The Wagner Daily – $HYRE Bounces Off 10-Week MA

The Wagner Daily – July 14, 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:

• $UPWK buy stops triggered.

Commentary:

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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