The Wagner Daily – $DOCN: 20-Day EMA Reversal

The Wagner Daily – October 12, 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:

• Per intraday alert, added to $UPST.
• $DOCN stop triggered for a small loss.

Commentary:

In last night’s report, we discussed the possibility of $SPY and $QQQ testing prior lows if last Thursday/Friday lows did not hold. On Monday, stocks followed through to the downside with both $SPY and $QQQ closing beneath the prior day’s low and the 10-day EMA. Unless there is some sort of quick, snap-back move above the 10-day EMA on Tuesday, we would expect further weakness in the short term.

The model portfolio stopped out of $DOCN on the open for a small -2% loss on a 1/4 position. Per intraday alert, we added another 1/3 position to $UPST. Per last night’s report, Ultrashort QQQ ETF $SQQQ buy stop limit triggered and we are now short $QQQ for a swing trade.

There are a handful of stocks that continue to act well despite the market selling off. These stocks may struggle to push higher until conditions improve- $MRVL DDOG $TSLA $AMBA $NFLX $PFRT $PANW $DOCN $TEAM $TSLA $BILL $UPST $APP.

$UPST may need a bit more time chopping around, but once the market finds some traction look for the uptrend to resume.

We will look to re-enter $DOCN within the next few days, especially if it touches the 20-day EMA and forms some sort of reversal candle.

T

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

• none

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