Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

JPM Revisited After Earnings

Below is what we discussed about JPMorgan Chase & Co. (JPM) yesterday morning prior to earnings.

The negative technical set-up outlined below proved telling for directional-price action ahead of the news.

In reaction to earnings, JPM declined and violated its Aug- Oct support line, and is negatively positioned for downside continuation that tests the Oct. low at 58.53. MJP 10/14/15

Truthfully, the chart set-up in JPMorgan Chase & Co. (JPM) heading into this evening's earnings does not provide me any "wink and nod" directional edge.

Significant and consequential resistance hovers between 63.15 and 64.60, which includes a recent negative crossing of the 50-Day EMA beneath the 200-Day EMA (The dreaded "Death Cross!”), and will have to be hurdled to trigger a meaningful Buy Signal.

Conversely, important, strong support rests between 60.50 and 58.50.

Only a sustained breach of the support zone will confirm that all of the action since May 2015 represents a still-developing medium-term top formation.

Right now, if only because the juxtaposition of the 50- and 200-Day EMAs is negatively sloped, and pressing on the price structure, my bias is to the downside for JPM. MJP 10/13/15

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!