S&P 500 Market Outlook: Bearish & Deteriorati
Bearish Trade: BAC $27.72 – Financials
The bearish DailyPlay we chose for Wednesday, Aug 14th is Bank of America (BAC). BAC is part of the Financial Sector (XLF). XLF has declined 4.19% lower over the past month and its 1m and 6m trend turned bearish on Aug 5th and bounced lower off its $27 resistance level.
Bank of America’s 1m and 6m trend turned bearish on Aug 1th and recently bounced lower off its $28.50 resistance level. With a technical score of 5 (out of 10), BAC is a neutral stock that is starting to turn lower.
As a stop loss, if BAC was to trade above $28.50 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.