As one of the big money-center banks, JP Morgan (JPM) clearly benefited from the coordinated central bank action on Wednesday. The chart below shows JPM bouncing off support with a big gap on big volume. JPM closed near the high of the day. The gap is bullish as long as it holds. A move back below 29 would call for a reassessment.
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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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