The Wagner Daily – S&P 500, Nasdaq Reversal

The Wagner Daily – October 4, 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 – 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:

The S&P 500 and Nasdaq Composite both closed with a bullish reversal candle last Friday after undercutting the prior week’s low. The reversal counts as day one of a new rally attempt. Wednesday is the earliest we could see a follow-through day buy signal, which occurs on day four or later of a new rally attempt.

Below are a few charts that have held up well lately and could be in play once conditions settle down.

It’s tough to operate on the long side with the S&P 500 and Nasdaq still in pullback mode and below the declining 5, 10, and 20-day EMAs. Cash is king for now but conditions can change quickly.

The model portfolio is 100% in cash and waiting for a follow-through type day to get long. There are no new official setups for Monday.

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

• No new setups

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