The Wagner Daily – Growth stocks leading as $SNAP, $ZIM, and $DDOG added to model portfolio

The Wagner Daily – August 25, 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:

• $AMD buy stop triggered. Per intraday alert, added to our position.

Commentary:

The Russell Midcap Growth ETF $IWP outperformed with a +1.1% gain vs +0.2% in the S&P 500.  Growth stocks have led the past few days which is a positive sign for our style of trading. Let’s see how growth holds up by Friday’s close. If the rally in growth is picking up steam, then we should see current breakouts follow through and new setups emerge during the next few weeks.

$SNAP and $ZIM entries triggered and were added to the model portfolio on Tuesday, along with a 3% add  to $DDOG.

Our TC2000 chart was showing incorrect data for $ZIM, so we had to adjust trade details via an intraday alert. For those who are still not long $ZIM, an entry near Tuesday’s close or lower is fine.

$SNAP pulled back to support of the 10-day EMA, with the 20-day EMA a bit lower. We may have to be patient with this trade but it has explosive potential.

There are two new setups on Wednesday’s watchlist.

First up is a cup with handle pattern in $MELI.

MELI is forming the handle portion of the pattern. The standard entry is over the handle high, but we may be able to enter slightly lower if a lower high forms beneath the handle high.

The second setup is a pullback entry in $NVDA using the 20-period EMA on the hourly chart. The first chart below is the daily, which shows the strong breakout and Tuesday’s pause. The price is a bit too extended from the 5 or 10-day EMA for an entry.

On the hourly chart, the rising 20-period EMA is just below Tuesday’s low and will serve as our buy limit entry.

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

• $LC – buy limit at 28.00 (pullback near 10ema)
• $SWAV – buy at 206.51 (breakout)
• $GLBE – buy at 73.00 (looking for follow-through over Monday’s high)Other stocks to watch: $DLO $SKIN $PLTR $U $RBLX $COF

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