The Wagner Daily – $AFRM: Potential Reversal

The Wagner Daily – October 6, 2021

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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:

Stocks reversed higher on Tuesday with most major indices up 1% or more. Tuesday’s action is day 1 of a new rally attempt in both the S&P 500 and Nasdaq Composite.

Our timing model remains on a sell signal but that could change as early as Friday, which would be day 4 of a new rally attempt.

Patience is a must here, as we wait for the market to gain some traction before putting money to work.

Below are a few charts to watch:

$NFLX broke out to new highs on big volume. Let’s see if that breakout holds.

$AFRM closed with an inside day at the 20-day EMA. A move through Tuesday’s high would also put the price back above its 10-day EMA.

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

• Others to watch:  $DOCN $AMBA $GOGO $NET $ZIP

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