The Wagner Daily – Bearish Turn for Nasdaq

The Wagner Daily – October 5, 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:

In last nights report, we discussed Friday’s bullish reversal action in the Nasdaq Composite as day one of a new rally attempt. The rally didn’t last long, as the Nasdaq erased Friday’s reversal candle low and closed -2.1% lower.

There is a cluster of support in the 14k – 14,180 range from prior base highs, the 200-day MA, and the July 19 low.

Other than oil and gas-related issues, there isn’t much out there pushing to new highs. Most growth stocks were hammered with $FFTY and $ARKK down -2.8% and -3.6% respectively.

The model portfolio remains on a sell signal and in a 100% cash position. Patience is a must here, as we wait for the market to gain some traction before putting money to work.

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

• No new setups

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