S&P 500 Market Outlook: Bearish
Bearish Trade: ROP $332.23 – Industrial Conglomerates
The bearish DailyPlay we chose for Friday, Oct. 24, is Roper Technologies (ROP). ROP turned bearish on July 17 and reported mixed third quarter earnings and lowered its guidance. The Technical Score for ROP is a weak 4 out of a possible 10. Support at $331.15 and resistance is $348.98.
As a stop loss, if ROP was to trade above $339 for multiple days, this would invalidate our analysis and suggest cutting loses on the trade. Consider taking losses if the price of the trade falls to $6.27 or below.