S&P 500 Market Outlook: Bearish
Bearish Trade: CL $69.41 – Consumer Staples
The bearish DailyPlay we chose for Tuesday, Oct 15th is Colgate (CL). CL is part of the Consumer Discretionary Sector (XLP). XLP has declined 1.5% over the past month and its 1m and 6m trend remains bullish but has continued to print lower highs and testing its $60 support level.
Colgate Palmolive’s 1m and 6m trend turned bearish on Oct 7th and recently broke below its $70 support level. With a technical score of 7 (out of 10), CL is a strong stock that is starting to turn lower.
As a stop loss, if CL was to trade above $72 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
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