The Wagner Daily – ROKU Cup & Handle Formation?

The Wagner Daily – July 22, 2021

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MTG Market Timing Model – buy mode  Nasdaq back 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:

• No trades triggered.

Commentary:

For the second day in a row, the Nasdaq Composite closed above the 20-day EMA with both the 10 and 20-day EMAs turning up. Given the sharp move off the lows, the Nasdaq may be in for a day or two of sideways to lower price action to test new longs. Look for the Nasdaq to hold the 20-day EMA if this rally is to continue to build momentum.

With the Nasdaq back above the 20-day EMA, we’d like to increase our long exposure and have a few new official setups for Thursday.

$BNTX broke out above base highs on volume and is buyable on a slight pullback looking for the price to find support at or slightly above the base high if there is weakness.

$DOCS is in week 4 of an IPO base (shorter-term cup) with the price tightening up on the 10-day EMA. We have a buy stop to enter over the two-day high and sell stop beneath the two-day low.

$LI is not an official setup as we missed the downtrend line break entry but we are monitoring the action for a secondary buy point. Note the 100% move within a short period of time and tight consolidation to digest gains.

Not an official setup today.

$ROKU is forming the handle portion of a cup with handle pattern and could be in play on weakness looking for the 20-day EMA to hold. A break of the downtrend line on a pick-up in volume would signal that $ROKU may be ready to move higher.

Not an official setup today.

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

• $CRWD – buy at 255.20
• $DASH – buy at  180.20 ( tight nr7 day at 10-ema, look for short-term pop)
• $PCOR – buy at 96.34

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