The Wagner Daily – Buy setup in $URI after breakout

The Wagner Daily – August 12, 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:

• $NVDA stop triggered for a small gain.
• Per intraday alert, stopped out of $SQ.

Commentary:

The S&P 500 has closed higher in three of the last four sessions while the Nasdaq Composite has closed lower in three of the last four sessions. The Dow Jones and S&P 500 are leading the market higher with money flowing out of tech for the most part.

Financials, materials, and homebuilders/ home construction have ripped higher this week and are areas of focus for new setups.

The is one new official setup for Thursday in addition to the add in $AA.

$URI cleared the highs of a 12-week long and 19% deep base. Breakout volume was 30% above average. Also, note all the volume spikes during the base.  Since $URI cleared the pivot on volume we are buying over Wednesday’s high.  

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

• $ASAN – buy at 75.26
• $MARA – buy at 37..20
• Others that could move – $XPEV $DLO $VMC

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