The Wagner Daily – Nasdaq 100 Closed Higher: Is Extended from the Rising 10-day EMA

The Wagner Daily – September 2, 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, reduced exposure by 50% in all holdings around 3:50pm.

Commentary:

The Nasdaq 100 has closed higher in 8 of the last 10 sessions and is a bit extended from the rising 10-day EMA on the daily chart.

Maybe due for a pullback soon?

The weekly chart of $NDX (Nasdaq 100) shows the price closing in on resistance from the top trendline.

Given the extended weekly and daily charts on the Nasdaq 100, and lack of follow-through in several portfolio holdings, we felt it was best to lighten up on long exposure in the model portfolio. Per intraday alert, we reduced our size by half in all open positions. If the market continues to rally, then we still have some exposure and can always add more.

All open positions have been reduced by 50%. Any changes to stops are highlighted in the open positions watchlist.

Below are a few charts worth monitoring for a buy entry. These are not official setups.

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

• NUE – buy at 117.51
• $LC – pullback to 20ema on 60 min

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