We have downgraded our near-term outlook.
The bank giant has been weak for a long time now and the charts do not suggest a turnaround at this point, especially after a bottom-line miss.
We may be seeing the beginning of a change in market leadership.
However, the longer-term picture for the bank giant's shares is clouded by questions about volume and buyers' commitment to the stock.
Monday's intraday reversal hit leading stocks the hardest, but bears need to gain some downside momentum to prove they can be taken seriously.
Few who are buying these names on the Robintrack leaderboard are looking at the side that really matters.
Don't be dazed by star stocks like Tesla, and instead stop and think: What do you really get when you buy stock in a company?
Let's look at the reversal and see which path we're on now.
The key issue for reactive traders is to spot an intraday reversal and a poor close -- that will be the primary tip-off that further problems await.
The stock is trading above the 50-day and the 200-day moving averages.