The Wagner Daily – October 28, 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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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):
closed positions:
position notes:
- Bought $APP
After a second day of selling in a row, $SPY, $IWP, $FFTY, and $DIA are now in pullback mode. $QQQ is still technically setting higher highs and lows, but the last two candles closed near the lows of the session, indicating stalling action.
$SPY has support from the rising 8 or 10-day EMAs in the $451 – $452 area. $QQQ also has support from the rising 8 or 10-day EMA around $375 – $376.
Unless $IWP can reverse back above the 10-day EMA and hold, it’s likely headed for support of the 20-day EMA.
The model portfolio sold $DOCN for a gain of 9.7% and 3.8% (still long a 4% position with a tight stop). Also sold $DDOG for a 7% and 4% gain on the first two buys and a -0.7% loss on the last buy.
$APP long triggered on the open but closed weak with the market. Note the new stops in $APP, $DOCN, $TSLA, and $CRWD in the open positions section above.
There are no new official buy setups for Thursday. Although the timing model is in buy mode, the action in growth has been disappointing as of late. We’ve seen far too many false breakouts, as well as a lack of follow-through in breakouts that have worked. Maybe the price action improves down the road after a potential short-term shakeout in the indices, we will see.
$TSLA is still holding above the close of the gap-up day, which is a key level to monitor. Let’s see if the 1k level holds.
$ENPH gapped up on 8x average volume. A move through the high of the gap-up day is an entry point worth monitoring. This is not an official setup.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- none
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