JP Morgan .. Diamonds aren’t Forever
Updated
JPM, and for that mater virtually all bank shares have had an incredible run since late October.
The acid test will be the JPM earnings release this Friday… will loan provisions, a more accurate mark to market accounting and delayed tax selling finally catch up ?? … Stay tuned.
Harmonically we are in an interesting crossroads with a 5-0 harmonic pattern in evidence. Also at the $180+ plus area a harmonic crab pattern takes shape.
Additionally we appear overbought with bearish divergence and wait for a momentum reversal.
A break of the $169 area should get this going.
Watch the broad market and a loss of momentum for clues.
Worth watching IMHO with a mid $150 target area.
Not investment advice do your own due diligence and watch the broad markets.
Good Luck
S.
The acid test will be the JPM earnings release this Friday… will loan provisions, a more accurate mark to market accounting and delayed tax selling finally catch up ?? … Stay tuned.
Harmonically we are in an interesting crossroads with a 5-0 harmonic pattern in evidence. Also at the $180+ plus area a harmonic crab pattern takes shape.
Additionally we appear overbought with bearish divergence and wait for a momentum reversal.
A break of the $169 area should get this going.
Watch the broad market and a loss of momentum for clues.
Worth watching IMHO with a mid $150 target area.
Not investment advice do your own due diligence and watch the broad markets.
Good Luck
S.
Note
Should be interesting Friday morning as earnings are released. Watch for $169 break.Note
An update:
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.