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As we speak the financials continue to be under pressure in general, but in particular let's notice that Bank of America (BAC) is testing its July low at 13.50, while the S&P 500 is 6-7% above its July low.
If BAC breaks and sustains beneath 13.50, I will get downside projections into the 12.80/60 area in the upcoming days/weeks. At this juncture, only a climb back above 14.15 will neutralize today's damage.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
