The Wagner Daily – August 10, 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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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):
- $SNAP sell stop triggered for a -1% loss on half the position.
- Per intraday alert, bought $HUBS.
S&P 500 and Nasdaq Composite chopped around in a tight range for the second session in a row above the rising 10-day EMA. Both daily charts look constructive.
Biotechs, semis, select financials, and software are producing the most setups from our scans. We still want to see more follow-through to the upside in semis and software.
Per intraday alert, we bought $HUBS over the two-day high. The price action failed to follow through, but we liked the tight inside day action last Friday and the stop is only -2.5% away.
$NVDA’s pullback is looking pretty good with the price action drifting lower on lighter volume. We are currently long $NVDA and looking to hold through earnings on 8/18.
$LC is pulling back to the high of the breakout day with the rising 8 and 10-day moving averages catching up. Let’s see if the price can hold the $25-26 area this week. The close of the gap up day is $24.02, which should hold on a closing basis if the price pulls back in a little deeper than expected. This is not an official setup but we are monitoring for an entry.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $AMD – watch for a potential gap down reversal action on the open (open below Monday’s low and reversal back through 10-day EMA)
- $HUBS – buy at 667.00
- $SNAP – buy at 79.30 if volume is strong
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