The Wagner Daily – $S Pivot Setup: Not Official Buy

The Wagner Daily – November 12, 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:

• No trades triggered.

Commentary:

The S&P 500 and Nasdaq Composite both chopped around in a tight range above the 10-day EMA and closed with an inside day and an NR7 (most narrow range of the past 7 sessions). These indices are in a strong uptrend, so any weakness should be short-term and eventually lead to higher prices.

No stocks were added to the portfolio on Thursday. There is one new buy setup for Friday in $NVDA, as we look to add to our position over the high of Thursday’s inside day. The stop is placed beneath the two-day low and 10-day EMA.

$S also closed with an inside day which created a decent pivot over the 2 or 3-day high for those not already long. This is not an official buy setup.

$NEWR’s power earnings gap was on 12x average volume and led to a new all-time high. A move through the 3-day high is a pivot we are monitoring. This is not an official setup.

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

• stocks to watch for triggers –  $CFLT $XPEV $NVDA $AMD $AMBA (over Thursday’s high), $TTD $ON $ASAN $SLAB

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