I wrote a blog post about Downtown Josh Brown’s bullish call on JPM back on November 2, 2018 (click here). Bottom line is that he proclaimed JPM as one of his favorite stock pick/set-ups … I thought it was just bouncing into resistance.
Here is the chart from that post …
JPM – 65 Minute Chart (November 2, 2018)
Here is the current chart …
JPM – 65 Minute Chart
The 61.8% SLOT level was once again a very important resistance. You can see that we are pretty close to the C-wave 1.272x extension target. When I look at the C-wave up close, I do not see a nice normal wave structure, so I am a bit hesitant to call the end to the bigger C-wave move here. The move lower might be done here but maybe we need one last new minor low to complete – we’ll see.
Banks as a sector have shown all sorts of problems the past while in comparison to the overall market. I think JPM and the rest of the banking industry will continue to be laggards as a slowing in the economy gets baked into the stock market.
Cheers … Leaf_West