The Wagner Daily – New Buy Setup: $APP Swing Trade

The Wagner Daily – October 27, 2021

Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).

Subscribe now for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record.

Just drop us a comment with any questions or comments–we’d love to hear from you!

---

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:

Add

position notes:

• Stopped out of $ASAN, $LC, $SE, $SNOW, $UPST, and $BILL.
• Bought $TSLA and $CRWD.

Commentary:

Although the Nasdaq closed slightly higher on the day, the higher volume and weak close produced a day of churning (stalling), which is distribution.  This is the second distribution day for the Nasdaq since the follow-through day. Another distribution day this week would be cause for concern, but let’s see how leading stocks react over the next few days.

The model portfolio stopped out of several positions on Tuesday reducing exposure to just under 50%. Small gains in $ASAN and $LC offset losses in $SE, $UPST, and $BILL.

$DOCN and $DDOG held up well and are still in trend mode. Note the new stops for these positions and others above.

$TSLA and $CRWD were added to the model portfolio. Both positions did not close well but let’s see if they can bounce back during the next few days.

There is one new official buy setup for Wednesday in $APP. This is a swing trade based on the first pullback to the 8-day EMA in a strong uptrend. 

$APP also bounced off support of the prior base high and closed above the 8-day EMA for the second day in a row.

We like $APP for a swing trade based on Tuesday’s inside day. The entry is over the two-day high on the daily chart. $APP reports earnings on 11/10.

The hourly chart of $APP is trading in a tight range below the 20-period EMA and is potentially in play over $95. The $95 entry isn’t official, just something we wanted to point out for more aggressive traders.

$LTHM is not an official setup but one that could be in play over Tuesday’s high for those who don’t mind taking a shot ahead of earnings(11/4).

Let’s see how recent entries in $TSLA, $SI, $CRWD, and $CELH hold up the rest of the week.

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

• $LTHM – buy stop 26.55 reports 11/4

Start my Wagner Daily membership now to start receiving winning Morpheus stock trade signals, including a stock portfolio you can easily follow. The Wagner Daily PRO includes live swing trader room for daily, real-time trade ideas and powerful stock trading education.