The Wagner Daily – July 14, 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.
- $UPWK buy stops triggered.
The Nasdaq Composite stalled above the swing high and reversed lower, closing well off the highs of the session and on a pick-up in volume (a distribution day). Tuesday’s bearish outside bar (higher high and lower low at/near highs) suggests further weakness if Tuesday’s low fails to hold.
Midcap growth ETF $IWP closed back below the 10-day EMA and 20-period EMA on the hourly chart and may be headed for a test of the 20-day EMA.
The stalling in the Nasdaq is a concern, but if $QQQ stays above Tuesday’s low during the next day or two then it would still have a shot of taking out the $365 area. The bigger concern for us right now is the lack of follow-through in recent breakouts. $SNAP, $SHOP, $LSPD (worked but not explosive), $DOCU, $BILL $CRWD, $ZS, and $CDNA are a handful of breakouts that did not follow through.
Due to the lack of follow-through in breakouts, we are tightening up stops on open positions and protecting the break-even point when possible.
UPWK’s big volume breakout failed to close strong but was dealing with a selloff in the market. Note the new stop above.
$RH tightened up before clearing resistance at $700 and has tightened up once again the past few days. A move through the two-day high is the trigger. Not an official setup.
$HYRE bounced off the 10-week moving average on a weekly chart last week and reclaimed the 10 and 20-day EMAs. The tight price action on light volume could spark some buying interest on a move through the three-day high.
If last week’s low holds in $LSPD, then look for a downtrend line break later this week or early next as a buy entry.
There are no new official setups for Wednesday’s session as we are content to manage open positions.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
Stocks to watch on strength – $PTON $LI $COIN $ROKU $HYRE $FRHC $RH $DLO
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