JPM Hurdles 5 Week Resistance at 108.40/60

JPM-- Our Model Portfolio entered a long position at 108.05 this morning, after JPM pivoted sharply off of 106.00, preserving last Friday's post-EPS pivot low at 105.14. JPM has since continued higher, climbing above its prior rally peaks at 108.60 (7/13) and 108.40 (7/10), to an intraday high at 110.14 so far.

We entered the long position largely in expectation of an upside breakout from JPM's month-long accumulation pattern in the aftermath of a correction from its Feb. high at 119.33 (see attached chart). My next immediate target is 111.00 in route to 114... Last is 110.10/11