The bearish DailyPlay we chose for Friday March 24th is Nordstrom (JWN). JWN is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 0.58% move lower and its 1m trend has turned bearish on 3/21 and recently broke below its $86.50 support level.
Nordstrom’s 1m and 6m trends turned bearish on 3/7 and recently broke below its $42 support level on high volume. With a technical score of 2 (out of 10), JWN is a bearish stock that looks to continue lower.
As a stop loss, if JWN was to trade above $42 for multiple days, this would invalidate our analysis and suggest getting out of the trade.