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S&P 500 Market Outlook: Bullish

Bullish Trade: LEN $60.19 – Consumer Discretionary

After the Federal Reserve Board Wednesday cut interest rates by 0.25%, SPY rose to a record high and closed just below its record high at $304.14. The interest rate cut gives new hope to home builders despite the impact of rising new home prices on demand. The bullish DailyPlay we chose for Thursday, Oct. 31, is Lennar (LEN). LEN has corrected for three days and looks primed to break out to new 52-week highs. Support is $59.31 and resistance is the recent high of $62.63.

As a stop loss, if LEN was to trade below $59 ​for multiple days, this would invalidate our analysis and suggest cutting losses on the trade. 

View LEN Trade

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