The Wagner Daily – Uptrend potential: $CVNA near 50-day MA

The Wagner Daily – August 31, 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:

• Per intraday alert, added to $ZIM.
• $MELI buy stops triggered.
• $AMD add triggered.

Commentary:

Large cap tech outperformed with $QQQ up +1.1% vs +0.4% in $SPY. Both ETFs are in a strong uptrend which makes it tough to find quality chart patterns with low-risk buy points.

$MELI was added to the model portfolio on Monday along with the second buy in $AMD. Per intraday alert, we also added to our position in $ZIM looking for the 10-day EMA to hold.

There are no new official setups for Tuesday.

Below are a few charts we are monitoring (these are not official trades):

$DLO has pulled back to the 10-day EMA after a big volume gap up.

$CVNA reversed off the 10-week MA and stopped just shy of the 50-day MA. This is the first touch of the 50ma in a strong uptrend. Monday’s high is the entry (not official).

$NUE is potentially in play on a downtrend line break but we’d prefer to see a touch of the 20-day EMA first.

Like $DLO, $LC is best purchased on weakness, such as a pullback to/near the 20-day EMA.

The $AMD add failed to follow through but there is support from the rising 20-period EMA a bit lower.

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

• $DXCM – buy at 529.00
• $CVNA – buy at 342.00
• $DLO – depends on open, but as close to 10ema as possible
• $MELI – buy at 1,911.00 if not already long
• $U and $PLTR could be ready to push higher if the price holds yest. close.
• $WDAY over 2-day high and $MDB over Monday’s high are potentially in play.

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