The Wagner Daily – Watch These Stocks for Strength

The Wagner Daily – December 6, 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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MTG Market Timing Model – SELL  

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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):

open positions:

closed positions:

position notes:

• No trades triggered.

Commentary:

The Nasdaq Composite sliced through the 50-day MA (on daily) but did bounce off support of the 61.8% fibo retracement level of the last wave up and the weekly uptrend line. Let’s see if this index and others can bottom out this week or at least begin the bottoming out process.

Nasdaq Composite – Weekly

base

The Nasdaq 100 bounced off support from the 50-day MA, 50% fibo level, and prior base high all around the $379-382 area.

Semi and tech ETFs $SMH and $XLK have held up best so far, but anything can happen.

Our weekend scans did not turn up any actionable setups which wasn’t much of a surprise given the way stocks sold off late last week.

Below are a few stocks showing strength for now, but anything can happen.

These stocks could be in play for partial size within the next few days if major indices are able to find some traction.

The charts below are not official setups…just monitoring for now.

There are no new setups for Monday. We remain in S.O.H. mode (sit on hands) waiting for conditions to improve.

What are we looking for in terms of clues that the market has bottomed?

• Nasdaq or S&P 500 stop making lower lows (set higher lows and higher highs on the hourly chart)
• Nasdaq or S&P 500 reclaim the 50-day MA on daily
• Nasdaq or S&P 500 reclaim 20-day EMA on daily (turn bullish)
• A follow-through day buy signal which occurs on day 4 or later of a rally attempt in the Nasdaq or S&P 500
• Actionable buy setups in stocks that have shown relative strength during the current selloff. These stocks should be above the 20-day EMA or at the very least above the 50-day MA.

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

• none

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