The Wagner Daily – Potential buy signal in $CRWD and $AMD

The Wagner Daily – October 14, 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:

• Bought $DDOG and added to $DOCN.
• Stopped out of $SQQQ for a scratch gain.

Commentary:

Money continued to flow into growth on Wednesday with $IWP outperforming the S&P 500 +1.2% to +0.3%.

The S&P 500 did close a bullish reversal candle on the daily chart, so let’s see if the price can push higher to close out the week. The Nasdaq Composite closed with a +0.7% gain and may be ready to push higher after filling its gap.

Both the S&P 500 and Nasdaq Composite are seven days into a new rally and could put in a follow through day at any time.  A follow through day is a 1.5% or more advance in the S&P 500 or Nasdaq Comp on a pick up in volume, which would put our timing model on a buy signal. 

The model portfolio stopped out of $SQQQ for a scratch gain. We didn’t want to stick around on the short side if $QQQ failed to roll over right away.

On the long side, the buy stops in $DOCN and $DDOG triggered and followed through nicely on a pick up in volume. Note that we have a buy limit order to add to $DDOG on a pullback ot the breakout pivot.

$BILL cleared resistance at $280 and its downtrend line on a pick up in volume. We have a buy limit order around $290 in case the price pulls back in for a day or two. We also have a buy stop in place at the base high. Note that the relative strength line at the bottom of the chart has already made a new high ahead of price, a bullish sign.

$SE cleared the downtrend line of its flat base pattern on a pick up in volume on the daily chart. The weekly chart below shows the flat base and entry at the highs of the pattern. If $SE doesn’t break out right away, then we will look for a short pause or pullback to establish partial size.

$CRWD finally showed some signs of life on Wednesday by reclaiming the 50-day MA on a pick up in volume. $AMD did as well.  We are not buying $CRWD right now just monitoring the chart. 

Money is rotating into growth… let’s see if that continues. Our short-term game plan is to monitor new positions for follow-through and add exposure as setups develop.

Other stocks we are monitoring:

HCC NFLX FTNT MRVL AMD SNOW AMBA ABNB PRFT BILL MDB DOCN DDOG ASAN TNDM U AFRM BROS LC AEHR ZS ENPH UPST added SI HUT BTU MTTR MARA MSTR CARG

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

• NFLX – buy at 633.00 (pullback entry off rising 10ema)
• MSTR – buy at 728.00 (2-day pullback)
• $ABNB – buy at 176.00
• $AMD – buy limit at 108.00 (slight pullback after a strong move up)

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