S&P 500 Market Outlook: Bullish
Bearish Trade: PFE $37.28 – Healthcare
The bearish DailyPlay we chose for Friday, Sept 13th is Pfizer (PFE). PFE is part of the Healthcare Sector (XLV). XLV has declined 0.14% lower over the past month and its 1m and 6m trend remains bullish but has reached overbought conditions and recently was rejected at $92 resistance.
Pfizer’s 1m and 6m trend turned bearish on July 29th and recently bounced lower off its $38 resistance level. With a technical score of 4 (out of 10), PFE is a weak stock that will likely continue lower.
As a stop loss, if PFE was to trade above $38 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
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