The Wagner Daily – $DDOG continues to find support around the 20ema.

The Wagner Daily – September 9, 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:

• $DDOG buy stop triggered.
• Stopped out of $AMD, $SHOP, $CRWD, and $DOCU.

Commentary:

Stocks sold off across the board with small cap and growth ETFs hit the hardest. $SPY and $QQQ closed off the lows of the session but have bounced into resistance from the declining 20-period EMA on the hourly chart. Can these charts reclaim the 20ema and hold?

The model portfolio stopped out of $AMD (breakeven), $SHOP (very small loss), $CRWD, and $DOCU. All losses were minimal with light position size.

The $DDOG add triggered above $140 on heavier than average volume and set a new closing high.

$DDOG continues to find support around the 20ema. The stop on our add is just below Wednesday’s low.

$ZI’s reversal candle on Tuesday did not hold, but could still be in play if the price tightens up during the next few days around the 20-day EMA.

$FIGS has pulled back to the 50-day MA and could be in play next week if the price tightens up around the 50-day MA.

Our scans did not turn up much that was actionable, so there are no new official setups for Wednesday. Note the $RBLX setup is no longer on the list and is canceled for now.

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

• Watching – $RBLX $CROX $DLO $FIGS $ZI $NVDA $SNAP $NTRA

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