The Wagner Daily – $TSLA Stopped Out: Reclaiming EMA?

The Wagner Daily – November 10, 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 original entry in $TSLA and the add.
• Per intraday alert, bought $RBLX and $LC. Stopped out of $RBLX and re-entered.

Commentary:

Broad market averages sold off on Tuesday, following through on weakness from last Friday’s stalling action. Anything can happen, but the odds have increased for short-term weakness with support from the rising 10 and 20-day EMAs.

Per intraday alert, bought the gap up in $RBLX around $102, which quickly stopped out. However, the second entry at $99 worked out well with $RBLX closing at a new all-time high on 15x average volume… a monster day!

Per intraday alert, bought $LC due to the bullish reversal candle off the rising 10-day EMA.

Per intraday alert, stopped out of $TSLA at 1,022 due to a nasty selloff that closed below the 20-day EMA. Look for $TSLA to hold 1,000 this week and reclaim the 20-day EMA.

There are no new official setups for Wednesday’s session. Let’s see how leading stocks and the model portfolio react to Tuesday’s selling. 

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

• $LC – buy at 46.75 (pullback entry off 10ema)
• $DDOG – buy in the 195-198 area (breakout)
• $INMD – buy at 96.80 (downtrend line break)
  Other stocks to watch:  $BILL $PANW $PGNY $ABNB $OSTK $TASK $GXO

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