily – July 6, 2021

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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):

open positions:

closed positions:

position notes:

•  Note the new position size for stops in $NVDA.

Commentary:

The Nasdaq Composite and $IWP continue to trend higher above a rising 10-day EMA and 20-day EMAs. Growth stocks are lagging a bit but $IWP has set a new high for the year and is in much better shape than other growth-based ETFs $ARKK and $FFTY.

There are two new official setups for Tuesday’s session.

$PYPL is forming the handle portion of a “cup with handle” pattern and is in play over the two-day high as a starter entry. The add is over the handle high, which is the standard entry point.  

$PYPL isn’t as explosive as other stocks in the model portfolio but can put in a decent move once it gets in gear. For those looking for a bit more conservative exposure, $PYPL, $AMZN, and $AMD are solid bets.

$ZLAB is a Chinese-based biotech with triple-digit quarterly sales growth that has formed a constructive basing pattern the past few months. We like the price action tightening up from left to right on the daily chart, with the price coiling above the rising 10-day EMA on the last swing.

$SHOP, which is a current long in the model portfolio needs to break the short-term downtrend line on a closing basis to get going.

The model portfolio stopped out of $ZS last week but we continue to monitor the action for a low-risk entry. We’d like to see a bit more sideways action and a touch of the 20-day EMA as the current pullback is a bit steep.

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

• $BILI – buy at 123.00 and add at 129.51
• $SNAP – buy at 69.46
• $MNDY – buy at 236.00
• $BILL – buy at 186.00 and add at 193.00
• Others to watch on strength over prior day’s high – $COIN $RIOT $PAY $MRVL $INMD $MGI $LE

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