{"id":12538,"date":"2022-05-18T06:50:00","date_gmt":"2022-05-18T10:50:00","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=12538"},"modified":"2022-05-21T15:42:48","modified_gmt":"2022-05-21T19:42:48","slug":"mmm-stocks-05-18-22","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/mmm-stocks-05-18-22\/","title":{"rendered":"[stocks] Market Minutes &#8211; Follow-through Day in the Nasdaq and S&#038;P 500"},"content":{"rendered":"\n<p>Below is a past issue of <em><a href=\"https:\/\/4966a6ff.sibforms.com\/serve\/MUIEADK82b8TMyFqTxWMxoOresxe5KKgeYdQbAXrw8CMCqKgCSZR1H4hKCFkWIjN69d7pTSIg9YVEWE97dfeWpP4cmxMb5J268rFVOaUPbCifmmR2nB2U_C4p08hYLxBwP9U5FMLWVKWAL8-xiBtNjX2O8x43ksv45N0RObCZDoTzEgEHmLPCK2e5oXi63MmsGU-sowrNJfP_wN-\" target=\"_blank\" rel=\"noreferrer noopener\">Morpheus Market Minutes<\/a><\/em>, your free daily market analysis and top picks for swing trading stocks and crypto.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">May 18, 2022<\/h3>\n\n\n\n<p>Tuesday&#8217;s rally produced a&nbsp;<a href=\"https:\/\/www.investors.com\/how-to-invest\/investors-corner\/what-is-a-follow-through-day\/?utm_source=sendinblue&amp;utm_campaign=MMM%20-%20stocks%20-%20May%2017%202022&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">follow-through day<\/a>&nbsp;buy signal in the Nasdaq Composite and S&amp;P 500, as both indices gained more than +1.5% on increasing volume.<\/p>\n\n\n\n<p>Although market conditions are not ideal for our style of trading (breakouts in growth stocks), it&nbsp;<em>looks like<\/em>&nbsp;<em>stocks want to push higher in the short-term. &nbsp;<\/em><\/p>\n\n\n\n<p>Due to the lack of quality buy setups near 52-week highs, our focus now shifts to&nbsp;<em>buying<\/em>&nbsp;<em>stocks that are bouncing from oversold levels and could run 20-30%<\/em>&nbsp;or more within the next week or two.<\/p>\n\n\n\n<p>One example of this is $AFRM, which recently gapped off the lows on big volume:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/img.mailinblue.com\/4528503\/images\/content_library\/original\/6284d7104167f73f5865d73b.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/img.mailinblue.com\/4528503\/images\/content_library\/original\/6284d7104167f73f5865d73b.png\" alt=\"$AFRM\" width=\"718\" height=\"466\" title=\"\"><\/a><\/figure>\n\n\n\n<p>The high volume gap up closed above the 8-day ema and in the upper half of the day&#8217;s range. &nbsp;<\/p>\n\n\n\n<p>This was followed by two more days of tight consolidation action above the 8-day ema on lighter volume.<\/p>\n\n\n\n<p>Now, we are stalking $AFRM for short-term swing trade entry to take advantage of the current bounce in the major averages.<\/p>\n\n\n\n<p><a href=\"https:\/\/morpheustrading.com\/services\/swing-trade-alerts?utm_source=sendinblue&amp;utm_campaign=MMM%20-%20stocks%20-%20May%2017%202022&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Wagner Daily<\/em><\/a>&nbsp;members should note our exact buy trigger and stop price in the Watchlist section of today&#8217;s report.<\/p>\n\n\n\n<p>Although we are selectively scanning for new buy entries, remember that both the S&amp;P 500 and Nasdaq Composite are still below their declining 20-day exponential moving averages on the daily chart.&nbsp;<\/p>\n\n\n\n<p>Be vigilant and proactive with regard to any new short-term buy entries.<\/p>\n\n\n\n<p><em><strong><a href=\"https:\/\/morpheustrading.com\/services\/swing-trade-alerts\" target=\"_blank\" rel=\"noreferrer noopener\">SIGN UP NOW<\/a> <\/strong>to receive trade alerts with our exact entry and stop prices, portfolio access, and complete market analysis.&nbsp;Wagner Daily PRO&nbsp;also provides you with access to your live Swing Trader Chat. I<strong>f you enjoy this free service, please share with a friend.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although market conditions are not ideal for our style of trading (breakouts in growth stocks), it\u00a0looks like\u00a0stocks want to push higher in the short-term. \u00a0<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[788],"tags":[],"class_list":["post-12538","post","type-post","status-publish","format-standard","hentry","category-market-minutes-stocks"],"_links":{"self":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/12538","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/comments?post=12538"}],"version-history":[{"count":6,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/12538\/revisions"}],"predecessor-version":[{"id":12570,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/12538\/revisions\/12570"}],"wp:attachment":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media?parent=12538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=12538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=12538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}