BAC breaks to a new low on the day

As I just posted, BAC just broke to a new low on the day below the $5.50 level which is an obvious area for stops to accumulate, volume spiked a bit on the break.

Note the volume spike on stops getting hit, also the 50-bar 5 min moving average is very popular with intraday/day traders. Notice how it has been acting as resistance all day today after gapping lower this a.m.