The Wagner Daily – November 2, 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:
- $NVDA buy limit order triggered.
- Per intraday alert, bought $AMD.
Russell 2000 Small Cap ETF $IWM cleared the highs of a 7-month long base and closed with a +2.6% gain. The strength in small caps signals a risk-on environment and provides further evidence that the current rally is picking up steam. Based on what we’ve seen since the follow-through day, we expect the market to remain in rally mode through the end of the year with the usual short-term pullbacks along the way.
$NVDA and $AMD were added to the model portfolio on Monday. $AMDs entry was via an intraday buy alert.
We liked the bullish reversal candle action in $NVDA after Monday’s lower open. Note that we plan to add over Monday’s high, which is about 2.5% above the high of the base (2-3% above the base high is a decent spot for and add…but 4-5% is a bit too extended).
$ZI closed 3.8% higher in after-hours trading in reaction to earnings. Volume during the after-hours session was heavy at 100% of the 50-day moving average of volume, a bullish sign.
$ZI is a buyable gap-up if the open is at $71 or higher. If we decide to enter it will be through an intraday alert.
At $71, $ZI sets a new all-time high with no overhead resistance above.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $S – buy at 67.35 (watch out for false trigger on open if there is a gap up).
- $ZI – buy at 71.00
- $AEHR – buy around 22.80 (break of 60 min downtrend)
- $MARA – buy at 56.50
- watching $LI $XPEV $AFRM $MQ $ZIM
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