The Wagner Daily – Market Update: Limited Low-Risk Entry Points

The Wagner Daily – December 28, 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 – BUY   

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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:

Just a reminder,  US markets are open this Friday and the following Monday as this Friday is the end of the month, quarter, and year (no New Year’s Holiday this year).  

The Nasdaq Composite closed with a fourth straight day in a row of solid gains. Monday’s advance cleared the prior swing high, negating the pattern of lower highs and lower lows that have been in place since the correction began.   Volume remains light, but the Nasdaq is on a buy signal due to the price closing more than 1% above the 21-day EMA with the 10-day SMA turning up.

Given the quick run up off the lows, there aren’t many setups out there with a low risk entry point. However, we only need a one or two-day pause in the stronger names to create a buy point, so we could be adding new positions on strength by Wednesday.

There is one new official setup on Tuesday’s watchlist, a pullback entry in $AMD near $150. The $TSLA pullback entry remains live (note the new entry and stop prices).

$PFE is an unofficial entry over the prior day’s high which should put the price above the short-term downtrend line. We like the light volume pullback to the rising 10-day EMA.

$DDOG is also in play unofficially over Monday’s high looking for the price to follow through on Monday’s inside day trigger.

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

• $DDOG – buy stop 185.00
• $PFE – buy stop 59.58
• $TRT – buy stop 13.36

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