The Wagner Daily – November 22, 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:
- Per intraday alert, added to $NVDA.
- Stopped out of $ABNB with a 3% loss.
Money flowed into big cap tech last week while small and midcap growth stocks stuggled. $AAPL and $AMZN blasted higher along with $QCOM and a few others.
Note the relative strength (RS) line on the daily charts of $QQQ and $IWP (midcap growth) below. $QQQ set a new high with a sharp move up in the RS line. $IWP pulled back to the 20-day EMA with the RS line setting a lower low ahead of price.
Large-cap tech $QQQ
Russell Midcap Growth $IWP
Although there was some disappointing action in leadership last week, the good still outweighs the bad, and our timing model remains on a buy signal.
Our scans did not produce much in the way of low-risk buy points this weekend, but that could improve if major indices chop around for a week or two.
As for Monday’s watchlist, $NEWR returns with a buy-stop entry over the two-day high. We like the reversal action on Thursday, followed by Friday’s tight-ranged inside day.
The protective stop is placed beneath the low of the gap-up day.
$ABNB stopped us out last Friday and then reversed off the 20-day EMA. Let’s see if the price action can settle down for a bit before we attempt to re-enter.
This is not an official setup.
Per intraday alert, we added to $NVDA last Friday as the price found support near the prior high. Look for the 10-day EMA to provide support if the price does not follow through right away.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- COIN – buy at 340.00 (downtrend line break)
- $GOOS – buy at 52.20 (short-term pullback)
- watching $XPEV $APP $SEDG $AUPH $BITF $SKIN $TTD
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