The Wagner Daily – Watching $AFRM’s 10-Day EMA

The Wagner Daily – September 22, 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:

• No trades triggered.

Commentary:

Tuesday’s action did nothing to improve the technical outlook on the daily charts of broad based averages. Both the S&P 500 and Nasdaq Composite are still trading below a declining 20-period EMA on the 60-minute chart, which has been in control since 9/9.

Growth ETFS $FFTY and $IWP have held up best and if they continue to do so should lead to decent breakout setups down the road… if/when the market finds some traction.

There isn’t much to do right now other than create a relative strength watchlist.

$ZI is back above the breakout pivot, though we don’t expect much follow through under current conditions.

$AFRM is still above its 10-day EMA while the Nasdaq is below the 50-day MA. No doubt a strong stock, but Tuesday’s low must hold.

$SNAP relative strength is impressive. On the weekly chart, it’s showing base on base action.

Price cleared the daily downtrend line of the flat base on a pick up in volume, a positive sign. Conditions are not yet ideal for buying on strength.  We are passing on $SNAP for now but it remains a top watch list candidate.

$APP’s cup with handle pattern is looking pretty good on the daily chart below. We have seen two failed breakout attempts in the handle the past few weeks, which makes sense given that the market sold off. A new handle has formed and could be in play down the road as conditions improve.

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

• No new setups – Just Watching $SNAP $MNDY $APP $TASK $DLO $DOCS $ZI $U $MRNA $DDOG $TSLA $LULU  $AFRM $ALGN $DOCN $GLBE $UPWK $NET $NVDA $SKIN $UPST $CFLT

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