JP Morgan (JPM)
Having notched an all-time high by closing at 97.35 on 10/3, JPM appeared to be consolidating over the next 6 sessions – in preparation for another surge higher. But 10/12’s Q3 earnings release session suggests that immediate bullish momentum may have been exhausted and, with it, Sir Jamie’s next (ever-so-lovable and antithetically Populist) all-time high “I’m richer than you” quip has been – akin to PM Jordan’s Bitcoin prop traders – placed in limbic limbo.
With the close of the 10/12 session, JPM:
registered a bearish engulfing daily candlestick pattern;
on heavy volume;
after a rally, sideways chop, and doji on the previous daily bar.
This is short-term bearish. JPM’s 10/12 session, also:
registered the largest daily volume since 7/14; and
exhibited the largest daily trading range since 9/7 – the swing low that preceded this 10+% rally.
Technically speaking, JP Morgan’s 10/12 session was unabashedly bearish.
But being just shy of an all-time high …
and without a confluence of technical signals to suggest a significant inflection to the down ..
pre-emptive calls for a top in JPM’s price action should be met with a great grain of salt.
What is JP Morgan’s bottom line? All-time highs (ATHs) …read more