The Wagner Daily – July 16, 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.
- Stopped out of $PYPL and $NTRA
With $PYPL and $NTRA triggering stops, the model portfolio is now 100% in cash. There are no new official setups for Friday’s session as our nightly scans did not turn up much in the way of low-risk buy points. This shouldn’t be much of a surprise given the recent weakness in $IWP, $FFTY, $IWM, and the Nasdaq Composite.
Nasdaq Composite remains in an uptrend as long as it continues to hold the 20-day EMA on a closing basis.
The uptrend in $AAPL is losing steam based on the last two days of price and volume action. A break of Thursday’s low could spark some profit-taking and put pressure on the Nasdaq.
Midcap growth ETF $IWP closed below the 20-day EMA and triggered a sell signal on Thursday with a break of the prior day’s low. On the weekly chart, there is support from the downtrend line and rising 10-week moving average just below. Overall, the weekly pattern is constructive with the price swings tightening up from left to right on the chart.
Software ETF $IGV is in danger of triggering a sell signal.
$NVDA’s break of the 20-day EMA on volume suggests the chart may need a few weeks of lower to sideways action to digest the last wave up. If so, then we’d look for a 10%-15% deep flat base to develop during the next few weeks above the rising 10ma on the weekly chart.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
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