The Wagner Daily – Nasdaq Composite has first Distribution Day since October 14

The Wagner Daily – October 25, 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 (waiting for a buy signal)  

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:

• Stopped out of $UPST for a 10% gain on the first two buys and a small loss on the last buy.
• Per intraday alert, stopped out of $CRWD for a small loss
• $CRWD official add has been canceled and is no longer on the watchlist.

Commentary:

The Nasdaq Composite closed with a distribution day (DD) last Friday, the first since the 10/14 follow-through day that generated a buy signal in our timing model.

Some distribution is fine as long as the count doesn’t grow to 3-4 DDs within a short period of time. If the Nasdaq does pull back in, there is plenty of support from the 20-day EMA and 50-day MA around 14,900.

The model portfolio stopped out of $UPST for a 10% gain on the first two buys and a small loss on the last add. Per intraday alert, we re-entered $UPST looking for last Friday’s low to hold.

We also stopped out of $CRWD for a small loss due to the false breakout action.

There is one new official setup for Monday’s session in $CELH.

$CELH has been in consolidation mode for a few weeks and recently tightened up above the 20-day EMA last week. Note the volume drying up as well.

Last Friday’s reversal candle is a buy signal, with an entry over the 2 and 3-day high.  

Earnings are three weeks away on 11/11.

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

• $MDB – buy at 517.50
• $CRWD – buy at 291.00
• watching $UPST $COIN $MARA $FANG $CRC $SKIN $ZI $UPWK

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