DOW JONES OVERVIEW: JPM TESTING MACRO UPTRENDSJPMorgan is testing its macro uptrend, after successfully testing its 10-year uptrend, currently price tires to reestablish its 5-year uptrend.
Recently price has bounced up from the 10-year uptrend border, marked by 1st standard deviation from 10-year mean (at 57)
Currently price is trading around its 5-year uptrend border, marked by upper 1st st deviation from 5-year mean (at 62)
The tests are aligned with short term risk.
Failure below 10-year uptrend border will initiate also a downtrend on 1-year basis (price falling below 1st standard deviation from 1-year (264-day) mean), while failure below 5-year uptrend border indicates a downtrend on quarterly basis (price below 1st standard deviation from quarterly (66-day) mean) - which is happening now...
JPM
(LIVE TEST) - STEVE PRIMO #8 SETUPS (Day 2)Day 2 - Seems like an important day for these stocks.
Most stocks here are wound in a some sort of patterns.. This Strategy #8 trigger today can take signal a technical breakout. Watch out for the market...
SPY Lagging behind QQQ lagging behind IWM.
- Nimble and selective are the words i want to remind again.
JP Morgan Chase & Co Weekly (22/2014) Chart Technical AnalysisThe JP Morgan (JPM) weekly chart shows the following signs:
JPM from the price of $31.77 has completed a long phase until the $60 an now it makes some consolidations between $53 & $60. As you can see on the diagram it corrected until it reached the top of KUMO from where it reacted upwards. A critical day is 17.05.2014 that the company will anounce the earnings until 6/2014 and that will define the next trend
Technicaly, RSI is neutral and MACD signal line is trying to turn upwards. So my suggestion is wait and see except if the price get out of the consolidation channel.