DailyPlay for Wednesday April 8th, 2015 – Discover Financial Services (DFS)

After a nice rally on Monday, the S&P 500 moved lower as the 1-month trend returned to bearish and the 6-month trend turned neutral. SPY is flirting with this $208.81 resistance level as it struggles to break through.

The Financial Sector (XLF) moved with the market as it experienced a 0.54% move lower crossing its 50-day moving average and changing the 6-month trend to neutral from bullish. XLF has been stuck trading between its $23.59 support level and $24.89 resistance level since November of last year.

The DailyPlay for Wednesday April 8th is Discover Financial Services (DFS). DFS has been in a relatively strong bearish trend as it rejected its $58.12 resistance level with negative momentum. DFS looks positioned to continue its bearish trend into earnings and move lower towards its $54 support level.

View this trade idea on $DFS