The Wagner Daily – Nasdaq’s EMA Undercut Triggers Reversal

The Wagner Daily – November 24, 2021

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

resources:subscriber guideour trading strategyblog

handy links:

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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:

• Per intraday alert, stopped out of 1.5% of $ENPH with a 14% gain.Add
• Stopped out of half of $RBLX with a 10% gain.
• Stopped out of remaining $ON with a 6% gain.
• Stopped out of half of the 4% add in $NVDA with a -3% loss.

Commentary:

Stocks followed through to the downside on Tuesday leading to an undercut of the 20-day EMA on the daily chart of the Nasdaq Composite. A late rally enabled the Nasdaq to reclaim the 20-day EMA and close in the top half of the day’s range (a decent reversal).

Let’s see if Tuesday’s low in the Nasdaq can hold through the end of the week. The market is closed on Thursday.  Friday is a half-day with an early close at 1 pm EST. Just a reminder, The Wagner Daily will not be published on Wednesday night for Thursday but will return on Thursday night for Friday’s half session.

Growth has taken a beating the past two days, but let’s see how leading stocks respond.

There is one new official setup for Wednesday in $RBLX. We are looking to re-enter over the short-term downtrend line and $118 area, taking back the shares we stopped out of on Tuesday plus a bit more.

Our expectation here is for $RBLX to hold the 10-day EMA and push higher once the market finds some traction.

$TSLA is not an official setup but could be in play down the road if it continues to tighten up at/above the rising 20-day EMA.

$TTD and $U are also not official setups but could be in play over the short-term downtrend lines.

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

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