The Wagner Daily – $NVDA New Official Setup

The Wagner Daily – August 3, 2021

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MTG Market Timing Model – buy mode (but cautious) 

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:

• Note the new stops in $SNAP.

Commentary:

$Nasdaq Composite, S&P 500, and $IWP have been in chop since 7/26 with another busy week of earnings. Several stocks on our list are scheduled to report this week so it should be interesting.

$ZI reported earnings after the close on Monday and is up 10% in after-hours trading. If the gap up holds in pre-market trading, then it could be in play over the 1 or 5-minute high Tuesday morning.  This is a tough trade to plan out in advance, so it is not an official setup. Look for volume to be heavy on the open and through the first hour of trading.  A stop can be placed about 1 to 1.5 points beneath the gap up day’s low  

There is one new official setup for Tuesday’s session.

$NVDA has been chopping around in a tight range and is in play over Monday’s high for us with a buy stop, which would also put it above the highs of the last two weeks.

$ASAN has bounced back from a nasty shakeout and is trading in a tight range above the 20-day EMA. Monday’s reversal candle is a buy signal with an entry over the day’s high. If triggered, set a stop beneat the low of the breakout day’s candle.

This is not an official setup.

Although the timing model is on a buy signal, market conditions are not ideal for our style of trading. Now isn’t the time to step on the gas pedal in terms of long exposure, but one could certainly have 2-4 open positions.

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

• $SHOP – buy at 1,556.00
• $ASAN – buy at 72.76
• Other stocks in play – $DOCU $ENPH $SNOW $ASAN $NVDA $BILL $TEAM $LC $ZI $SMAR $NUE $STLD $KLAC $

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