The Wagner Daily – $AMD Breaks Out, Not Official

The Wagner Daily – July 29, 2021

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MTG Market Timing Model – buy mode 

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:

• Per intraday alert, bought $CRWD and $SNAP.  For those not already long, set buy stops above Wednesday’s high in both $CRWD and $SNAP.

Commentary:

The Nasdaq Composite consolidated above the 10-day EMA which was a constructive session following Tuesday’s volatile session. In the short term, nothing changes technically speaking unless the Nasdaq breaks the 20-day EMA.

There are no new official setups for Thursday’s session. However, we sent out an intraday alert Wednesday afternoon with half position buys in $CRWD and $SNAP. For those not already long, buy stops can be placed in both stocks above Tuesday’s high using the same sell stops in the report.

We initially bought $CRWD with a tight stop but lowered the stop beneath Tuesday’s low to make the price break the 20-day EMA.

We entered $SNAP late in the day after the price action reversed off the lows of the session and closed above the low of the gap up day. We also lowered the stop.

$AMD broke out from the handle portion of a cup with handle pattern on heavy volume in reaction to earnings. Although the breakout was strong, we haven’t seen many breakouts follow through the past few weeks so $AMD is not an official setup. It can be bought on a slight pullback near the breakout pivot.

Market conditions are not ideal for growth, so we are taking it slow with half positions in $CRWD, $SNAP, and $NVDA. See the unofficial watchlist below for more ideas.

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

• $SNAP – buy at 76.73 (pullback entry)
• $CRWD – buy at 265.00 (pullback entry)
• $CRWD – set buy limit in the 96.00 – 96.50 area
• $CROX – buy at 131.51 (pullback entry)

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