{"id":18508,"date":"2021-07-15T06:48:00","date_gmt":"2021-07-15T10:48:00","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=18508"},"modified":"2023-02-22T23:36:42","modified_gmt":"2023-02-23T04:36:42","slug":"swing-trading-stocks-071521","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/swing-trading-stocks-071521\/","title":{"rendered":"The Wagner Daily &#8211; Leadership Narrowing: Nasdaq Losing Momentum?"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210715COMP1.png\" alt=\"$Nasdaq daily\" title=\"\"><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Wagner Daily &#8211; July 15, 2021<\/h2>\n\n\n\n<p><em>Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).<\/em><\/p>\n\n\n\n<p><em><strong><a href=\"https:\/\/morpheustrading.com\/services\/swing-trade-alerts\" target=\"_blank\" rel=\"noreferrer noopener\">Subscribe now<\/a><\/strong> for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record. <\/em><\/p>\n\n\n\n<p><em>Just drop us a comment with any questions or comments&#8211;we&#8217;d love to hear from you!<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><a><strong><em>MTG Market Timing Model &#8211; buy mode due to strength in Nasdaq Composite (still above 20ema)<\/em><\/strong><\/a><\/p>\n\n\n\n<p>Our timing model was designed to keep our trades in line with the prevailing market trend, not to call tops or catch bottoms in S&amp;P 500 or Nasdaq Composite.<\/p>\n\n\n\n<p><a id=\"watchlist\"><strong><em>today&#8217;s watchlist (potential trade entries):<\/em><\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"http:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/watch.png\" alt=\"$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\/210715open.png\" alt=\"$open positions\" title=\"\"><\/figure>\n\n\n\n<p><strong><em>closed positions:<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"http:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210715closed.png\" alt=\"$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>No trades triggered.<\/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<p>Although the Nasdaq Composite, Nasdaq 100, and S&amp;P 500 remain near highs, the action under the hood is cause for concern as there were&nbsp;41 stocks down 3% or more on a list of roughly 120 stocks.&nbsp;Leadership has narrowed to just a few big cap tech stocks pushing higher, which isn&#8217;t a positive sign for the current rally.<\/p>\n\n\n\n<p>Is the Nasdaq running out of gas?<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210715COMP1.png\" alt=\"$Nasdaq daily\" title=\"\"><\/figure>\n\n\n\n<p>The daily chart below shows the Nasdaq Composite on top,&nbsp; and the percentage of stocks trading above the 40-day MA below. Note that the percentage of stocks trading above the 40ma is near a level that we normally associate with a significant pullback in the market, but the Nasdaq is at highs. That&#8217;s quite a bit of divergence.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/11.png\" alt=\"$% of stocks above 40ma daily\" title=\"\"><\/figure>\n\n\n\n<p>During the last hour of trading on Tuesday, we sent out an intraday alert to cut back long exposure due to the lack of follow-through in recent breakouts. In Wednesday&#8217;s report, we went with tight stops to limit damage and even sold a few stocks ahead of the stop per intraday alert Wednesday morning. Through the years, we&#8217;ve found that sometimes it&#8217;s best to shoot first and ask questions later when open positions fail to move out as expected. We can always re-enter if\/when market conditions improve and new setups emerge.<\/p>\n\n\n\n<p>This was our thought process with $UPWK, which failed to follow through on Tuesday&#8217;s big volume breakout. Rather than sitting with a stop that is 5-7% below the average entry price, we moved the stop to just below break-even. $UPWK was a late breakout in a bad market for growth and was hammered on Wednesday. It&#8217;s definitely not a friendly environment for breakouts when we see this type of action.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/210715UPWK.png\" alt=\"$UPWK daily\" title=\"\"><\/figure>\n\n\n\n<p>There are two open positions remaining in the model portfolio and both have a stop just beneath Wednesday&#8217;s low. Given the ugly price action in growth and $IWM, as well as the extended charts of $SPY and $QQQ, we are content to sit mostly in cash while we wait for new opportunities to emerge.<\/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<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>Although the Nasdaq Composite, Nasdaq 100, and S&#038;P 500 remain near highs, the action under the hood is cause for concern as there were\u00a041 stocks down 3% or more on a list of roughly 120 stocks.\u00a0Leadership has narrowed to just a few big cap tech stocks pushing higher, which isn&#8217;t a positive sign for the current rally.<\/p>\n<p>Is the Nasdaq running out of gas?<\/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-18508","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\/18508","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=18508"}],"version-history":[{"count":1,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/18508\/revisions"}],"predecessor-version":[{"id":18512,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/18508\/revisions\/18512"}],"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=18508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=18508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=18508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}