In the Wagner Daily stock portfolio, we alerted members that we were buying $AFRM yesterday for a short-term swing..
$AFRM punched back through the breakout pivot after moving out above a tight consolidation:
Category: Morpheus Market Minutes – Stocks
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The major indices remain in a downtrend, but the key is tracking the performance of leading stocks, rather than the major indices.
Although market conditions are not ideal for our style of trading (breakouts in growth stocks), it looks like stocks want to push higher in the short-term.
Although stocks are in short-term bounce mode, the Nasdaq 100 remains firmly in a downtrend UNLESS the index convincingly reclaims support of its 20-day EMA on higher volume.
Stocks indeed finished Friday’s session with solid gains, thereby confirming the previous day’s bullish reversal pattern. However, given the vicious sell-off after breaking below major support levels, the S&P 500 and Nasdaq now have an abundance of overhead supply and resistance levels to contend with.
