The Wagner Daily – Trading $TSLA: Swing High Breakout

The Wagner Daily -September 27, 2021

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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):

open positions:

closed positions:

position notes:

• Per intraday alert, added to $SNAP.

Commentary:

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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