S&P 500 Market Outlook: Bullish
Bearish Trade: DRI $93.53 – Consumer Discretionary
The bearish DailyPlay we chose for Thursday, Nov 14th is Darden Restaurants (DRI). DRI is part of the Consumer Discretionary Sector (XLY). XLY has declined 0.79% lower over the past month and its 1m and 6m trend turned bearish and neutral on Nov 11th while bouncing lower off its $122.50 resistance level.
Darden Restaurant’s 1m and 6m trend turned bearish on Oct 2nd and recently bounced lower off its $115 resistance level. With a technical score of 4 (out of 10), DRI is a weak stock that will likely continue lower.
As a stop loss, if DRI was to trade above $115 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.