S&P 500 Market Outlook: Bearish
Bearish Trade: HPQ $18.59 – Technology
The bullish DailyPlay we chose for Wednesday, Oct 2nd is HP Inc (HPQ). HPQ is part of the Technology Sector (XLK). XLK has rallied 0.31% higher over the past month but its 1m and 6m trend turned neutral and bearish yesterday and testing its $79 support level.
HP’s 1m and 6m trend turned bearish yesterday and recently bounced lower off its $19 resistance level. With a technical score of 5 (out of 10), HPQ is a neutral stock that is starting to turn lower.
As a stop loss, if HPQ was to trade above $19 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
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