{"id":18864,"date":"2021-05-24T06:48:00","date_gmt":"2021-05-24T10:48:00","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=18864"},"modified":"2023-02-24T11:29:10","modified_gmt":"2023-02-24T16:29:10","slug":"swing-trading-stocks-052421","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/swing-trading-stocks-052421\/","title":{"rendered":"The Wagner Daily &#8211; Energy ETF Fails to Follow Through"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210524XOP.png\" alt=\"XOP daily \" title=\"\"><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Wagner Daily &#8211;  May 24, 2021<\/h2>\n\n\n\n<p><em>Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).<\/em><\/p>\n\n\n\n<p><em><strong><a href=\"https:\/\/morpheustrading.com\/services\/swing-trade-alerts\" target=\"_blank\" rel=\"noreferrer noopener\">Subscribe now<\/a><\/strong> for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record. <\/em><\/p>\n\n\n\n<p><em>Just drop us a comment with any questions or comments&#8211;we&#8217;d love to hear from you!<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p><a><strong><em>MTG Market Timing Model &#8211; S&amp;P 500 sell, Nasdaq Composite sell<\/em><\/strong><\/a><\/p>\n\n\n\n<p>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&amp;P 500 or Nasdaq Composite.<\/p>\n\n\n\n<p><a id=\"watchlist\"><strong><em>today&#8217;s watchlist (potential trade entries):<\/em><\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"http:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/watch.png\" alt=\"$todays watchlist\" title=\"\"><\/figure>\n\n\n\n<p><br \/><a id=\"positions\"><strong><em>open positions:<\/em><\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"http:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210524open.png\" alt=\"$open positions\" title=\"\"><\/figure>\n\n\n\n<p><strong><em>closed positions:<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"http:\/\/www.morpheustrading.com\/~rick\/\/charts\/2020\/closed.png\" alt=\"$closed positions\" title=\"\"><\/figure>\n\n\n\n<p><strong>po<\/strong><strong>sition notes:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Per intraday alert, bought a starter position in $RBLX.<\/li>\n<\/ul>\n\n\n\n<p><strong><em><strong><em><strong><em><a id=\"etf\"><strong><em>Commentary:<\/em><\/strong><\/a><\/em><\/strong><\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2023\/02\/image-48.gif\" alt=\"\" class=\"wp-image-18866\" title=\"Anchor\"><\/figure>\n\n\n\n<p>The weekly chart of the S&amp;P 500 points to an uptrend losing steam with a hanging man candle at the highs and a lower close last week. A hanging man candle signals the potential for a trend reversal. Bulls were back in control by the close of the week, but there was quite a bit of selling during the week to create the long wick (trend losing steam). A hanging man must be confirmed by further weakness and should be ignored within the first few weeks of a strong breakout.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210524SPX.png\" alt=\"$ S&amp;P 500 daily \" title=\"\"><\/figure>\n\n\n\n<p>The weekly charts of sector ETFs $XLF (financials), $XLB (materials), and $IYT (transports) also have a hanging man followed by a lower close last week. If these leading sectors begin to sell off the S&amp;P 500 will likely follow.<\/p>\n\n\n\n<p>During the past two weeks, money appears to be rotating out of extended S&amp;P 500 names and into semiconductors and software. We&#8217;d certainly like to see more participation and that would likely take some time as there just aren&#8217;t enough bullish charts\/groups out there right now.<\/p>\n\n\n\n<p>The Nasdaq Composite continues to hold the 20-week EMA, which is a positive but still has some work to do.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210524NASD.png\" alt=\"Nasdaq composite daily \" title=\"\"><\/figure>\n\n\n\n<p>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.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210524XOP.png\" alt=\"XOP daily \" title=\"\"><\/figure>\n\n\n\n<p>Commodity-based stocks have had a rough two weeks. $FCX broke out from a 10-week long base in early May and was sold into strength on heavy volume the very next week. $FCX is just barely holding on to the 20-day EMA.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210524FCX.png\" alt=\"FCX daily\" title=\"\"><\/figure>\n\n\n\n<p>Last week, money flowed into names like $RBLX and $UPST.<\/p>\n\n\n\n<p>$RBLX is a fairly recent IPO that broke out on volume last Friday. Per intraday alert, we entered above $79 looking for immediate follow through as volume was tracking well above average. Given that market conditions are not ideal, we are going with a stop just below breakeven.&nbsp; If the price retraces most of Friday&#8217;s candle we are out.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210524RBLX.png\" alt=\"RBLX daily\" title=\"\"><\/figure>\n\n\n\n<p>$UPST exploded higher after reclaiming the 50-day MA but isn&#8217;t&nbsp;in play for us. We also would not be interested in buying the obvious breakout to new highs as it would be a 100% move off the lows in a short period of time. Certainly, one to watch but nothing going on right now.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210524UPST.png\" alt=\"UPST daily\" title=\"\"><\/figure>\n\n\n\n<p>With the weekly charts of several major sector ETFs potentially signaling a reversal of trend, the S&amp;P 500 is vulnerable to further selling. Our market timing model is still on a sell signal and many charts simply need more time to produce quality patterns.<\/p>\n\n\n\n<p>There are no new setups for Monday&#8217;s session. Let&#8217;s see if $RBLX can follow through to the upside.<\/p>\n\n\n\n<p><strong>Unofficial Setups<\/strong> &#8211; For experienced traders only, no guidance is given for these setups.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>none\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-light-green-cyan-background-color has-background\"><em><strong><a href=\"https:\/\/morpheustrading.com\/services\/swing-trade-alerts\" target=\"_blank\" rel=\"noreferrer noopener\">Start my Wagner Daily membership now<\/a><\/strong> to start receiving winning Morpheus stock trade signals, including a stock portfolio you can easily follow. <strong><a href=\"https:\/\/morpheustrading.com\/services\/swing-trade-alerts\" target=\"_blank\" rel=\"noreferrer noopener\">The Wagner Daily PRO<\/a> <\/strong>includes <strong>live swing trader room<\/strong> for daily, real-time trade ideas and powerful stock trading education. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":2,"featured_media":12060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[782],"tags":[],"class_list":["post-18864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wagner-daily-archives"],"_links":{"self":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/18864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/comments?post=18864"}],"version-history":[{"count":1,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/18864\/revisions"}],"predecessor-version":[{"id":18870,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/18864\/revisions\/18870"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media\/12060"}],"wp:attachment":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media?parent=18864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=18864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=18864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}