S&P 500 Market Outlook: Bearish
Bearish Trade: MO $42.17 – Consumer Discretionary
The bearish DailyPlay we chose for Tuesday, Oct 8th is Altria (MO). MO is part of the Consumer Discretionary Sector (XLY). XLY has decline 3.39% lower over the past month and its 1m and 6m trend turned bearish and neutral on Oct 3rd and testing its $120 resistance level.
Altria’s 1m and 6m trend turned neutral and bearish on Oct 3rd and recently bounced lower off its $43 resistance level. With a technical score of 2 (out of 10), MO is a weak stock that will likely continue lower.
As a stop loss, if MO was to trade above $43 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
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