Major Double Top Hit On JPMorgan

JPMorgan Chase & Co. (NYSE:JPM) surged higher this morning on the back of a strong market. JPMorgan Chase found itself trading at $43.30, +1.48 (+3.16%). Other financial stocks were mixed as Wells Fargo & Company (NYSE:WFC) dropped sharply to $32.86, -0.82 (-2.43%) and Goldman Sachs Group, Inc. (NYSE:GS) moved higher, trading at $168.76, +0.85 (+0.51%).  While JPMorgan Chase was clearly the leader and exceptionally strong today, it slammed into a major double top from the highs of 2010 at $48.30.

The $48.30 level will be a major resistance point on JPMorgan Chase per the technical levels. In addition to being a major double top from the pivot high in 2010, the stock is also extended on the daily chart. Look for resistance in the short term on JPMorgan.

About Gareth Soloway 168 Articles


Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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