The Wagner Daily – Watchlist: $AMD Add Setup

The Wagner Daily – August 26, 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):

open positions:

closed positions:

position notes:

• Per intraday alert, bought $SHOP on weakness.

Commentary:

Growth continues to shine as midcap growth ETF $IWP outgained the S&P 500 +0.8% to +0.2%. This is positive news for our trading system which is focused on liquid growth leadership.

Per intraday alert, $SHOP was added to the model portfolio on a light volume pullback after clearing the daily downtrend line on volume Tuesday. The price closed off the lows of the session after testing the prior day’s low and downtrend line.

There is quite a bit of support from the 10, 20, and 50-day MAs less than 2% from our entry.

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

$AMD is on the watchlist with an add over the prior day’s high. Our thinking here is that the price has stalled above the prior day’s high two sessions in a row (disappointing action). So, if the price can punch through Wednesday’s high and hold, then it could be ready to move out.

We still have a live buy stop order in place for $MELI. The chart below is from yesterday’s report.

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

• $BSY – buy at 65.01 and 65.42 – VCP pattern that is tightening up from left to right on the daily chart
• $ZI – buy at 63.40
• $DOCU – pullback to 286.80 (must hold 10ema), reports 9/2 looking for immediate follow through to hold through earnings
• $LC – buy at 29.70, or lower entry if you can find one on 15 or 60-minute chart

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