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Technical Pressure on JPM


Purely from a technical perspective, today's pre-market plunge in JP Morgan (JPM) in reaction to greater than previously reported losses ($9 Billion vs. $2 Billion) has left behind a near-term Double Top pattern in the vicinity of 37.00.

This is putting pressure on the price structure towards a retest of the prior pullback low at 34.64 from June 25, which must contain the selling pressure to avert additional weakness that projects to 33.00-32.70 thereafter. 

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