The Wagner Daily – Market Rally Triggers Nasdaq Buy Signal

The Wagner Daily – December 9, 2021

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The Wagner Daily – December 9, 2021
Proven swing trading strategy, top ETF & stock picks, and market timing model…since 2002

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, bought $ZIM and stopped out.
• $TSLA buy limit order triggered.

Commentary:

All major indices closed in positive territory on day three of a new rally attempt in the market. The Nasdaq Composite triggered a buy signal in our timing model with Wednesday’s close at least 1% above the 21-day EMA. Since the correction off the highs (so far) is less than 10%, we don’t need a follow-through day to produce a buy signal.

$TSLA was added to the model portfolio on a buy limit order.

Per intraday alert, we bought $ZIM as it cleared the handle high on heavy volume. We stopped out a few hours later as the price rolled over and hit our stop below $57. Overall, the daily chart of $ZIM remains in decent shape but may now need a few days of chop to work off Wednesday’s ugly reversal.

There are no new official setups for Thursday but we are monitoring a handful of stocks for an entry on strength or short-term weakness.

$QCOM is potentially in play over the two-day high and downtrend line after Wednesday’s tight-ranged inside and NR7 day.

This is not an official setup

$NVDA has formed a tight trading range on the hourly chart allowing the rising 20-period EMA to catch up.  Over the two-day high is a possible option for an entry or over the tight-ranged hourly chop.

This is not an official setup.

Other stocks to monitor – $MU $SLAB $PI $AMAT $MTTR ABNB $APP $MTTR(rip from tight 60 min)

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

• $QCOM – buy at 185.00
• $SNOW – pullback to $360 ( 10 and 20-day EMAs)
• $IONQ – volatile stock –  buy at 22.30

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