JP Morgan kicked off earnings season for the finance sector with a failure at resistance. After a 10+ percent surge the prior seven days, the stock hit resistance in the 33-34 area and gapped down on Wednesday. The big trend is clearly down and a break above 34 is needed to think otherwise.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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