S&P 500 Market Outlook: Bullish
Bearish Trade: FRC $95.51 – Financial
The bearish DailyPlay we chose for Wednesday, Sept 18th is First Republic (FRC). FRC is part of the Financial Sector (XLF). XLF has rallied 6.96% higher over the past month and its 1m and 6m trend remains bullish but has reached overbought and recently was rejected at its $28.50 resistance level.
First Republic’s 1m and 6m trend turned bullish and neutral on Sept 13th and recently bounced lower off its $96 resistance level. With a technical score of 4 (out of 10), FRC is a weak stock that will likely continue lower.
As a stop loss, if CVS was to trade above $96 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
DailyPlay Trades & Performance
Sept 19th – Event Canceled
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