The Wagner Daily – $NVDA Finds Support Near Prior High

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).

Subscribe now for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record.

Just drop us a comment with any questions or comments–we’d love to hear from you!

---

quick jump to:today’s watchlistopen & closed positionsmarket commentary

resources:subscriber guideour trading strategyblog

handy links:

---

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:

• Per intraday alert, added to $NVDA.
• Stopped out of $ABNB with a 3% loss.

Commentary:

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

Start my Wagner Daily membership now to start receiving winning Morpheus stock trade signals, including a stock portfolio you can easily follow. The Wagner Daily PRO includes live swing trader room for daily, real-time trade ideas and powerful stock trading education.