The Wagner Daily -Growth ETFs Signal Relative Strength

The Wagner Daily -September 21, 2021

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MTG Market Timing Model – sell  

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:

• Stopped out of $DKNG and $DLO.
• Per intraday alert, sold all of $TSLA and half of $DDOG and $ZI

Commentary:

Stocks followed through on last Friday’s weakness with a nasty gap down that led to a trend day to the downside, for most of the session. A sharp bounce in the final 45-minutes of trading allowed all indices to close in the top half of the day’s range, but the daily candles were not pretty.

The Nasdaq is on a sell signal and will either have to reclaim the 20-day EMA or print a follow-through day to generate a buy signal in the model portfolio.

Logical support levels for the Nasdaq are detailed on the daily chart below.

Growth-based ETFs $FFTY and $IWP showed relative strength last week and after Monday’s selling are still in pretty good shape. $FFTY is above the 20-day EMA while $IWP held on to the 50-day MA. The relative strength in growth suggests that  institutions may be willing to bid up growth once the current correction finds a bottom. We will see.

There are no new setups for Tuesday. The model portfolio is down to three open positions in $DDOG, $ZI, and $AFRM.

There isn’t much to do right now on either side of the market. A one or two day bounce in the Nasdaq could lead to a swing trade opportunity on the short side in a major index ETF. As far as longs, we will continue to monitor leadership stocks for pullback entries.

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

• No new setups – Just Watching $CROX $ZI $LULU $DLO $FIGS $DDOG $GLBE $MDB $BILL $APP $

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