The Wagner Daily – Intraday Buy Alert: $SNAP and $PLTR Watchlist

The Wagner Daily – September 23, 2021

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MTG Market Timing Model – sell (buy improving) 

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 $SNAP.

Commentary:

Broad market averages rallied on higher volume in reaction to Wednesday’s Fed meeting.

The Nasdaq Composite reclaimed the 50-day on a pick-up in volume but still has some work to do in order to trigger a buy signal. In order to trigger a buy signal, we must see a Follow Through Day (FTD) or the price reclaim the 20-day EMA on a closing basis, with the 10 and 20-day EMAs turning up.

Growth continues to outperform, with IBD 50 ETF $FFTY and Midcap Growth ETF $IWP already above the 20-day EMA.

Per intraday alert, we bought a half position in $SNAP over resistance in the $77-78 area. The $SNAP setup was discussed in last night’s report. Note that we have a 3% add in place over the base high.

There are a few new setups on the watchlist due to Wednesday’s strength.

As mentioned above, we are adding to $SNAP over the base high.

$PLTR moved off support from the 20-day EMA on Wednesday. We have a buy stop to enter over Wednesday’s close looking for the price to work its way higher during the next few weeks.

$ZI set a new closing high on a pick up in volume.  We have two buy orders in place.

• The buy limit is an entry on weakness off support of the 20-period EMA. on the hourly chart.
• The buy stop is over Wednesday’s high.

Whichever setup triggers first is the one we will take. The other is to be canceled right away.

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

• $SMTC – buy at 81.56 or pullback to/near $80 on the open – breakout entry
• $MNDY – buy at 380.00 – downtrend line break
• $DLO – buy at 64.43 – reclaim 20ema
• $ZIM – buy at 55.80 – reversal candle to reclaim 20ema
• $GLBE – tight inside day, buy over Wednesday’s high
• Do not buy all setups listed.  Take a few positions and see how they go.  If they work, add more exposure, if not, then back off.

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