The Wagner Daily -September 27, 2021
Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).
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MTG Market Timing Model – nearing a buy signal
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):
closed positions:
position notes:
- Per intraday alert, added to $SNAP.
Most major indices staged a bullish recovery last week after a rough start.
The Nasdaq Composite dipped below the 50-day MA for a few days but closed back above. The Nasdaq will have to extend above the 20-day EMA to trigger a buy signal in our market timing model.
Midcap Growth ETF $IWP is showing relative strength vs the Nasdaq and S&P 500, as it’s already above the 10 and 20-day EMAs and cleared the short-term downtrend line.
Our weekend scans produced a handful of names that could be in play this week, but overall, we did not see a ton of high-quality setups in our CANSLIM universe.
We still have a buy stop order in place for $SQ with an entry over the midpoint of a double-bottom like pattern.
Below are a few stocks we are monitoring but are not official trade setups. The only official setup is the buy stop in $SQ.
$CRWD reclaimed the 50-day MA last week and could be in play over the two-day high.
$DLO cleared the short-term downtrend line and is back above the 10 and 20-day EMAs. A buy stop can be placed over the two-day high.
$TSLA cleared its swing high last Friday on a pick up in volume and is in play on a pullback to the swing high around $365, which would also be a 38% Fibo retracement of Friday’s wide-ranged candle.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $DLO – buy stop at 68.00
- $NVDA – buy at/near 220.00, stop 205.99.
- $TSLA – buy limit just above swing high at 365.00
- $SMTC – buy pullback near prior high around 80.00
- $URI – buy stop at 362.00
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