JP Morgan (JPM) broke short term support with a sharp decline on Monday. With a lower high taking shape, the stock is forming a larger head-and-shoulders reversal over the last few months. Also notice that JPM shows relative weakness and the Accumulation Distribution Line already broke the summer low.
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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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