The Wagner Daily – Price Tightening, a Constructive Sign

The Wagner Daily – September 7, 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:

• Per intraday alert, bought $DOCU due to positive reaction to earnings.

Commentary:

Money continues to flow back into growth after a summer full of chop for the majority of names we follow.

$IWP is just now breaking out and extending from the highs of its last base after seven months of chop.

There are a handful of new setups on Tuesday’s watchlist.

First up is $DOCU, which blasted higher last Friday in reaction to earnings. Per intraday alert, we bought a small starter position on Friday and plan to add to the position over Friday’s high.

Adding to $DDOG over last week’s high. After a few stalls at $139, a move through $140 could spark the next wave up. We also like the price trading above the close of the gap-up day, as is the 10-day EMA.

The weekly chart clearly shows the price tightening up last week and trading within the prior week’s wick, a constructive sign.

Buying $CRWD on weakness with a limit order based on last week’s bounce off the 10-day EMA. Look for $CRWD to work its way higher the next few weeks after breaking out to new highs.

 Add

We are adding to $SNAP over Friday’s high based on the shakeout and close back above the 20-day EMA.

The price held the 10-week MA on a weekly chart and is now six weeks into a flat base-like pattern since the big volume gap up on 7/23.

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

• $DLO – for active traders (in play over the 5-minute high if it opens at or above 70)
• $AMD – buy at 113.37 (possibly ready to move out after a few weeks of chop)
• $GLBE – buy at 80.00 (over high of Friday’s inside day for a swing)
• $SQ – buy at 271.00 (starter entry based on reversal candle last Friday)
• $SHOP – buy at 1568.20 (over high of Friday’s inside day)
• $SONO – cup with handle – buy over downtrend line at 41.63, add over handle high 42.68
• others to watch $DAC $DKNG $SHLS $SBLK $ZI

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