Whilst the main market closed broadly lower, there was notable weakness in Bank of America (BAC), which settled lower by a rather significant -2.4% @ $13.18. BAC - like most financials, continues to suffer due to central bank rate policy... mid term outlook offers the $11/10s.
With the US fed unlikely to raise rates until Q4 - not least if the equity market eventually finds it way to the sp'1600s, the financials are still suffering.
BAC looks highly problematic, and despite a market ramp from sp'1810-2075, the stock is still unable to clear key resistance of the $14-14.50 zone.
Near term outlook offers weak chop... with mid-term offering the $11/10s.
*any daily/weekly closes under the $10 threshold would have to be seen as a critical warning of a main market crash... and that would take BAC to around $5... back to levels from late 2011.. when sp'1074.
For now.. such a negative outlook is on hold... but the 'sub $10 warning' issue is something to keep in mind.