The Wagner Daily – Leading Stocks After Last Week’s Strength: $DDOG, $SE, and More

The Wagner Daily – October 18, 2021

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MTG Market Timing Model –  Buy 
Commentary:

Our timing model is back on a buy signal after last Thursday’s follow-through day (FTD). During the first week after a FTD we are monitoring the action for clues/feedback, such as:

• Are recent breakouts working and exteding higher from the pivot?Are new setups emerging after the first wave of breakouts?Major indices should avoid distributionLow of the follow-through day should hold

The Nasdaq Composite closed out the week by breaking the downtrend line of the consolidation and reclaiming the 20 and 50-day MAs. The 5-day MA crossed above the 20-day EMA, and the 5, 10, and 20-day EMAs are pointing up. Momentum is building.Growth ETF $IWP reclaimed the 20 and 50-day MAs last week but is coming into resistance.
Let’s see how leading growth stocks hold up this week after last week’s strength.The model portfolio added to $DDOG on a buy limit order last Friday. There are no new setups for Monday, but the $SE buy stop order remains live.$SE is in a flat base pattern and may soon trigger a standard buy entry over the base high. Note that the relative strength line has broken out ahead of price, generally a bullish sign.Stocks we are monitoring for a breakout and/or pullback entry this week:FTNT MRVL AMD SNOW AMBA BILL DOCN DDOG ASAN AFRM LC ENPH SI TEAM TASK TEAM SNAP CRWD APP NVDA
Unofficial Setups – For experienced traders only, no guidance is given for these setups.

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