BAC After Earnings Continues to Struggle

Bank of America Corporation (BAC) has been struggling since April 11, when JPMorgan Chase & Co. (JPM) earnings (disappointment) triggered a mini-exodus from the large US money center banks.

Today, in the aftermath of its own earnings release, BAC is down over 2%, while the price structure continues to circle the 16.00 area, which we notice also is the vicinity of its near 2-year support line off of the July 2012 low at 6.90.

Inability of BAC to claw its way above 16.30/40 resistance will increase the likelihood that the Mar-Apr correction off of 18.03 still has some unfinished business on the downside towards a test of its rising 200-day EMA, now at 15.35.