Category: The Wagner Daily – Archives

The model portfolio stopped out of $UPST and $APP but remains long $RBLX and $SE. Please note the new stops in $RBLX and $SE. With $RBLX, we placed the stop back below the three-day low and rising 10-day EMA. For $SE, we are back to the original stop to give the price action a bit of breathing room.

There are two new setups for Wednesday’s session.

$GE ripped higher on heavy volume last week. The two days of tight-ranged price action on lighter volume is a bullish sign suggesting higher prices IF $GE can punch through the three-day high and hold.

$GE has made quite the explosive move off the lows and may be ready to run again.

Due to the lack of actionable buy setups, there are no new trade setups for Tuesday’s session. The model portfolio stopped out of $PATH last Friday. Note the new stops in the open positions section above.

$APP broke out to new highs last Friday. We haven’t seen much follow-through in breakouts as of late, which is why our stop is now the low of the breakout day.

QFIN – buy stop at 30.00 (core hold)

$NVDA and $AMAT – watch for pullback to 8ema

$BNTX – buy stop at 204.00 (swing)

$UPST is an IPO from December of the last year that ripped off the lows of its base and paused for a few days allowing the 8-day EMA to catch up. Our entry is over Wednesday’s high with a stop beneath the two-day low.

$PATH stalled at $88 for the second day in a row. We’d like to see the price settle down and tighten up near the 10-ema before we enter. Let’s see how the price holds up near the highs.

Money rotated into big-cap tech on Monday, with $QQQ gaining +1.7% vs +1% on the S&P 500. The Nasdaq Composite closed at +1.4% and reclaimed the 20 & 50-day MAs, though on lighter volume. The Nasdaq has yet to print a true accumulation day with a higher close on heavier volume since bouncing off the 5/12 low.

Although we’d prefer to see a follow-through day (FTD) print to generate a buy signal in the Nasdaq, we can still buy without a FTD if the price holds the 20-day EMA for a few days.

A few weeks ago, we positioned the model portfolio in energy ETF $XOP which failed to follow through and stopped us out with a small loss. Pullback and breakout entries have only led to chop. Tough to make any money unless one bought the downtrend line break.

$RBLX – over $78

The S&P 500 closed below the 20-day EMA for the second time in six sessions and is vulnerable to further selling in the short term…unless it can reclaim the 20-day EMA on Wednesday, 

If there is follow-through on Tuesday’s selling, then the 50-day MA around 4,080 should serve as support.

The S&P 500 digested recent gains on Monday, as it closed with an inside day off the 20-day EMA.  Look for the price to push higher if Monday’s low holds on a closing basis during the next few days.