The Wagner Daily – New Rally Attempt Underway

The Wagner Daily – October 7, 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:

Stocks rallied on a pick up in volume with some interesting action in leading stocks ($AFRM $MRVL $NET). The Nasdaq Composite and S&P 500 recovered from a lower open and closed near the highs of the session. Both indices are on day 2 of a new rally attempt, which makes Friday (day 4) the earliest that we could see a follow-through day (FTD).  A FTD is a 1.5% gain in the S&P 500 or Nasdaq accompanied by higher volume.  If no FTD prints, then two consecutive closes above the 20-day EMA  would generate a buy signal.  

$AFRM ripped higher after taking out the high of Tuesday’s inside day. The $AFRM chart was in last night’s report and mentioned as an unofficial buy Wednesday morning in the chat room at $115.3

There is no entry point up here so we are just monitoring for now:

$SKIN could be in play on a move through the high of Wednesday’s inside day (not an official setup).

Other stocks we are monitoring: $DOCN $TSLA $AMBA $LC $NFLX $ZI $SE $AEHR $UPST $GDYN $ZIP

Our timing model remains on a sell signal, but if conditions improve then we could see new setups emerge soon.

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

• none

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