Category: The Wagner Daily – Archives

Watching  $S $DOCU $SMAR $AMD $SNAP $TWTR $NVDA  $CRWD $FRHC $ASAN $S $GLBE  

will list some non-growth names next week on a pullback if setups develop

$AMD broke out from the handle portion of a cup with handle pattern on heavy volume in reaction to earnings. Although the breakout was strong, we haven’t seen many breakouts follow through the past few weeks so $AMD is not an official setup. It can be bought on a slight pullback near the breakout pivot.

The remaining half position in $DOCS stopped us out beneath Monday’s low. $IPOs can fall apart quickly after setting a new high, which is why we sold half into strength on Monday for a 17% gain.

Per intraday alert, we added to $NVDA on Monday following a bullish reversal candle during the first hour of trading. Although the price did not follow through on our entry, the reversal did hold the 20-day EMA, a positive sign. A move above Monday’s high could serve as a buy point for those looking to enter or add.

$NVDA reclaimed its 10 and 20-day EMAs last week and may be ready to move higher within the next few days if the price holds the moving averages. We are already long from our entry on 7/20, which was based on the prior day’s reversal candle. We plan to hold $NVDA through earnings (8/18) as long as we have a decent profit buffer of 7% or more.

 $SNAP & $TWTR – potential breakaway gap up entries over the 1-minute high with stops 3% the opening minute candle low.

$ROKU is forming the handle portion of a cup with handle pattern and could be in play on weakness looking for the 20-day EMA to hold. A break of the downtrend line on a pick-up in volume would signal that $ROKU may be ready to move higher.

Not an official setup today.

The Nasdaq Composite reclaimed the 20-day EMA on the daily chart which was an impressive recovery given the recent selloff. A few days of tight-ranged chop would be ideal to digest the two-day bounce off the lows with the price holding up near the 20ema minus some shakeout action.

Anything can happen, so we must also be prepared for the Nasdaq to possibly chop around within the current 4% trading range, where there is support from the rising 10-week MA (on weekly) and resistance

The S&P 500 sold off sharply on Monday and at one point was trading  2% llower before bouncing off the 50-day MA. Let’s see if the S&P 500 can hold the 50-day MA and find a bottom this week.

Last week’s ugly action in the Nasdaq Composite ended with a close below the 20-day EMA. A break of Friday’s low would generate a sell signal in our timing model, though the model portfolio is already 100% in cash.