The Wagner Daily – $NVDA Breakout Watch

The Wagner Daily – October 26, 2021

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MTG Market Timing Model – BUY

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 the 3% add in $SE
• Per intraday alert, sold half of $BILL due to the lack of follow through and poor closing action.
• Per intraday alert, bought $SI.
• $CELH buy stop triggered.

Commentary:

The S&P 500 continues to climb higher while tech struggles.  $XLK has been range bound for almost a week with and its relative strength has lost some ground vs $SPY.   There is enough evidence out there to confirm that a new bull market is underway, so money should eventually flow back into tech.

$CELH and $SI were added to the model portfolio on Monday. The $CELH buy stops triggered early and the $SI entry was via an intraday alert. Note that we have a buy stop order in place to add to $CELH over Monday’s high.

In addition to the $CELH add, there are two new buy setups for Tuesday’s session.

$NVDA broke out to a new all-time high from a valid basing pattern on Monday. Volume was lighter than average and did not confirm the breakout. We have a buy stop in place over Monday’s high looking for the price to follow through to the upside on a pick up in volume.

$TSLA broke out from an eight-month-long base with a gap up to new all-time highs. The 12% gain on a 240% jump in volume was impressive.

The big volume gap up to new all-time highs is a buy signal. We have two potential buy setups in place:

• Buy stop over Monday’s high
• Buy limit near the 1,000 level

Whichever setup triggers first is the one we will officially trade.  The other is to be canceled right away.  Only one setup can trigger.

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

• $LTHM –  buy at 26.30 (reversal candle) reports 11/4
• $MDB – buy at 252.30 (breakout)
• $APPS – buy at 87.30 (swing trade heading into earnings 11/2)

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