“Downtown” Josh Brown named JPM his final trade today for the half-time fast money show. Is he correct in his expectation that JPM is a screaming buy here? Only time will tell, but there is a lot of overhead supply facing the market and JPM here after the damage done by the market in October.
JPM – 65-Minute Chart #1
If my read of the overall market corrective pattern is correct (i.e., ABC correction), then JPM is likely to find resistance in the SLOT and pull-back one more time. That pull-back may make a higher low which will be bullish or it could follow the market down and make a lower leg (i.e., a final C-wave move).
There are lots of buyers of JPM during the market weakness that may be willing to sell their shares if they can get back to break-even.
JPM – 65-Minute Chart #2
The whole run-up in JPM from this past summer has also produced a lot of stranded traders down here at the current levels … the Point of Control that needs to be taken out before I would consider JPM bullish would be that $113.50 – $115.50 zone vs the $108.00 current price.
Cheers … Leaf_West