USB hits moment-of-truth
US Bancorp (USB) broke triangle resistance in mid October and broken resistance turned into support around 23. Even though the breakout is still holding, relative weakness in November is a concern here. SPY is up over 7% this month, but USB is down slightly. Moreover, the stock declined with pretty good volume the last three days. Further weakness below 23 would negate the mid October breakout. A small falling wedge defines the three day downtrend. Look for a break above 24.1 to revive the bulls here.
