Financials Keep Market From Dropping Further: BAC, JPM, WFC

The large financial stocks have been under pressure since early April 2010 when the leading bank stocks reported earnings. This morning the major stock indexes are struggling to stay positive, however, it is the large financial stocks that are showing some intra-day strength and are actually keeping the S&P 500 Index from selling off further.

Bank of America Corp. (NYSE:BAC) is trading higher this morning by 0.27 cents to $12.62 a share. This stock has sold off sharply since mid-January 2011 when it traded as high as $15.31 a share. BAC stock will have intra-day resistance around the $12.60 and $12.90 levels. The daily chart of BAC remains in a downtrend.

J.P. Morgan Chase & Co. (NYSE:JPM) is the leading financial stock in the entire stock market. This stock is trading higher this morning by 0.58 cents to $45.76 a share. J.P. Morgan stock topped out in early April after the company reported earnings that were not well received by investors. JPM stock has struggled over the past few days around the $46.00 level, this level remains the intra-day resistance area.

Wells Fargo & Co. (NYSE:WFC) is trading higher by just 0.08 cents to $29.21 a share. WFC stock still remains very weak on the daily chart by trading below the daily chart 50 moving average. This stock looks to have intra-day resistance around the $29.50 level. Should the stock begin to decline intra-day traders can look for some short term intra-day support around the $29.00 level.

About Nicholas Santiago 575 Articles


Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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